A company just starting business had the following transactions in June: Purchase June 1 250 units @ 8.50 $2,125 Sale June 5 200units @ 11.00 $2,200 Purchase June 10 400 units @ 8.60 $3,440 Purchase June 15 400 units @ 8.70 $3,480 Sale June 25 650units @ 11.00 $7,150 Purchase June 28 250 units @ 8.90 $2,225 A physical count of merchandise inventory on June 30 revealsthat there are 450 units on hand. Assume that no returns occurred during the month and no discounts were given. Using theperpetual inventory method calculate Ending inventory under LIFO. Group of answer choices $7,330 $7,305 $3,965 $3,940

The objective of this question is to calculate the ending inventory of a company using the Last-In,…

Answered: A company just starting business had…

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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Find the cost of goods sold if sales total $78,526 for the inventory table shown below. Cost per Total Retail price Total retail Units purchased unit per unit $985 43 $850 22 $2,115 Date of purchase Beginning inventory February 5 February 19 March 3 Goods available for sale Units sold Ending inventory 18 30 113 83 30 cost $36,550 $1,760 $38,720 $975 $17,550 $2,006 $490 $14,700 $610 $107,520 (Round to the nearest cent as needed.) value $42,355 $46,530 $36,108 $18,300 $143,293
Wan Tan Corp. made the following four inventory purchases in June: June 1 150 units $5.20 June 10 200 units $5.85 June 15 200 units $6.30 June 28 150 units $6.60 On June 22, 450 units were sold. The company uses the perpetual inventory system and the weighted average to value the inventory. Calculate the cost of goods sold for the sale. Round to the nearest whole dollar. Select one: a. $2,580 b. $2,628 c. $2,700 d. $1,572
A company just starting business made the following four inventory purchases in June: June 1 150 units @ $ 5 =$ 750 June 10 200 units @ $ 6 =$1,200 June 15 200 units @ $ 6.30 =$1,260 June 28 150 units @ $ 6.60 =$ 990 for a total of $4,200. On June 20, the company sold 500 units. A physical count of merchandise inventory on June 30 reveals that there are 200 units on hand and 500 units sold. Using the perpetual LIFO inventory method, the value of the ending inventory on June 30 is: Question 17 options: $1,000. $1,320. $1,240. $4,200. please answer do not image.
Concord has the following inventory information. July 1 Beginning Inventory 30 units at $15 90 units at $23 7 Purchases 22 Purchases 10 units at $20 O $2060. O $2090. O $2270. O $2173. $450 2070 200 $2720 A physical count of merchandise inventory on July 31 reveals that there are 30 units on hand. Using the FIFO inventory method, the amount allocated to cost of goods sold for July is
Ur
Sunland has the following inventory information. July 1 Beginning Inventory 15 units at $270 $18 7 Purchases 75 units at $21 1575 22 Purchases 10 units at $23 230 $2075 A physical count of merchandise inventory on July 31 reveals that there are 40 units on hand. Using the LIFO inventory method, the amount allocated to cost of goods sold for July is O $1280. O $1230. $1256. O $1237.
A company just starting business made the following four inventory purchases in June: Number of units Date purchased Total cost June 1 120 units $390 June 10 230 units 575 June 15 230 units 620 June 28 120 units 520 $2105 A physical count of merchandise inventory on June 30 reveals that there are 260 units on hand. The inventory method which results in the highest gross profit for June is the FIFO method. the LIFO method. the weighted average unit cost method. O not determinable.
The following information is available from the inventory records of columbia hoodies company for January: Units Unit Cost Total Cost Balance at Jan 1 3,000 $9.77 $29,310 Purchases: Jan 6 2,000 $10.30 $20,600 Jan 26 2,700 $10.71 $28,917 Sales: Jan 7 (2,500) $14.00 $35,000 Jan 31 (4,000) $14.00 $56,000 All sales are made at 14.00 unit price. Q: Compute the ending inventory on Jan 31 using perpetual moving-average cost. A: I have Ending Inventory at 1,200 units with a value of $12,284.73, is this correct? DO NOT GIVE SOLUTION IN IMAGE FORMAT
Transactions for the month of June were: Purchases Sales June 1 (balance) 3180 @ $3.30 June 2 2350 @ $5.40 3 8820 @ 3.20 6 6380 @ 5.40 7 4900 @ 3.40 9 3920 @ 5.40 15 7180 @ 3.50 10 1540 @ 8.00 22 1960 @ 3.60 18 5610 @ 8.00 25 760 @ 8.00 Assuming that periodic inventory records are kept in units only, the ending inventory on a LIFO basis is

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