Chase Co. uses the perpetual inventory method. The inventory records for Chase reflected the following Jan...

Question

Question

Chase Co. uses the perpetual inventory method. The inventory records for Chase reflected the following Jan...

Chase Co. uses the perpetual inventory method. The inventory records for Chase reflected the following


Jan 1	Beginning inventory	2,200	units	@	$	6.10
Jan 12	Purchase	2,300	units	@	$	5.90
Jan 18	Sales	2,400	units	@	$	7.60
Jan 21	Purchase	2,200	units	@	$	6.20
Jan 25	Purchase	2,000	units	@	$	6.00
Jan 31	Sales	2,350	units	@	$	7.60

Assuming Chase uses a FIFO cost flow method, the ending inventory on January 31 is:

Multiple Choice

$13,940.
$12,505.
$24,090.
$12,300.

business accounting

Add a comment Improve this question Transcribed image text

Answer 1

Answer #1

The correct answer is $ 24,090

Note:

The ending inventory on January 31 = 1950 Units * $ 6.2 +2,000 Units * $ 6

= $ 24,090

Add a comment

Answer 2

Similar Homework Help Questions

Chase Co. uses the perpetual Inventory method. The inventory records for Chase reflected the following Jan...

Chase Co. uses the perpetual Inventory method. The inventory records for Chase reflected the following Jan 1 Beginning inventory Jan 12 Purchase Jan 18 Sales Jan 21 Purchase Jan 25 Purchase Jan 31 Sales 2,000 units @ $5.70 2,100 units @ $5.50 2,200 units @ $7.20 2,000 units @ $5.80 1,800 units @ $5.60 2,150 units @ $7.20 Assuming Chase uses a FIFO cost flow method, the cost of goods sold for the sales transaction on January 31 is: Multiple...
Chase Co. uses the perpetual inventory method. The inventory records for Chase reflected the following Jan...

Chase Co. uses the perpetual inventory method. The inventory records for Chase reflected the following Jan 1 Beginning inventory 300 units @ $ 2.30 Jan 12 Purchase 400 units @ $ 2.10 Jan 18 Sales 500 units @ $ 3.80 Jan 21 Purchase 300 units @ $ 2.40 Jan 25 Purchase 100 units @ $ 2.20 Jan 31 Sales 450 units @ $ 3.80 Assuming Chase uses a FIFO cost flow method, the cost of goods sold for the sales...
Chase Co. uses the perpetual inventory method. The inventory records for Chase reflected the following information:...

Chase Co. uses the perpetual inventory method. The inventory records for Chase reflected the following information: Jan 1 Beginning inventory 1,100 units @ $3.90 Jan 12 Purchase 1,200 units @ $3.70 Jan 18 Sales 1,300 units @ $5.40 Jan 21 Purchase 1,100 units @ $4.00 Jan 25 Purchase 900 units @ $3.80 Jan 31 Sales 1,250 units @ $5.40 TB MC Qu. 05-55 Assuming Chase uses a LIFO cost flow... 1. Assuming Chase uses a LIFO cost flow method, what...

Chase Co. uses the perpetual inventory method. The inventory records for Chase reflected the following information:...

Chase Co. uses the perpetual inventory method. The inventory records for Chase reflected the following information: Jan 1 Beginning inventory 1000 units @ $3.70 Jan 12 Purchase 1100 units @ $3.50 Jan 18 Sales 1200 units @ $5.20 Jan 21 Purchase 1000 units @ $3.80 Jan 25 Purchase 800 units @ $3.60 Jan 31 Sales 1150 units @ $5.20 Assuming Chase uses a LIFO cost flow method, what is the amount of cost of goods sold for the sales transaction...
Chase Company uses the perpetual inventory method. The inventory records for Chase reflected the following information:...

Chase Company uses the perpetual inventory method. The inventory records for Chase reflected the following information: January 1 January 12 January 18 January 21 January 25 January 31 Beginning inventory Purchase Sales Purchase Purchase Sales 400 units @ $2.50 500 units @ $2.30 600 units @ $4.00 400 units @ $2.60 200 units @ $2.40 550 units @ $4.00 Assuming Chase uses a FIFO cost flow method, what is the cost of goods sold for the sales transaction on January...
Uw MDOS IV ure yer you weru. Chase Co. uses the perpetual inventory method. The inventory...

Uw MDOS IV ure yer you weru. Chase Co. uses the perpetual inventory method. The inventory records for Chase reflected the following information 11 Jan 1 Jan 12 Jan 18 Jan 21 Jan 25 Jan 31 Beginning inventory Purchase Sales Purchase Purchase Sales 800 units $3.30 900 units # $3.10 1,000 units $4.80 BOD units $3.40 600 units $3.20 950 units $4.80 00.2004 Assuming Chase uses a LIFO cost flow method, what is the amount of cost of goods sold...

The inventory records for Radford Co. reflected the following: Beginning inventory @ May 1 2,000 units...

The inventory records for Radford Co. reflected the following: Beginning inventory @ May 1 2,000 units @ $5.60 First purchase @ May 7 2,100 units @ $5.80 Second purchase @ May 17 2,300 units @ $5.90 Third purchase @ May 23 1,900 units @ $6.00 Sales @ May 31 6,300 units @ $7.50 What is the amount of ending inventory assuming the FIFO cost flow method?
The inventory records for Radford Co. reflected the following: Beginning inventory @ May 1 2100...

The inventory records for Radford Co. reflected the following: Beginning inventory @ May 1 2100 units @ $5.80 First purchase @ May 7 2200 units @ $6.00 Second purchase @ May 17 2400 units @ $6.10 Third purchase @ May 23 2000 units @ $6.20 Sales @ May 31 6600 units @ $7.70 What is the amount of gross margin assuming the weighted-average inventory cost flow method? (Round your intermediate calculations to two decimal places.)
12 Taylor Co. had beginning inventory of $1150 and ending inventory of $1,630. Taylor Co. had...

12 Taylor Co. had beginning inventory of $1150 and ending inventory of $1,630. Taylor Co. had cost of goods sold amounting to $3.230. What is the amount of inventory that was purchased during the period? Multiple Choice (2 60025 Ο $2. Ο Ο 53,710 Ο Ο 50,000 Ο Ο μιο Saved Help fine following information applies to me questions displayed below. Chase Co. uses the perpetual Inventory method. The inventory records for Chase reflected the following information: Jan 1 Jan...

The inventory records for Radford Co. reflected the following Beginning inventory @ May 1 First purchase...

The inventory records for Radford Co. reflected the following Beginning inventory @ May 1 First purchase @ May 7 second purchase @ May 17 Third purchase @ May 23 Sales @ May 31 1,200 units @ $4.00 1,300 units @ $4.20 1,500 units @ $4.30 1,100 units @ $4.40 3,900 units @ $5.90 Determine the amount of cost of goods sold assuming the LIFO cost flow method. Multiple Choice $15,600 $16,750 < Prev 6 of 11 Next >

Chase Co. uses the perpetual inventory method. The inventory records for Chase reflected the following Jan...

Homework Answers