Homework Answers
| LIFO | ||
| Units | Unit Cost | |
| 150 | $10.00 | $1,500.00 |
| 80 | $12.00 | $960.00 |
| 10 | $13.00 | $130.00 |
| Ending Inventory | $2,590.00 | |
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5-Salmone Company reported the following purchases and sales of its only product. Salmone uses a periodic...
Salmone Company reported the following purchases and sales for its only product. Salmone uses a perpetual...
Salmone Company reported the following purchases and sales for its only product. Salmone uses a perpetual inventory system. Determine the cost assigned to cost of goods sold using LIFO. Date Activities Units Acquired at Cost Units Sold at Retail May 1 Beginning Inventory 150 units @ $10.00 5 Purchase 220 units @ $12.00 10 Sales 140 units @ $20.00 15 Purchase 100 units @ $13.00 24 Sales 90 units @ $21.00 Multiple Choice $2,590 $2,980 $2,460 $2,860 $2,850
Salmone Company reported the following purchases and sales for its only product. Salmone uses a perpetual...
Salmone Company reported the following purchases and sales for its only product. Salmone uses a perpetual inventory system. Determine the cost assigned to cost of goods sold using LIFO. Date Activities Units Acquired at Cost Units Sold at Retail May 1 Beginning Inventory 150 units @ $10.00 5 Purchase 220 units @ $12.00 10 Sales 140 units @ $20.00 15 Purchase 100 units @ $13.00 24 Sales 150 units @ $21.00 $2,260 $3,180 $1,860 $3,580 $2,100
Salmone Company reported the following purchases and sales for its only product. Salmone uses a perpetua/inventory...
Salmone Company reported the following purchases and sales for its only product. Salmone uses a perpetua/inventory system. Determine the cost assigned to cost of goods sold using LIFO. Units Sold at Retail Date Activities May 1Beginning Inventory 5 Purchase 10 Sales L 15 Purchase 24Sales Units Acquired at Cost 150 units @ $10.00 220 units a $12.00 E DELSE 100 units $13.00 140 units a $20.00 150 units @ $21.00 Multiple Choice
QUESTION 8 Salmone Company reported the following purchases and sales of its only product. Salmone uses...
QUESTION 8 Salmone Company reported the following purchases and sales of its only product. Salmone uses a perpetual inventory system. Determine the cost assigned to cost of goods sold using FIFO. Units Sold at Retail Date May 1 Units Acquired at Cost 150 units a $10.00 220 units @ $12.00 Activities Beginning Inventory Purchase Sales Purchase Sales 10 140 units @ $20.00 100 units @ $13.00 90 units @ $21.00 $2,980 O $2,460 $2,850 $2,590 O $5,440
Salmone Company reported the following purchases and sales of its only product. Salmone uses a perpetua/inventory...
Salmone Company reported the following purchases and sales of its only product. Salmone uses a perpetua/inventory system. Determine the cost assigned to cost of goods sold using FIFO. Units Sold at Retail Units Acquired at Cost 150 units @ $10.00 220 units a $12.00 1 100 units a $13.00 220 Date Activities May 1Beginning Inventory 5Purchase 10 Sales 15 Purchase 24 Sales ltea $12 od 140 units @ $20.00 150 units @ $21.00 Multiple Choice O $2,260 $3,180
Question Completion Status: O 0.21 QUESTION 5 Salmone Company reported the following purchases and sales for...
Question Completion Status: O 0.21 QUESTION 5 Salmone Company reported the following purchases and sales for its only product. Salmone uses a periodic inventory system. Determine the cost assigned to cost of goods sold using LIFO. Units Sold at Retail Units Acquired at Cost 150 units @ $10.00 220 units @ $12.00 Date Activities May 1 Beginning Inventory 5 Purchase 10 Sales 15 Purchase 24 Sales 140 units @ $20.00 100 units @ $13.00 90 units @ $21.00 $2,590 $2,580...
Strods Company reported the following purchases and sales for its only product. Strods uses a perpetual...
