Homework Answers
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Cost of Goods Sold under lifo = (9*22) + (21*23) = 198 + 483 = 681 Option D is your answer |
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Calculator The inventory data for an item for November are: Nov. 1 Inventory 18 units at...
Calculator The inventory data for an item for November are: Nov. 1 Inventory 16 units at...
Calculator The inventory data for an item for November are: Nov. 1 Inventory 16 units at $21 4. Sold 11 units 10 Purchased 27 units at $22 17 Sold 24 units 30 Purchased 22 units at $24 Using a perpetual system, what is the cost of the goods sold for November if the company uses LIFO? Oa. $864 Ob. $754 Oc. $759 Od. $704
The inventory data for an item for November are: Nov. 1 4 10 17 30 Inventory...
The inventory data for an item for November are: Nov. 1 4 10 17 30 Inventory Sold Purchased Sold Purchased 20 units at $19 10 units 30 units at $20 20 units 10 units at $21 Using a perpetual system, what is the cost of the goods sold for November if the company uses FIFO? O $580 O $600 $590 O $610
Using a perpetual system, what is the cost of the goods sold for November if the...
Using a perpetual system, what is the cost of the goods sold for November if the company uses LIFO? Nov. 01 Inventory 23 units at $22.00 Nov. 04 Sold 11 units Nov. 10 Purchased 33 units at $23.00 Nov. 17 Sold 20 units Nov. 30 Purchased 22 units at $24.00 Using the perpetual LIFO system, what is the cost of the merchandise sold for November?
FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available...
FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 36 units at $47 Sale 14 units at $66 First purchase 23 units at $50 Sale 23 units at $68 Second purchase 17 units at $52 6 units at $68 The firm uses the perpetual inventory system, and there are 33 units of the item on hand at the end of the year a. What is the...
Calculator Merchandise is sold for cash. The selling price of the merchandise is $3,700 and the...
Calculator Merchandise is sold for cash. The selling price of the merchandise is $3,700 and the sale is subject to a 7% state sales tax. The journal entry to record the sale would include credit to Ca. Cash for $3,700 b. Sales Tax Payable for $259 c. Sales for $3.959 d. Sales for $3,700 The inventory data for an item for November are: Nov. 1 Inventory 24 units at $20 4 Sold 9 units 10 Purchased 35 units at $22...
Beginning inventory, purchases, and sales data for DVD players are as follows: November Inventory 44 units...
Beginning inventory, purchases, and sales data for DVD players are as follows: November Inventory 44 units at $53 10 Sale 36 units 15 Purchase 54 units at $55 20 Sale 31 units 24 Sale 9 units 30 Purchase 28 units at $57 The business maintains a perpetual inventory system, costing by the last-in, first-out method. Determine the cost of goods sold sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in...
Grouper Corporation uses a perpetual inventory system. On November 19, the company sold 610 units. The...
Grouper Corporation uses a perpetual inventory system. On November 19, the company sold 610 units. The following additional information is available: Units Unit Cost Total Cost Nov. 1 inventory 340 $12 $4,080 Nov. 15 purchase 440 16 7,040 Nov. 23 purchase 430 17 7,310 1,210 $18,430 Calculate the November 30 inventory and the November cost of goods sold, using the moving average cost formula. (Round unit cost to 2 decimal places, e.g. 52.75 and final answers to 0 decimal places....
eBook 3 Show Me How Calculator Periodic Inventory by Three Methods The units of an item...
eBook 3 Show Me How Calculator Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory Feb. 17 Purchase Jul. 21 Purchase Nov. 23 Purchase 17 units at $39 5 units at $41 10 units at $43 6 units at $43 There are 11 units of the item in the physical inventory at December 31. The periodic inventory system is used. Round ave cent and final answers to...
Nash's, LLCs has the following inventory data: Nov. 1 Inventory 22 units @ $4.40 each 8...
Nash's, LLCs has the following inventory data: Nov. 1 Inventory 22 units @ $4.40 each 8 Purchase 89 units @ $4.75 each 17 Purchase 44 units @ $4.65 each 25 Purchase 67 units @ $4.90 each A physical count of merchandise inventory on November 30 reveals that there are 74 units on hand. Cost of goods sold under LIFO is O $692. O $344. O $709. $361.
21 A company had inventory on November 1 of 5 units at a cost of $20...
21 A company had inventory on November 1 of 5 units at a cost of $20 each. On November 2, they purchased 10 units at $22 each. On November 6 they purchased 6 units at $25 each. On November 8, 8 units were sold for $55 each. Using the LIFO perpetual inventory method, what was the value of the Inventory on November 8 after the sale?
Calculator The inventory data for an item for November are: Nov. 1 Inventory 16 units at $21 4. Sold 11 units 10 Purchased 27 units at $22 17 Sold 24 units 30 Purchased 22 units at $24 Using a perpetual system, what is the cost of the goods sold for November if the company uses LIFO? Oa. $864 Ob. $754 Oc. $759 Od. $704
The inventory data for an item for November are: Nov. 1 4 10 17 30 Inventory Sold Purchased Sold Purchased 20 units at $19 10 units 30 units at $20 20 units 10 units at $21 Using a perpetual system, what is the cost of the goods sold for November if the company uses FIFO? O $580 O $600 $590 O $610
FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 36 units at $47 Sale 14 units at $66 First purchase 23 units at $50 Sale 23 units at $68 Second purchase 17 units at $52 6 units at $68 The firm uses the perpetual inventory system, and there are 33 units of the item on hand at the end of the year a. What is the...
Calculator Merchandise is sold for cash. The selling price of the merchandise is $3,700 and the sale is subject to a 7% state sales tax. The journal entry to record the sale would include credit to Ca. Cash for $3,700 b. Sales Tax Payable for $259 c. Sales for $3.959 d. Sales for $3,700 The inventory data for an item for November are: Nov. 1 Inventory 24 units at $20 4 Sold 9 units 10 Purchased 35 units at $22...
Beginning inventory, purchases, and sales data for DVD players are as follows: November Inventory 44 units at $53 10 Sale 36 units 15 Purchase 54 units at $55 20 Sale 31 units 24 Sale 9 units 30 Purchase 28 units at $57 The business maintains a perpetual inventory system, costing by the last-in, first-out method. Determine the cost of goods sold sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in...
eBook 3 Show Me How Calculator Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory Feb. 17 Purchase Jul. 21 Purchase Nov. 23 Purchase 17 units at $39 5 units at $41 10 units at $43 6 units at $43 There are 11 units of the item in the physical inventory at December 31. The periodic inventory system is used. Round ave cent and final answers to...
Nash's, LLCs has the following inventory data: Nov. 1 Inventory 22 units @ $4.40 each 8 Purchase 89 units @ $4.75 each 17 Purchase 44 units @ $4.65 each 25 Purchase 67 units @ $4.90 each A physical count of merchandise inventory on November 30 reveals that there are 74 units on hand. Cost of goods sold under LIFO is O $692. O $344. O $709. $361.
21 A company had inventory on November 1 of 5 units at a cost of $20 each. On November 2, they purchased 10 units at $22 each. On November 6 they purchased 6 units at $25 each. On November 8, 8 units were sold for $55 each. Using the LIFO perpetual inventory method, what was the value of the Inventory on November 8 after the sale?
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