A company’s inventory records report the following in November of the current year: Beginning November 1...
A company’s inventory records report the following in November
of the current year:
| Beginning | November 1 | 4 units @ $5 |
| Purchase | November 2 | 11 units @ $7 |
| Purchase | November 12 | 7 units @ $9 |
On November 8, it sold 13 units for $35 each. Using the LIFO
perpetual inventory method, what was the amount recorded in the
cost of goods sold account for the 13 units sold?
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A company’s inventory records report the following in November
of the current year:
Beginning
November 1...
A company’s inventory records report the following in November of the current year: Beginning November 1...
A company’s inventory records report the following in November of the current year: Beginning November 1 4 units @ $8 Purchase November 2 11 units @ $10 Purchase November 12 7 units @ $12 On November 8, it sold 13 units for $38 each. Using the LIFO perpetual inventory method, what was the amount recorded in the cost of goods sold account for the 13 units sold?
A company's inventory records report the following in November of the current year. Beginning Purchase Purchase...
A company's inventory records report the following in November of the current year. Beginning Purchase Purchase November 1 November 2 November 12 6 units @ $18 13 units @ $20 9 units @ $22 On November 8, it sold 15 units for $48 each. Using the perpetual LIFO inventory method, what was the amount recorded in the cost of goods sold account for the 15 units sold?
A company's inventory records report the following in November of the current year: Beginning November 1...
A company's inventory records report the following in November of the current year: Beginning November 1 5 units @ $20 Purchase November 2 10 units @ $22 Purchase November 12 6 units @ $25 On November 8, it sold 12 units for $54 each. Using the perpetual LIFO inventory method, what amount of gross profit was earned from the 12 units sold? $366 $577 $388 $438 $260
A company’s inventory records report the following: August 1 Beginning balance 30 units @ $20 August...
A company’s inventory records report the following: August 1 Beginning balance 30 units @ $20 August 5 Purchase 25 units @ $19 August 12 Purchase 29 units @ $20 On August 15, it sold 60 units. Using the FIFO perpetual inventory method, what is the value of the inventory at August 15 after the sale?
26. A company's inventory records indicate the following data for the month of April. April 1...
26. A company's inventory records indicate the following data for the month of April. April 1 April 5 April 9 April 14 April 20 April 30 Beginning Purchase Sale Purchase Sale Purchase 100 units at $ 10 each 100 units at $ 11 each 150 units at $ 10 each 50 units at $ 12 each 60 units at $ 10 each 100 units at $ 13 each 1. If the company uses the first-in, first-out (FIFO) method and the...
The inventory records of Kuffel Co. reflected the following information for the year ended December 31,...
The inventory records of Kuffel Co. reflected the following
information for the year ended December 31, 2016:
The inventory records of Kuffel Co. reflected the following information for the year ended December 31, 2016: Unit Cost $ 29 32 Total Cost $ 4,350 2,240 Date 1/1 1/24 2/22 3/7 4/10 6/11 9/28 12/4 Transaction Beginning inventory Purchase Sale Purchase Purchase Sale Purchase Sale Number of Units 150 70 (100) 90 140 (100) 50 (100) 35 40 3,150 5,600 35 1,750...
1. 2) 3. The periodic inventory records of Cambridge Prosthetics indicate the following for the month...
1.
2)
3.
The periodic inventory records of Cambridge Prosthetics indicate the following for the month of July (Click the icon to view the inventory records.) At July 31, Cambridge counts six units of inventory on hand Compute ending merchandise inventory and cost of goods sold for Cambridge using the FIFO inventory costing method. FIFO Cost Ending Merchandise Inventory Cost of Goods Sold 1 Beginning merchandise inventory 8 Purchase 15 Purchase 26 Purchase 9 units 8 units 12 units 16...
The inventory records for Radford Co. reflected the following Beginning inventory @ May 1 First purchase...
