Norris Co. purchase and sales data is as follows: Units Cost per UnitAug.1Inventory 50 $25 7Sale 38 18Purchase 25 $30 24Sale ? 29Purchase 60 $32The August 24th sale is provided as a slider to vary the quantity sold as follows: 1.If 10 units are sold on August 24th, what is the total Cost of Merchandise Sold for the month under LIFO? $ _________2.If 30 units are sold on August 24th, what is the Merchandise Inventory balance on August 31 under FIFO? $ ___________3.Under either FIFO or LIFO, as the number of units sold increases, the number of units in the Merchandise Inventory ending balance ________(DECREASE/INCREASE/REMAIS UNCHANGED/VARIES RANDOMLY) .4.If 30 units are sold on August 24th under LIFO, what is the total cost of this sale? $ _________5.If 20 units are sold on August 24th under FIFO, what is the total cost of this sale? $ ____________6.The Cost of Merchandise Sold under FIFO is the Cost of Merchandise Sold under LIFO for all of the unit amounts on the first slider_______(GREATER THAN/LESS THAN/EQUAL TO).7.The Merchandise Inventory under FIFO is the Merchandise Inventory under LIFO for all of the unit amounts on the first slider_______(GREATER/LESS/EQUAL).8.The sum of Cost of Merchandise Sold and Merchandise Inventory for FIFO is ______(GREATER/LESS/EQUAL) the sum of Cost of Merchandise Sold and Merchandise Inventory under LIFO for all of the unit amounts on the first slider.

Answered: 1. If 10 units are sold on August 24th,…

Name: Norris Co. purchase and sales data is as follows: Units Cost per Un
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Description: Norris Co. purchase and sales data is as follows: Units Cost per UnitAug.1Inventory 50 $25 7Sale 38 18Purchase 25 $30 24Sale ? 29Purchase 60 $32The August 24th sale is provided as a slider to vary the quantity sold as follows: 1.If 10 units ar

1. Cost of goods sold under LIFO method Sale units cost per unit cost of good sold =Sale…

Cost per Unit

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Norris Co. purchase and sales data is as follows:

The August 24^th sale is provided as a slider to vary the quantity sold as follows:

1.	If 10 units are sold on August 24th, what is the total Cost of Merchandise Sold for the month under LIFO?
	$ _________

2.	If 30 units are sold on August 24th, what is the Merchandise Inventory balance on August 31 under FIFO?
	$ ___________

3.	Under either FIFO or LIFO, as the number of units sold increases, the number of units in the Merchandise Inventory ending balance ________(DECREASE/INCREASE/REMAIS UNCHANGED/VARIES RANDOMLY) .

4.	If 30 units are sold on August 24th under LIFO, what is the total cost of this sale?
	$ _________

5.	If 20 units are sold on August 24th under FIFO, what is the total cost of this sale?
	$ ____________

6.	The Cost of Merchandise Sold under FIFO is the Cost of Merchandise Sold under LIFO for all of the unit amounts on the first slider_______(GREATER THAN/LESS THAN/EQUAL TO).

7.	The Merchandise Inventory under FIFO is the Merchandise Inventory under LIFO for all of the unit amounts on the first slider_______(GREATER/LESS/EQUAL).

8.	The sum of Cost of Merchandise Sold and Merchandise Inventory for FIFO is ______(GREATER/LESS/EQUAL) the sum of Cost of Merchandise Sold and Merchandise Inventory under LIFO for all of the unit amounts on the first slider.

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