Strods Company reported the following purchases and sales for its only product. Strods uses a perpetual inventory system. Determine the cost assigned to cost of goods sold using LIFO. Date Activities Units Acquired at Cost Units Sold at Retail May 1 Beginning Inventory 150 units @ $10.00 5 Purchase 220 units @ $12.00 10 Sales 140 units @ $20.00 15 Purchase 100 units @ $13.00 24 Sales 90 units @ $21.00 $2,860 $2,460 $2,590 $2,850 $2,980 140@12=1680 90@13=1170 =2850
perch company reported the following purchases and sales for its only product. Perch uses a perpetual...
perch company reported the following purchases and sales for its only product. Perch uses a perpetual inventory system. Determine the cost assigned to cost of goods sold using both LIFO and FIFO Date Activities Units Acquired at Cost Units Sold at Retail May 1 Beginning Inventory 150 units @ $10.00 May 5 Purchase 220 units @ $12.00 May 10 Sales 140 units @ $20.00 May 15 Purchase 100 units @ $13.00 May 24 Saled 150 units @ $21.00
Salmone Company reported the following purchases and sales of its only product. Salmone uses a periodic...
Salmone Company reported the following purchases and sales of its only product. Salmone uses a periodic inventory system. Determine the cost assigned to ending inventory using LIFO. Date Activities Units Acquired at Cost Units Sold at Retail May 1 Beginning Inventory 220 units @ $17 5 Purchase 255 units @ $19 10 Sales 175 units @ $27 15 Purchase 135 units @ $20 24 Sales 125 units @ $28 Multiple Choice $7,660 $3,780 $6,800 $4,185 $5,450
Salmone Company reported the following purchases and sales of its only product. Salmone uses a perpetual...
Salmone Company reported the following purchases and sales of its only product. Salmone uses a perpetual inventory system. Determine the cost assigned to ending inventory using LIFO. Date Activities Units Acquired at Cost Units Sold at Retail May 1 Beginning Inventory 170 units @ $12 5 Purchase 230 units @ $14 10 Sales 150 units @ $22 15 Purchase 110 units @ $15 24 Sales 100 units @ $23 Multiple Choice $6,910 $3,160 $3,640 $3,750 $3,310
Salmone Company reported the following purchases and sales for its only product. Salmone uses a perpetua/inventory system. Determine the cost assigned to cost of goods sold using LIFO. Units Sold at Retail Date Activities May 1Beginning Inventory 5 Purchase 10 Sales L 15 Purchase 24Sales Units Acquired at Cost 150 units @ $10.00 220 units a $12.00 E DELSE 100 units $13.00 140 units a $20.00 150 units @ $21.00 Multiple Choice
QUESTION 8 Salmone Company reported the following purchases and sales of its only product. Salmone uses a perpetual inventory system. Determine the cost assigned to cost of goods sold using FIFO. Units Sold at Retail Date May 1 Units Acquired at Cost 150 units a $10.00 220 units @ $12.00 Activities Beginning Inventory Purchase Sales Purchase Sales 10 140 units @ $20.00 100 units @ $13.00 90 units @ $21.00 $2,980 O $2,460 $2,850 $2,590 O $5,440
Salmone Company reported the following purchases and sales of its only product. Salmone uses a perpetua/inventory system. Determine the cost assigned to cost of goods sold using FIFO. Units Sold at Retail Units Acquired at Cost 150 units @ $10.00 220 units a $12.00 1 100 units a $13.00 220 Date Activities May 1Beginning Inventory 5Purchase 10 Sales 15 Purchase 24 Sales ltea $12 od 140 units @ $20.00 150 units @ $21.00 Multiple Choice O $2,260 $3,180
Question Completion Status: O 0.21 QUESTION 5 Salmone Company reported the following purchases and sales for its only product. Salmone uses a periodic inventory system. Determine the cost assigned to cost of goods sold using LIFO. Units Sold at Retail Units Acquired at Cost 150 units @ $10.00 220 units @ $12.00 Date Activities May 1 Beginning Inventory 5 Purchase 10 Sales 15 Purchase 24 Sales 140 units @ $20.00 100 units @ $13.00 90 units @ $21.00 $2,590 $2,580...
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