The inventory records for Radford Co. reflected the following Beginning inventory @ May 1 First purchase @ May 7 second purchase @ May 17 Third purchase @ May 23 Sales @ May 31 1,200 units @ $4.00 1,300 units @ $4.20 1,500 units @ $4.30 1,100 units @ $4.40 3,900 units @ $5.90 Determine the amount of cost of goods sold assuming the LIFO cost flow method. Multiple Choice $15,600 $16,750 < Prev 6 of 11 Next >
The inventory records of Kuffel Co. reflected the following information for the year ended December 31,...
The inventory records of Kuffel Co. reflected the following information for the year ended December 31, 2016: Date Transaction Number of Units Unit Cost Total Cost 1/1 Beginning inventory 150 $ 32 $ 4,800 1/24 Purchase 70 33 2,310 2/22 Sale (100 ) - - 3/7 Purchase 90 35 3,150 4/10 Purchase 140 38 5,320 6/11 Sale (100 ) - - 9/28 Purchase 50 38 1,900 12/4 Sale (100 ) - - Required: a. Assume that Kuffel Co. uses...
Current Attempt In Progress The accounting records of Marigold Corp. show the following data. Beginning inventory...
Current Attempt In Progress The accounting records of Marigold Corp. show the following data. Beginning inventory Purchases Sales 3,270 units at $6 8,550 units at $8 9,225 units at $11 Determine cost of goods sold during the period under a periodic inventory system using the FIFO method, the LIFO method, and the average-cost method. (For calculation purposes, round average cost to 3 decimal places, e.g. 5.275. Round answers to O decimal places, e.g. 125.) FIFO LIFO Average-cost Cost of goods...
A company's inventory records report the following in November of the current year. Beginning Purchase Purchase November 1 November 2 November 12 6 units @ $18 13 units @ $20 9 units @ $22 On November 8, it sold 15 units for $48 each. Using the perpetual LIFO inventory method, what was the amount recorded in the cost of goods sold account for the 15 units sold?
26. A company's inventory records indicate the following data for the month of April. April 1 April 5 April 9 April 14 April 20 April 30 Beginning Purchase Sale Purchase Sale Purchase 100 units at $ 10 each 100 units at $ 11 each 150 units at $ 10 each 50 units at $ 12 each 60 units at $ 10 each 100 units at $ 13 each 1. If the company uses the first-in, first-out (FIFO) method and the...
The inventory records of Kuffel Co. reflected the following
information for the year ended December 31, 2016:
The inventory records of Kuffel Co. reflected the following information for the year ended December 31, 2016: Unit Cost $ 29 32 Total Cost $ 4,350 2,240 Date 1/1 1/24 2/22 3/7 4/10 6/11 9/28 12/4 Transaction Beginning inventory Purchase Sale Purchase Purchase Sale Purchase Sale Number of Units 150 70 (100) 90 140 (100) 50 (100) 35 40 3,150 5,600 35 1,750...
1.
2)
3.
The periodic inventory records of Cambridge Prosthetics indicate the following for the month of July (Click the icon to view the inventory records.) At July 31, Cambridge counts six units of inventory on hand Compute ending merchandise inventory and cost of goods sold for Cambridge using the FIFO inventory costing method. FIFO Cost Ending Merchandise Inventory Cost of Goods Sold 1 Beginning merchandise inventory 8 Purchase 15 Purchase 26 Purchase 9 units 8 units 12 units 16...
The inventory records for Radford Co. reflected the following Beginning inventory @ May 1 First purchase @ May 7 second purchase @ May 17 Third purchase @ May 23 Sales @ May 31 1,200 units @ $4.00 1,300 units @ $4.20 1,500 units @ $4.30 1,100 units @ $4.40 3,900 units @ $5.90 Determine the amount of cost of goods sold assuming the LIFO cost flow method. Multiple Choice $15,600 $16,750 < Prev 6 of 11 Next >
Current Attempt In Progress The accounting records of Marigold Corp. show the following data. Beginning inventory Purchases Sales 3,270 units at $6 8,550 units at $8 9,225 units at $11 Determine cost of goods sold during the period under a periodic inventory system using the FIFO method, the LIFO method, and the average-cost method. (For calculation purposes, round average cost to 3 decimal places, e.g. 5.275. Round answers to O decimal places, e.g. 125.) FIFO LIFO Average-cost Cost of goods...
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