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the
data below are for Parrett Enterprises
beggining inventory 150 units at $2
purchase aug- 375...
Glasgow Enterprises started the period with 60 units in beginning inventory that cost $2.00 each. During...
Glasgow Enterprises started the period with 60 units in beginning inventory that cost $2.00 each. During the period, the company purchased inventory items as follows: Purchase 1 2 3 No. of Items 390 105 55 Cost $2.50 $2.60 $3.00 Glasgow sold 300 units after purchase 3 for $8.10 each. What is Glasgow's cost of goods sold under FIFO? Multiple Choice $720 o $600 $900 $802 < Prev 24 25 26 Next > of 28 Q Search or enter website name...
Use the following information to answer the questions below. Beginning Inventory Purchase-May. Purchase-July 100 units @...
Use the following information to answer the questions below. Beginning Inventory Purchase-May. Purchase-July 100 units @ $4.00 200 units @ $3.00 100 units @ $6.00 - A periodic inventory system is used; ending inventory is 150 units. 13. What is ending inventory under the average-cost method?! [A] $150 [B] $1,000 [C] $250 14. What is cost of goods sold under LIFO? [A] $550 [B] $1,050 [C] $750 15. What is ending inventory under FIFO? [A] $550 [B] $750 [C] $850
1. Data Table Aug 1 Beginning inventory .... 15 Purchase 26 Purchase 9 units @ $...
1. Data Table Aug 1 Beginning inventory .... 15 Purchase 26 Purchase 9 units @ $ 5 units @ 11 units @ 160 = $ 1,440 161 = $ 805 170 = $ 1,870 Print Done er in the input fields and then click Check Answer. Clear All ПтСартты сараптау та раса О Assignments Big Fish Company's inventory records for its retail division show the following at August 31 Click the icon to view the accounting records.) At August 31,...
Lower-of-Cost-or-Market Inventory On the basis of the following data, determine the value of the inventory at...
Lower-of-Cost-or-Market Inventory On the basis of the following data, determine the value of the inventory at the lower of cost or market. Assemble the data in the form illustrated in Exhibit 9. Inventory Item Inventory Quantity Cost per Unit Market Value per Unit (Net Realizable Value) Birch $68 Cypress Mountain Ash Spruce 149 256 Willow Inventory at the Lower of Cost or Market Total Lower of C or M Inventory Item Birch Total Cost Total Market S Cypress Mountain Ash...
Lower-of-Cost-or-Market Inventory On the basis of the following data, determine the value of the inventory at...
Lower-of-Cost-or-Market Inventory On the basis of the following data, determine the value of the inventory at the lower of cost or market. Assemble the data in the form ilustrated in Exhibit 9. Inventory Cost per Inventory Quantity Market Value per Unit (Net Realizable Value) Item Unit Birch $173 $148 Cypress 202 Mountain Ash 189 278 155 299 Spruce Willow 221 Inventory at the Lower of Cost or Market Inventory Item Total Cost Total Market Total Lower of Cor Birch Cypress...
Data given Units Unit Cost 1-Jan Beginning inventory 4,190 $20 12-Feb Purchase 4,630 $25 2-Mar Sale...
Data given
Units
Unit Cost
1-Jan
Beginning inventory
4,190
$20
12-Feb
Purchase
4,630
$25
2-Mar
Sale
3,640
$38
18-Apr
Purchase
5,950
$28
31-May
Sale
5,180
$40
Total Units Sold
8,820
Based on the data above, compute the cost of goods sold
under FIFO (perpetual/periodic), LIFO (perpetual/periodic),
weighted-average (periodic) and moving-average
(perpetual).
8. Which of the following accounts has a normal debit balance? a. Accounts Payable b. Sales...
8. Which of the following accounts has a normal debit balance? a. Accounts Payable b. Sales Returns and Allowances c. Sales d. Interest Revenue 9. Using a perpetual inventory system, the entry to record the purchase of $30,000 of merchandise on account would include a a. debit to Sales b. debit to Merchandise Inventory c. credit to Merchandise Inventory d. credit to Sales 10. A retailer purchases merchandise with a catalog list price of $15,000. The retailer receives a 30%...
Glasgow Enterprises started the period with 60 units in beginning inventory that cost $2.00 each. During the period, the company purchased inventory items as follows: Purchase 1 2 3 No. of Items 390 105 55 Cost $2.50 $2.60 $3.00 Glasgow sold 300 units after purchase 3 for $8.10 each. What is Glasgow's cost of goods sold under FIFO? Multiple Choice $720 o $600 $900 $802 < Prev 24 25 26 Next > of 28 Q Search or enter website name...
Use the following information to answer the questions below. Beginning Inventory Purchase-May. Purchase-July 100 units @ $4.00 200 units @ $3.00 100 units @ $6.00 - A periodic inventory system is used; ending inventory is 150 units. 13. What is ending inventory under the average-cost method?! [A] $150 [B] $1,000 [C] $250 14. What is cost of goods sold under LIFO? [A] $550 [B] $1,050 [C] $750 15. What is ending inventory under FIFO? [A] $550 [B] $750 [C] $850
1. Data Table Aug 1 Beginning inventory .... 15 Purchase 26 Purchase 9 units @ $ 5 units @ 11 units @ 160 = $ 1,440 161 = $ 805 170 = $ 1,870 Print Done er in the input fields and then click Check Answer. Clear All ПтСартты сараптау та раса О Assignments Big Fish Company's inventory records for its retail division show the following at August 31 Click the icon to view the accounting records.) At August 31,...
Lower-of-Cost-or-Market Inventory On the basis of the following data, determine the value of the inventory at the lower of cost or market. Assemble the data in the form illustrated in Exhibit 9. Inventory Item Inventory Quantity Cost per Unit Market Value per Unit (Net Realizable Value) Birch $68 Cypress Mountain Ash Spruce 149 256 Willow Inventory at the Lower of Cost or Market Total Lower of C or M Inventory Item Birch Total Cost Total Market S Cypress Mountain Ash...
Lower-of-Cost-or-Market Inventory On the basis of the following data, determine the value of the inventory at the lower of cost or market. Assemble the data in the form ilustrated in Exhibit 9. Inventory Cost per Inventory Quantity Market Value per Unit (Net Realizable Value) Item Unit Birch $173 $148 Cypress 202 Mountain Ash 189 278 155 299 Spruce Willow 221 Inventory at the Lower of Cost or Market Inventory Item Total Cost Total Market Total Lower of Cor Birch Cypress...
Data given
Units
Unit Cost
1-Jan
Beginning inventory
4,190
$20
12-Feb
Purchase
4,630
$25
2-Mar
Sale
3,640
$38
18-Apr
Purchase
5,950
$28
31-May
Sale
5,180
$40
Total Units Sold
8,820
Based on the data above, compute the cost of goods sold
under FIFO (perpetual/periodic), LIFO (perpetual/periodic),
weighted-average (periodic) and moving-average
(perpetual).
8. Which of the following accounts has a normal debit balance? a. Accounts Payable b. Sales Returns and Allowances c. Sales d. Interest Revenue 9. Using a perpetual inventory system, the entry to record the purchase of $30,000 of merchandise on account would include a a. debit to Sales b. debit to Merchandise Inventory c. credit to Merchandise Inventory d. credit to Sales 10. A retailer purchases merchandise with a catalog list price of $15,000. The retailer receives a 30%...
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