Homework Answers
According to FIFO method, inventory purchased at the earliest, is charged to cost first. Hence, the diamond sold on Dec. 24, will be charged from diamond purchased on June 1 for $1,200.
Hence, cost of goods sold = $1,200
Fourth option is the correct option.
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Help Save & Exit 7 Delta Diamonds uses a periodic inventory system. The company had five...
Delta Diamonds uses a periodic inventory system. The company had five one-carat diamonds available for sale...
Delta Diamonds uses a periodic inventory system. The company had five one-carat diamonds available for sale this year: one was purchased on June 1 for $1,150, two were purchased on July 9 for $1,350 each, and two were purchased on September 23 for $1,450 each. On December 24, it sold one of the diamonds that was purchased on July 9. Using the FIFO method, its cost of goods sold for the year ended is: A) $2,700. B) $1,450. C) $2,900....
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QUESTION 10 Delta Diamonds uses a periodic inventory system. The company had five one-cara diamonds available...
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Chapter 7-Exercises。 Saved Help Save & Exit Submit Check my work 2 Wilcox Electronics uses a sal...
Chapter 7-Exercises。 Saved Help Save & Exit Submit Check my work 2 Wilcox Electronics uses a sales ournal, purchases ourna cash receipts ourna cash payments ournal and genera jou ma identif the journal in which each transaction should be recorded 2 points Transaction Journal Sales journal Purchases journal Sales journal a. Sold a machine (nonmerchandise) on credit b. Purchased shop supplies on credit c. Sold merchandise on credit d. Purchased merchandise for cash e. Sold a building (nonmerchandise) on credit...
QUESTION 10 Delta Diamonds uses a periodic inventory system. The company had five one-cara diamonds available for sale this year one was purchased on June 1 for $450, two were purchased on July 9 for $550 each, and we were purchased on September 23 for 5600 each on December 24 it sold one of the diamonds that was purchased on July 9. Using the specific identification method, its ending inventory (after the December 24 sale) equals: 5550 $3200 52300 $1550...
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The Laurel Corporation starts the year with a beginning inventory of 440 units at $19 per unit. The company purchases 570 units at $32 each in February and 480 units at $20 each in October. Laurel sells 220 units during the year. Laurel has a periodic inventory system and uses the FIFO inventory costing method. What is the amount of cost of goods sold? Multiple Choice 0 $7,040 0 $4,434 0 $4,180 0 $4,400 Delta Diamonds uses a periodic inventory...
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Help Save & Exit Su Charter Company, which uses the perpetual inventory method, purchases different letters for resale. Character had a beginning inventory comprised of seven units at $6 per unit. The company purchased three units at $8 per unit in February, sold six units in October, and purchased four units at $9 per unit in December If Charter Company uses the LIFO method, what is the cost of goods sold for the vear? 005901 Multiple Choice eBook $42 $60...
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a company uses the periodic inventory system and had
the following activity during the current monthly period.
using the weighted average inventory method, the company's ending
inventory would be:
A company had the following purchases during its first year of operations 18 00:15.09 January: February: May: September: November: Purchases 10 units at $120 20 units at $130 15 units at $140 12 units at $150 10 units at $160 On December 31, there were 26 units remaining in ending inventory....
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