Homework Answers
| Total inventory units | 700 | =150+200+200+150 |
| Ending inventory units | 200 | =700-500 |
| Ending inventory: | ||
| June 28 | 525 | |
| June 15 | 170 | =680/200*50 |
| Total Ending inventory | 695 | |
| Option A $695 is correct |
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A company just starting its business made the following four inventory purchases in June: Date Jun...
Using the indirect method, which of the following would be added to net income? O depreciation...
Using the indirect method, which of the following would be added to net income? O depreciation expense O increase in prepaid expenses decrease in accounts payable O increase in accounts receivable A company just starting its business made the following four inventory purchases in June Date Jun 1 Jun 10 Jun 15 Jun 28 Number of Units 150 200 200 150 Total Cost $480 660 680 525 On June 25, the company made its first sale when a local customer...
A company just starting business made the following four inventory purchases in June June 1 150...
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A company just starting business made the following four inventory purchases in June: June 1 150 units $ 490 June 10 200 units 785 June 15 200 units 830 June 28 150 units 810 $2.915 A physical count of merchandise inventory on June 30 reveals that there are 220 units on hand. Using the Periodic Inventory System. a. Using the LIFO inventory method, the value of the ending inventory on June 30 is? b. Using the Average Cost Inventory Method...
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