ZuoTi.Pro
Question

Baker & Company experienced the following events in March: Date Event Units Unit Cost Total Cost...

Baker & Company experienced the following events in March: Date Event Units Unit Cost Total Cost Mar. 1 Purchased inventory 100 @ $16 $1,600 Mar. 3 Sold inventory 60 Mar. 15 Purchased inventory 100 @ $17 1,700 Mar. 20 Sold inventory 40 If Baker & Company uses the LIFO method, what is the company's cost of goods sold as of March 31 assuming the perpetual method?

Select one: A. $1,600 B. $1,640 C. $1,900 D. $3,300

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

Homework Answers

Answer #1

Cost of goods sold = 60*16 + 40*17

= $1640

Option B. is correct answer.

0 0
Add a comment
Know the answer?
Add Answer to:
Baker & Company experienced the following events in March: Date Event Units Unit Cost Total Cost...
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

  • Inventory Costing Methods and the Perpetual Method McKay & Company experienced the following events in March:...

    Inventory Costing Methods and the Perpetual Method McKay & Company experienced the following events in March: Date Event Units Unit Cost Total Cost Mar. 1 Purchased inventory 100 @ $33 $3,300 Mar. 3 Sold inventory 60 Mar. 15 Purchased inventory 100 @ $36 $3,600 Mar. 20 Sold inventory 40 Assume the perpetual inventory system is used. Use the weighted-average inventory costing method to calculate the company’s cost of goods sold and ending inventory as of March 31. Round weighted-average cost...

  • Inventory Costing Methods and the Perpetual Method Mckay & Company experienced the following events in March:...

    Inventory Costing Methods and the Perpetual Method Mckay & Company experienced the following events in March: Date Event Units Unit Cost Total Cost Mar.1 Purchased inventory 100 $35 $3,500 Mar. 3 Sold inventory entory 60 Mar. 15 Purchased inventory 100 $38 $3,800 Mar. 20 Sold inventory 40 Assume the perpetual inventory system is used. Use the weighted average inventory costing method to calculate the company's cost of goods sold and ending inventory as of March 31. Round weighted average cost...

  • SE6-9. Inventory Costing Methods and the Periodic Method Deer Company experienced the following events in February:...

    SE6-9. Inventory Costing Methods and the Periodic Method Deer Company experienced the following events in February: LC Date Event Total Cost $1,800 Feb. 1 Feb. 4 Feb. 9 Feb. 27 Units 100 100 100 Purchased inventory..... Sold inventory................. ... . Purchased inventory......... ... .............. Sold Inventory....... Unit Cost $18 $21 50 @ @ $2,100 If the Deer Company uses the LIFO inventory costing method, calculate the company's cost of goods sold and ending inventory as of February 28 assuming the...

  • k%20-%20Weees202%20(includes%20Chapters%204, 6)html Question text nventory Costing Methods and the Perpetual Method McKay & Company experienced the...

    k%20-%20Weees202%20(includes%20Chapters%204, 6)html Question text nventory Costing Methods and the Perpetual Method McKay & Company experienced the following events in March: Event Units Unit Cost Total Cost - Mar. 1 Purchased inventory 100 $25 Mar 3 Sold inventory Mar 15 Purchased inventory 100$28 $2,800 Mar 20 Sold inventory 60 40 Assume the perpetual inventory system is used. Use the weighted-average inventory costing method Round weighted-average cost per unit to two decimal places. Use rounded answer for subsequent calculations. Round all other...

  • Patricia Company reports the following for the month of June. Date Explanation Units Unit Cost Total...

    Patricia Company reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 340 $5 $1,700 12 Purchase 640 6 3,840 23 Purchase 840 7 5,880 Calculate the cost of the ending inventory and the cost of goods sold for each cost flow assumption, using a perpetual inventory system. Assume a sale of 710 units occurred on June 15 for a selling price of $8 and a sale of 740 units on June...

  • The following data are available for one of the products sold by Dahlia Company, which uses...

    The following data are available for one of the products sold by Dahlia Company, which uses a perpetual inventory system: Mar. 1 Beginning inventory, 500 units at $4.00 each 7 Purchased 2,000 units at $5.00 each 12 Sold 2,300 units 17 Purchased 1,800 units at $6.00 each 27 Sold 1,900 units 1. Calculate cost of goods sold for March and the dollar amount of ending inventory on March 31 assuming FIFO is used. 2. Calculate cost of goods sold for...

  •                                Inventory   Date       Activity       Units &nbsp

                                   Inventory   Date       Activity       Units        Unit Cost       Balance                                      1-Mar       Beginning Balance       250       $14        $3,500                                       3-Mar       Sale       (200)               - - 0                                       10-Mar       Purchase       200       15       ...

  • Return to course 23 My Subscrption Hach Question 3 Not complete eBook Marted out of 2.00...

    Return to course 23 My Subscrption Hach Question 3 Not complete eBook Marted out of 2.00 P ag question Inventory Costing Methods and the Perpetual Method Lambeth Company experienced the following events in February Date Event Units Unit Cost Total Cost Feb.1 Purchased inventory 100 530 3000 Feb. 4 Sold inventory Feb. 9 Purchased inventory 100 Feb. 27 Sold inventory 100 Assume the perpetual inventory system is used. Use the LIFO inventory costing method to calculate the company's cost of...

  • The transactions below are for Product A occurred during March: Date Product A Units Cost($) Mar....

    The transactions below are for Product A occurred during March: Date Product A Units Cost($) Mar. 2 Purchase 1 $ 68 Mar. 14 1 73 Mar. 28 1 75 Mar. 30 Sale ܢܙ 118 A. The company uses the periodic method for accounting for inventory. Calculate the following (a) through (f): Cost of Ending Gross Profit Inventory FIFO (a) (b) LIFO (c) (d) WTD AVG (e) (f) B. Which method gives the highest income? C. Which method saves the most...

  • Hercula Cycles started March with 12 bicycles that cost $42 each. On March 16, Hercula bought 40 bicycles at $68 each....

    Hercula Cycles started March with 12 bicycles that cost $42 each. On March 16, Hercula bought 40 bicycles at $68 each. On March 31, Hercula sold 25 bicycles for $95 each. Requirements 1. Prepare Hercula Cycle's perpetual inventory record assuming the company uses the specific identification inventory costing method. Assume that Hercula sold 10 bicycles that cost $42 each and 15 bicycles that cost $68 each. 2. Journalize the March 16 purchase of merchandise inventory on account and the March...

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