A company had inventory, on November 1 of 22 units at a cost of $26 each. On November 2, they purchased 27 units at $27 each. On November 6, they purchased 23 units at $29 each. On November 8, 25 units were sold for $38 each. Using the FIFO perpetual inventory method, what was the value of the inventory on November 8 after the sale? Multiple Choice О $1,315 О $1,269 $1,222 $1,247 $1,271

A company had inventory, on November 1 of 22 units at a cost of $26 each. On November 2, they purchased 27 units at $27 each. On November 6, they purchased 23 units at $29 each. On November 8, 25 units were sold for $38 each. Using the FIFO perpetual inventory method, what was the value of the inventory on November 8 after the sale? Multiple Choice О $1,315 О $1,269 $1,222 $1,247 $1,271

Name: A company had inventory, on November 1 of 22 units at a cost of $26 e
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: A company had inventory, on November 1 of 22 units at a cost of $26 each. OnNovember 2, they purchased 27 units at $27 each. On November 6, they purchased 23units at $29 each. On November 8, 25 units were sold for $38 each. Using the FIFOperpetual i

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

need answer
Opiu
Please do not give solution in image format thanku
Salmone Company reported the following purchases and sales of its only product. Salmone uses a perpetual inventory system. Determine the cost assigned to the ending inventory using FIFO. Date Activities Units Acquired at Cost Units Sold at RetailMay 1 Beginning Inventory 150 units @ $10.00 5 Purchase 220 units @ $12.00 10 Sales 140 units @ $20.0015 Purchase 100 units @ $13.00 24 Sales 90 units @ $21.00
XYZ Company has the following inventory information: Beginning inventory: 100 units at $10 per unit Purchases: 200 units at $12 per unit Sales: 250 units Ending inventory: ? Calculate the ending inventory and cost of goods sold using the FIFO (First-In, First-Out) method.
XYZ Inc. uses the average cost formula in a perpetual inventory system. (Use unrounded numbers in your calculations but round to the nearest cent for presentation purposes in your answer.) Jun 1 Beginning inventory 20 units @ $19.00 per unit Purchase Jun 5 100 units @ $22.00 per unit Jun 8 Sale 70 units@ selling price $30 per unit 80 units @ 22.31 per unit Jun 9 Purchase Jun 10 Sale Jun 22 Sale Assuming that all sales were paid, the journal entry (or entries) for the June 10 sale should be: O Cash Cash Sales Cash Sales Sales 25 units @ selling price $30 per unit 40 units @ selling price $30 per unit Cost of Goods Sold 549.96 Inventory Cost of Goods Sold Inventory Cost of Goods Sold Inventory None of the above. 750 750 750 550.00 750 750 750 549.96 750 550.00 750
The following units of an inventory item were available for sale during the year. Beginning inventory First purchase Second purchase Third purchase 10 units at $55 25 units at $60 30 units at $65 15 units at $70 The firm uses the periodic inventory system. During the year, 60 units of the item were sold. The ending inventory cost using FIFO is a. $1,150 b. $1,250 c. $1,375 d. $1,350
Suppose that Old Navy uses the periodic inventory system and had the following inventory mag 1/20 7/25 10/20 1 2 1 4.(a) Beginning Inventory Purchase Purchase Purchase 4. (b) Units Unit Cost 130 $4 650 $5 $7 $8 130 390 1,300 A physical count of inventory on December 31 revealed that there were 455 units on hand. Answer the following independent questions. Total Cost $520 3,250 910 3,120 $7,800 Assume that the company uses the FIFO method. The cost of the ending inventory at December 31 is Assume that the company uses the average-cost method. The cost of the ending inventory on December 31 is Assume that the company uses the LIFO method. The cost of the ending inventory on December 31 is Determine the difference in the amount of income that the company would have reported if it had used the FIFO method instead of the LIFO method Would income have been greater or less? S $ $
Motors has the following inventory information. Nov. 1 Inventory 30 units @ s8.00 Purchase 120 units e $8.30 17 Purchase 60 units e $8.70 25 Purchase 90 units e $8.80 A physical count of merchandise inventory on November 30 reveals that there are 80 units on hand. Assume a periodic inventory system is used. Cost of goods sold (rounded to the nearest dollar) under the average-cost method is Select one: a $1.870. b. $1.812 C 51.758 d. $1.859
ompany reported... Salmone Company reported the following purchases and sales for its only product. Salmone uses a perpetual inventory system. Determine the cost assigned to cost of goods sold using LIFO. Activities Date May 1 May 5 Beginning inventory Purchase Units Acquired at Cost 178 units @ $10 = $ 1,780 248 units @ $12 = $ 2,976 May 10 Sales May 15 Purchase 128 units @ $13 = $ 1,664 May 24 Sales Multiple Choice $3,560 $2,740 $2,870 $3,550 $3,680
3 From the following, calculate the cost of ending inventory and cost of goods sold for the FIFO method, ending inventory is 49 units. Note: Round your answers to the nearest cent. ences Beginning inventory and purchases January 1 April 10 May 15 July 22 August 19 September 30 November 10 December 15 Mc Graw Hill Cost of ending inventory Cost of goods sold Units 5 10 12 15 18 20 32 16 Unit cost $ 2.00 2.50 3.00 3.25 4.00 4.20 4.40 4.80 < Prev M fr 6 of 10 control JUL 30 Q # A Z 1 option W Next O S X E H command D 4 R C F T V G B 7 H U B N J 1 9 M K 0 0 J P command
A company purchased 100 units for $30 each on January 31. It purchased 400 units for $40 each on February 28. It sold a total of 460 units for $100 each from March 1 through December 31. If the company uses the last-in, first- out inventory costing method, calculate the cost of ending inventory on December 31. (Assume that the company uses a perpetual inventory system.) O A. $40 B. $1,600 O C. $2,800 O D. $1,200