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The following units of an inventory item were available for sale during the year. Use this...
Use the information below to answer the following question The following units of an inventory item...
Use the information below to answer the following question The following units of an inventory item were available for sale during the year: 10 units at $55 25 units at $60 30 units at $65 15 units at $70 Beginning inventory First purchase Second purchase Third purchase The firm uses the periodic inventory system. During the year, 60 units of the item were sold. The value of ending inventory using LIFO is Од. $1,250 Ob. $1,375 Oc. $1,150 Od. $1,350
What is the ending inventory using FIFO
The following units of an inventory item were available for sale during the year. Use this information to answer the following questions.Beginning inventory10 units at $55First purchase25 units at $60Second purchase30 units at $65Third purchase15 units at $70The firm uses the periodic inventory system. During the year, 60 units of the item were sold.7. The ending inventory cost using FIFO is a. $1,250 b. $1,350 c. $1,375 d. $1,150
The following units of an inventory item were available for sale during the year: Beginning inventory...
The following units of an inventory item were available for sale during the year: Beginning inventory 7 units at $51 First purchase 17 units at $52 Second purchase 23 units at $57 Third purchase 17 units at $59 The firm uses the periodic inventory system. During the year, 37 units of the item were sold. The value of ending inventory using FIFO is
The following lots of Commodity Z were available for sale during the year. Beginning inventory 8...
The following lots of Commodity Z were available for sale during the year. Beginning inventory 8 units at $50 First purchase 18 units at $53 Second purchase 25 units at $56 Third purchase 13 units at $58 The firm uses the periodic system, and there are 27 units of the commodity on hand at the end of the year What is the ending inventory balance at the end of the year according to the FIFO method? a. $1,538 b. $1,350...
The following units of an item were available for sale during the year Jan 1. Inventory...
The following units of an item were available for sale during the year Jan 1. Inventory 30 units @ $130 Mar 10. Purchase 70 units @ $140 Aug. 15. Purchased 10 units @ $145 Dec 10. Purchased 70 units @$150 There are 80 units of the item remaining in the physical inventory on December 31st. The periodic inventory system was used. Determine the inventory cost and cost of merchandise sold using the three main methods Inventory Method Merchandise Inventory Cost...
The following units of an item were available for sale during the year: Beginning inventory 45...
The following units of an item were available for sale during the year: Beginning inventory 45 units at $44 Sale 42 units at $64 First purchase 23 units at $45 Sale 10 units at $66 Second purchase 26 units at $48 Sale 22 units at $67 The firm uses the perpetual inventory system, and there are 20 units of the item on hand at the end of the year. a. What is the total cost of the ending inventory according...
The following units of an item were available for sale during the year: Beginning inventory 41...
The following units of an item were available for sale during the year: Beginning inventory 41 units at $45 Sale 15 units at $63 First purchase 24 units at $46 Sale 7 units at $63 Second purchase 30 units at $49 Sale 21 units at $63 The firm uses the perpetual inventory system, and there are 52 units of the item on hand at the end of the year. a. What is the total cost of the ending inventory according...
Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for...
Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for sale during the year were as follows: Jan. 1 Inventory 40 units @ $102 Mar. 10 Purchase 70 units $114 30 units @ $122 Aug. 30 Dec. 12 Purchase Purchase 60 units @ $128 There are 80 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost and the cost of merchandise sold...
The following units of an item were available for sale during the year Jan 1. Inventory...
The following units of an item were available for sale during the year Jan 1. Inventory 30 units @ $130 Mar 10. Purchase 70 units @ $140 Aug. 15. Purchased 10 units @ $145 Dec 10. Purchased 70 units @$150 There are 80 units of the item remaining in the physical inventory on December 31st. The periodic inventory system was used. Determine the inventory cost and cost of merchandise sold using the three main methods
The following lots of Commodity Z were available for sale during the year. Use this information...
The following lots of Commodity Z were available for sale during the year. Use this information to answer the question. Beginning inventory First purchase Second purchase Third purchase 10 units at $30 25 units at $32 30 units at $34 10 units at $35 The firm uses the periodic system. There are 20 units of the commodity on hand at the end of the year. What is the amount of inventory at the end of the year rounded to nearest...
Use the information below to answer the following question The following units of an inventory item were available for sale during the year: 10 units at $55 25 units at $60 30 units at $65 15 units at $70 Beginning inventory First purchase Second purchase Third purchase The firm uses the periodic inventory system. During the year, 60 units of the item were sold. The value of ending inventory using LIFO is Од. $1,250 Ob. $1,375 Oc. $1,150 Od. $1,350
The following lots of Commodity Z were available for sale during the year. Beginning inventory 8 units at $50 First purchase 18 units at $53 Second purchase 25 units at $56 Third purchase 13 units at $58 The firm uses the periodic system, and there are 27 units of the commodity on hand at the end of the year What is the ending inventory balance at the end of the year according to the FIFO method? a. $1,538 b. $1,350...
Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for sale during the year were as follows: Jan. 1 Inventory 40 units @ $102 Mar. 10 Purchase 70 units $114 30 units @ $122 Aug. 30 Dec. 12 Purchase Purchase 60 units @ $128 There are 80 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost and the cost of merchandise sold...
The following lots of Commodity Z were available for sale during the year. Use this information to answer the question. Beginning inventory First purchase Second purchase Third purchase 10 units at $30 25 units at $32 30 units at $34 10 units at $35 The firm uses the periodic system. There are 20 units of the commodity on hand at the end of the year. What is the amount of inventory at the end of the year rounded to nearest...
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