51. Units sold = 800 units = (100*8)+(500*7)+(200*6) = 5500 Option A is the answer |
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52. Ending inventory under lifo = 6750 - 5500 = 1250 Option B is the answer |
USE THE FOLLOWING DATA SET TO ANSWER QUESTION #51 and 52 BJ Inc. made the following...
48. Review the following journal entry and provide the most likely explanation of what is happening to require this journal entry to be recorded: Supplies Expense Supplies S 150 S150 A) The company purchased supplies for later use. B) The company is recognizing the supplies purchased under the cash basis of accounting C) This is an adjusting journal entry to recognize the supplies used / consumed during the reporting period. USE THE FOLLOWING DATA SET TO ANSWER QUESTION #49 and...
A company just starting business made the following four inventory purchases in June: June 1 150 units $ 490 June 10 200 units 785 June 15 200 units 830 June 28 150 units 810 $2.915 A physical count of merchandise inventory on June 30 reveals that there are 220 units on hand. Using the Periodic Inventory System. a. Using the LIFO inventory method, the value of the ending inventory on June 30 is? b. Using the Average Cost Inventory Method...
Tamarisk, Inc. just began business and made the following four inventory purchases in June: June 1 June 10 June 15 June 28 156 units 208 units 208 units 156 units $1080 1620 1750 1370 $5820 A physical count of merchandise inventory (rounded to whole dollar) on June 30 reveals that there are 220 units on hand. The inventory method which results in the highest gross profit for June is not determinable. the LIFO method. the FIFO method the average cost...
Given the following information, determine the cost of the inventory at June 30 using the LIFO perpetual inventory method. 50 units at $20 each June 1 Beginning inventory June 15 Sale of 42 units for $50 each June 29 Purchase The cost of the ending inventory is: 42 units at $25 each Multiple Choice 0 $1,250 $1,050 $840 $1,000
A company just starting business made the following four inventory purchases in June June 1 150 units $390 June 10 200 units $598 June 15 200 units $630 June 28 150 units $510 Total $ 2,128 A physical count of merchandise inventory on June 30 reveals that there are 200 units on hand. Using the LIFO inventory method, the value of the ending inventory on June 30 is? Using the FIFO inventory method, the value of the ending inventory...
QUESTION 7 Apple-A-Day Company has the following inventory data: 40 units at $20 $ 800 July 1 Beginning inventory 140 units at $21 7 Purchases 2,940 20 units at $22 22 Purchases 440 $4,180 A physical count of merchandise inventory on July 30 reveals that there are 50 units on hand. Using the LIFO inventory method, the amount allocated to cost of goods sold for July is $3,170. $3,080 $3,110 $3,010
Question 3 Tamarisk, Inc. just began business and made the following four inventory purchases in June: June 1 162 units $972 June 10 216 units 1512 June 15 216 units 1728 June 28 162 units 1458 $5670 A physical count of merchandise inventory on June 30 reveals that there are 216 units on hand. Using the LIFO inventory method, the value of the ending inventory on June 30 is $1944. $1890 $1297. $1350.
Novak Corp. uses the periodic inventory system and reports the following for the month of June. Units Unit Cost Total Cost June 1 Inventory 440 $4 $ 1,760 12 Purchase 880 8 7,040 23 Purchase 660 12 7,920 30 Inventory 220 Calculate Weighted Average Unit Cost. (Round answer to 2 decimal places, e.g. 15.25.) Weighted Average Unit Cost $8.44 Compute the cost of the ending inventory and the cost of goods sold using the average-cost method. (Round answers to 0...
Question 3 Tamarisk, Inc. just began business and made the following four inventory purchases in June: June 1 162 units $972 June 10 216 units 1512 June 15 216 units 1728 June 20102 units 1458 35670 A physical count of merchandise inventory on June 30 reveals that there are 216 units on hand. Using the LIFO inventory method, the value of the ending inventory on June 30 is O O O O $1890. $1297. $1350 $1944
Multiple Choice Question 68 Oriole Company just began business and made the following four inventory purchases in June: June 1 220 units $1574 June 10 270 units 2160 June 15 270 units 2322 June 28 220 units 1980 $8036 A physical count of merchandise inventory on June 30 reveals that there are 280 units on hand. Using the average cost method, the amount allocated to the ending inventory (rounded to whole dollar) on June 30 is