6.The following information pertains to Julia & Company:March 1 Beginning inventoryMarch 3 Purchased 13 units @ 4.00March 9 Sold 21 units @ 8.5030 units @ $5.10%3DpintsWhat is the cost of goods sold for Julia & Company assuming it uses LIFO? (Do not round your intermediate calcudollar amount.)SkippedMultiple Choice$107$84.$93.awcation

Last in, first out (LIFO) is an accounting method in which the cost of the most recent products…

Answered: 6. The following information pertains…

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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The following information pertains to inventory for a company: March 1 Beginning inventory 35 units @ $5.70 March 3 Purchased 13 units @3.70 March 9 Sold 27 units @ 8.90 What is the ending inventory balance, assuming the company uses FIFO? (Do not round your intermediate calculations. Round your answer to the nearest dollar amount.) Multiple Choice $94 577 $48
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Bramble Company reports the following for the month of June. June 1 (a) 12 23 30 (b) Inventory 290 Purchase 400 Purchase Inventory Units Unit Cost $5 Cost of goods sold 300 130 Cost of the ending inventory Your answer has been saved. See score details after the due date. Compute the cost of the ending inventory and the cost of goods sold under FIFO and LIFO. Save for Later 6 $ 7 in Total Cost $1,450 2,400 2,100 FIFO 910 5040 Which costing method gives the higher ending inventory? 5 $ LIFO 650 5300 Attempts: 1 of 1 used Attempts: 0 of 1 used Submit Answer
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Thelen's inventory records show the following data at January 31: Beginning inventory Jan. 1 Jan. 10 purchase Jan. 22 purchase 110 units at $6 per unit 300 units at $12 per unit 100 units at $13 per unit At January 31, 190 units are still on hand. What is the cost of the ending inventory at January 31 if Thelen uses the LIFO method? O A. $1,140 O B. $2,470 OC. $1,620 O D. $1,700 Click to select your answer. %23 P Type here to search
Bleistine Company had the following transactions for the month. F3 # 3 E Beginning inventory Purchased Jun. 1 Purchased Nov. 1 Ending inventory Calculate the ending inventory dollar value for FIFO periodic. 3,850 110 O4,560 O4,730 KA F4 $ 4 R F5 do 5 Number of Units % 880 750 800 110 F6 T < 6 DELL (7) Cost per Unit $35 40 43 ? F7 Y & 7 (DELL F8 U * 00 F9 8 F10 PrtScr F11 86°F
ventory records for Marvin Company... Inventory records for Marvin Company revealed the following: Mar. 1 Beginning inventory Cont 1,090 $7.14 Mar.10 Purchase 500 7.27 Mar.16 Purchase 850 7.40 Mar.23 Purchase 510 7.68 Marvin sold 2,000 units of inventory during the month. Cost of goods sold assuming calculations and round your final answer to nearest dollar amount. Round weight Multiple Choice $14.280
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The following three identical units of Item Alpha are purchased during April: Units Cost Apr. Purchase $76 14 Purchase 81 28 Purchase 83 Total $240 Average cost per unit $80 ($240 ÷ 3 units) eBook Cost Flow Methods Assume that one unit is sold on April 30 for $132. Determine the gross profit for April and ending inventory on April 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost methods. Gross Profit a. First-in, first-out (FIFO) Ending Inventory b. Last-in, first-out (LIFO) c. Weighted average cost
March1 Beginning inventory = 29 units @ $5.90 March3 Purchased 15 units @ 3.70 March9 Sold 23 units @ 8.90 1)What is the cost of goods sold for Julia & Company assuming it uses LIFO? Date Transaction Numberof Units UnitCost March 1 Beginning inventory 930 7.22 March 10 Purchase 550 7.64 March 16 Purchase 760 8.14 March 23 Purchase 580 8.54 2)Marvin sold 1,900 units of inventory during the month. Cost of goods sold assuming FIFO would be: 3)A company's sales equal $60,000 and cost of goods sold equals $20,000. Its beginning inventory was $1,600 and its ending inventory is $2,400. The company's inventory turnover ratio equals:

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