FIFO

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FIFO

The Boxwood Company sells blankets for $ 39.00 each. The following was taken from the inventory records during May. The company had no beginning inventory on May 1.DateBlanketsUnitsCostMay 03Purchase9$19.00May 10Sale4May 17Purchase11$15.00May 20Sale4May 23Sale2May 30Purchase9$21.00Assuming that the company uses the perpetual inventory system, determine the ending inventory value for the month of May using the FIFO inventory cost method.Select the correct answer.$285.00$361.00$339.00$399.00
FIFO

Calculate the company's ending inventory and cost of goods sold
FIFO

Kansas Supplies is a manufacturer of plastic parts that uses the weighted-average process costing method to account for costs of production. It produces parts in three separate departments: Molding, Assembling, and Packaging. The following information was obtained for the Assembling Department for the month of April. Work in process on April 1 had 109,000 units made up of the following. AmountDegree of CompletionPrior department costs transferred in from the Molding Department$150,420100%Costs added by the Assembling DepartmentDirect materials$87,200100%Direct labor40,51870%Manufacturing overhead18,00650%$145,724Work in process, April...

lifo fifo

inventory mcqs.docx Multiple Choice Use the following information for questions 1 through 3: A company purchased merchandise to be resold at increasing costs during the year 2016. The purchases were made at the following costs... The company sold 10 items at the end of each month. 1. What are the number of units and the cost of the goods available for sale? ____________ units $_____________ cost of goods available for sale. 2. Assuming...
FIFO/LIFO
lifo fifo

New Doc 09-07-2020 13.11.20.pdf

include FIFO and Journal FIFO perpetual Inventory Instructions Chart of Accounts FIFO Journal Final Questions Instructions...

include FIFO and Journal FIFO perpetual Inventory Instructions Chart of Accounts FIFO Journal Final Questions Instructions The beginning inventory at Midnight Supplies and data on purchases and sales for a three month period ending March 31 are as follows: Date Number of Units 2,500 7,600 Jan Total $160,000 1 10 28 30 5 Transaction Inventory Purchase Sale Sale Sale Per Unit $64.00 72.00 128.00 128.00 128.00 3,700 1,400 500 18,500 Purchase Sale 16 8,000 547,200 473,600 179,200 64,000 1,369,000 1,183,700...
What are FIFO and LIFO?

What are FIFO and LIFO?
FIFO TWO DEPARTMENTS

FIFO Method, Two-Department AnalysisHealthway uses a process-costing system to compute the unit costs of the minerals that it produces. It has three departments: Mixing, Tableting, and Bottling. In Mixing, at the beginning of the process all materials are added and the ingredients for the minerals are measured, sifted, and blended together. The mix is transferred out in gallon containers. The Tableting Department takes the powdered mix and places it in capsules. One gallon of powdered mix converts to 1,600 capsules....

Alan recently joined Friendly Investment and Financing Options (FIFO) as a loan officer. FIFO is a...

Alan recently joined Friendly Investment and Financing Options (FIFO) as a loan officer. FIFO is a national company that specializes in mortgage lending. One of Alan’s responsibilities is to increase the amount of mortgages FIFO initiates. In a meeting he had with the CEO yesterday, Alan was told about a new mortgage that FIFO intends to market. The new mortgage is called an option adjustable rate mortgage, or an option ARM for short, and its most attractive feature is that...