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
Homework Answers
| Units sold | 390 | =100+350+70-130 |
| Value assigned to cost of goods under FIFO | 848 | =(100*2.10)+(390-100)*2.20 |
| Value assigned to ending inventory under LIFO | 276 | =(100*2.10)+(130-100)*2.20 |
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Domino Co. has the following data related to an item of
inventory: Beginning Inventory, March 1...
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
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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 The value assigned to
ending inventory if Niles uses LIFO is
*PLEASE EXPLAIN IN DETAIL, HOW DOES EVERY NUMBER COME FROM*
Niles Co. has the following data related to an item of inventory: Inventory, March 1 400 units @ $2.10 Purchase, March...
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? ********
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inventory system. It entered into purchases and sales for March as
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Mar 01: Purchase, 100 units, 50 each.
Mar 05: Purchase, 400 units, 55 each.
Mar 09: Sales, 420 units, 85 each.
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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 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*
Niles Co. has the following data related to an item of inventory: Inventory, March 1 400 units @ $2.10 Purchase, March...
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? ********
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1150 units@ $1.75Purchase, March 7600 units@ $2.00Purchase, March
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of goods sold if Niles uses perpetual FIFO is
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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
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