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 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?
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 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 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 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...
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...
The inventory records of Kuffel Co. reflected the following information for the year ended December 31, 2019: The inventory records of Kuffel Co. reflected the following information for the year ended December 31, 2019: Unit Cost $ 30 32 Total Cost $ 4,500 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) 38 37 - 36 3,420 5,...
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...
XYZ Company’s records contained the following data for the month ended 3/31/20: Beginning inventory 200 units @ $10/unit Purchase 1 1,300 units @ $11/unit Sales 1,100 units @ $25/unit Purchase 2 1,200 units @ $12/unit Sales 1,300 units @ $25/unit Purchase 3 1,400 units @ $13/unit Sales 1,500 units @ $25/unit Purchase 4 600...
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...