ZuoTi.Pro
Question

Niles Co. has the following data related to an item of inventory: Inventory, March 1 400 units @ $2.10 Purchase, March 7 PurcNiles Co. has the following data related to an item of inventory: Inventory, March 1 400 units @ $2.10 Purchase, March 7 1400 units @ $2.20 Purchase, March 16 280 units @ $2.50 Inventory, March 31 520 units The value assigned to ending inventory if Niles uses LIFO is

*PLEASE EXPLAIN IN DETAIL, HOW DOES EVERY NUMBER COME FROM*

business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

Under Lifo, last purchases are sold first. Hence ending inventory belongs to first available units.

So start from beginning inventory and count to 520 units

= (400*2.10) + (520 - 400)*2.20

= (400*2.10) + (120*2.20)

= 840 + 264

= 1104
0 1
Add a comment
Know the answer?
Add Answer to:
Niles Co. has the following data related to an item of inventory: Inventory, March 1 400...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • Niles Co. has the following data related to an item of inventory: Inventory, March 1 400...

    Niles Co. has the following data related to an item of inventory: Inventory, March 1 400 units @ $2.10 Purchase, March 7 1400 units @ $2.20 Purchase, March 16 280 units @ $2.50 Inventory, March 31 520 units The value assigned to cost of goods sold if Niles uses FIFO is Niles Co. has the following data related to an item of inventory: Inventory, March 1 Purchase, March 7 Purchase, March 16 Inventory, March 31 400 units @ $2.10 1400...

  • Niles Co. has the following data related to an item of inventory: Inventory, March 1 400...

    Niles Co. has the following data related to an item of inventory: Inventory, March 1 400 units @ $2.10 Purchase, March 7 1400 units @ $2.20 Purchase, March 16 280 units @ $2.50 Inventory, March 31 520 units. *answer: (400 × $2.10) + (120 × $2.20) = $1104. *******Where does 120 come from? ******** Niles Co. has the following data related to an item of inventory: Inventory, March 1 400 units @ $2.10 1 Purchase, March 7 Purchase, March 16...

  • 13. Niles Co. has the following data related to inventory Inventory, March 1 Purchase, March 7...

    13. Niles Co. has the following data related to inventory Inventory, March 1 Purchase, March 7 Purchase, March 16 Inventory, March 31 400 units 1400 units @S2.00 @S2.30 @ $2.50 280 units 600 units The value assigned to Ending Inventory if Niles uses LIFO is: a. $1,200 b. S1,260 c. $1,380 d. $1,480 14. The following information is given for a specific inventory item: Cost $100 120 32 15 Estimated selling price Cost to complete Selling cost What is the...

  • 11. Niles Co. has the following data related to an item of inventory:Inventory, March 1150 units@ $1.75Purchase, March 7...

    11. Niles Co. has the following data related to an item of inventory:Inventory, March 1150 units@ $1.75Purchase, March 7600 units@ $2.00Purchase, March 16280 units@ $2.15Sale, March 31520 unitsThe value assigned to cost of goods sold if Niles uses perpetual FIFO is 11. Niles Co. has the following data related to an item of inventory: Inventory, March 1 150 units @ $1.75 Purchase, March 7 600 units @ $2.00 Purchase, March 16 280 units @ $2.15 Sale, March 31 520 units...

  • Domino Co. has the following data related to an item of inventory: Beginning Inventory, March 1...

    Domino Co. has the following data related to an item of inventory: Beginning Inventory, March 1 - 100 units @ $2.10 Purchase, March 7 - 350 @ $2.20 Purchase, March 16 - 70 @ $2.25 Ending Inventory, March 31 - 130 The value assigned to cost of goods sold if Domino uses FIFO is The value assigned to ending inventory if Domino uses LIFO is

  • Smart Co. has the following data related to an item of inventory: Inventory, March 1 Purchase,...

    Smart Co. has the following data related to an item of inventory: Inventory, March 1 Purchase, March 7 Purchase, March 16 Inventory, March 31 112 units @ $6.31 352 units @ $8.36 79 units @ $15.81 167 units The value assigned to ending inventory if Smart uses periodic FIFO is: Select one: e a. $2640.27 b. $1396.12 c. $1696.72 6 d. $1984.67 Check

  • Blue Inc. has the following data related to an item of inventory: Inventory, May 1 200...

    Blue Inc. has the following data related to an item of inventory: Inventory, May 1 200 units @ $2.10 Purchase, May 8 800 units @ $2.20 Purchase, May 20 300 units @ $2.25 Inventory, May 31 500 units What is cost of goods sold if Blue uses the FIFO cost flow assumption? (Fill in blanks with numbers only. No $ needed.)

  • Purchase-Related Transactions Using Perpetual Inventory System The following selected transactions were completed by Niles Co. during...

    Purchase-Related Transactions Using Perpetual Inventory System The following selected transactions were completed by Niles Co. during March of the current year, Niles Co. uses the net method under a perpetual inventory system. Mar. 1. Purchased merchandise from Haas Co., $9,150, terms FOB shipping point, 2/10, /eom. Prepaid freight of $210 was added to the invoice. 5. Purchased merchandise from Whitman Co., $14,376, terms FOB destination, 1/30. 10. Pald Haas Co. for invoice of March 1 13. Purchased merchandise from Jost...

  • Purchase-Related Transactions Using Perpetual Inventory System The following selected transactions were completed by Niles Co. during...

    Purchase-Related Transactions Using Perpetual Inventory System The following selected transactions were completed by Niles Co. during March of the current year. Niles Co. uses the net method under a perpetual inventory system. Mar. 1.Purchased merchandise from Haas Co., $10,950, terms FOB shipping point, 2/10, n/eom. Prepaid freight of $220 was added to the invoice. 5.Purchased merchandise from Whitman Co., $15,717, terms FOB destination, n/30. 10.Paid Haas Co. for invoice of March 1. 13.Purchased merchandise from Jost Co., $12,850, terms FOB...

  • Purchase-Related Transactions Using Perpetual Inventory System The following selected transactions were completed by Niles Co. during...

    Purchase-Related Transactions Using Perpetual Inventory System The following selected transactions were completed by Niles Co. during March of the current year. Niles Co. uses the net method under a perpetual inventory system. Mar. 1. Purchased merchandise from Haas Co., $9,700, terms FOB shipping point, 2/10, n/eom. Prepaid freight of $230 was added to the invoice. 5. Purchased merchandise from Whitman Co., $13,639, terms FOB destination, n/30. 10. Paid Haas Co. for invoice of March 1. 13. Purchased merchandise from Jost...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT