A company just starting business made the following four inventory purchases in June: June 1 100 units $410 June 10 170 units 595 June 15 170 units 600 June 28 120 units 490 $2095 A physical count of merchandise inventory on June 30 reveals that there are 180 units on hand. Using the LIFO inventory method, the value of the ending inventory on June 30 is O $690. $1323. O $1405. O $772.

A company just starting business made the following four inventory purchases in June: June 1 100 units $410 June 10 170 units 595 June 15 170 units 600 June 28 120 units 490 $2095 A physical count of merchandise inventory on June 30 reveals that there are 180 units on hand. Using the LIFO inventory method, the value of the ending inventory on June 30 is O $690. $1323. O $1405. O $772.

Name: Question 12 of 20 -/1A company just starting business made the foll
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Question 12 of 20 -/1A company just starting business made the following four inventory purchases in June:June 1100 units$410June 10170 units595June 15170 units600June 28120 units490$2095A physical count of merchandise inventory on June 30 reveals

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

Blue has the following inventory data: Nov. 1 Inventory 35 units @ $7.00 each 8 Purchase 139 units @ $7.50 each 17 Purchase 70 units @ $7.30 each 25 Purchase 104 units @ $7.70 each A physical count of merchandise inventory on November 30 reveals that there are 116 units on hand. Ending inventory under FIFO is
Tamarisk, Inc. has the fallowing inventory data: July 1 Beginning inventory 90 units at $19 $1710 6300 990 $9000 7 Purchases 22 Purchases 315 units at $20 45 units at $22 A physical count of merchandise inventory on July 30 reveals that there are 150 units on hand. Using the average cost method, the value of ending inventory is
Cheyenne Corp. has the following inventory data: July 1 Beginning inventory 48 units at $19 $912 7 Purchases 168 units at $20 3360 22 Purchases 24 units at $22 528 $4800 A physical count of merchandise inventory on July 30 reveals that there are 80 units on hand. Using the LIFO inventory method, the amount allocated to cost of goods sold for July is $3248. O $1648. $3152. O $1552.
A company just began business and made the following four inventory purchases in June: June 1 180 units $1440 June 10 240 units 2400 June 15 240 units 2880 June 28 180 units 2520 $9240 A physical count of merchandise inventory on June 30 reveals that there are 240 units on hand. Using the average-cost method, the amount allocated to the ending inventory on June 30 is
Whisperings has the following inventory data: Nov. 1 Inventory 28 units @ $5.50 each 8 Purchase 110 units @ $5.95 each 17 Purchase 55 units @ $5.80 each 25 Purchase 83 units @ $6.10 each A physical count of merchandise inventory on November 30 reveals that there are 92 units on hand. Cost of goods sold under LIFO is
Skysong, Inc. just began business and made the following four inventory purchases in June: June 1 123 units $810 June 10 164 units 1104 June 15 164 units 1120 June 28 123 units 870 $3904 A physical count of merchandise inventory on June 30 reveals that there are 164 units on hand. Using the FIFO inventory method, the amount allocated to ending inventory for June is $1086. $1160. $1080. $1150.
Baker Bakery Company just began business and made the following four inventory purchases in June: June 1 150 units $ 1,040 June 10 200 units 1,560 June 15 200 units 1,680 June 28 150 units 1,320 $ 5,600 A physical count of merchandise inventory on June 30 reveals that there are 210 units on hand. Using the FIFO inventory method, the amount allocated to ending inventory for June is Answers: $1,456 $1,508 $1,824 $1,848
Marigold has the following inventory data: Nov. 1 Inventory 23 units @ $4.70 each 8 Purchase 94 units @ $5.05 each 17 Purchase 47 units @ $4.90 each 25 Purchase 70 units @ $5.10 each A physical count of merchandise inventory on November 30 reveals that there are 78 units on hand. Assuming that the specific identification method is used and that ending inventory consists of 23 units from each of the three purchases and 9 units from the November 1 inventory, cost of goods sold is
A company just starting business uses a periodic inventory system. A physical count of merchandise inventory on June 30th reveals that there are 320 units on hand. The company made the following three inventory purchases in June: # of units Unit cost Total costs June 1 150 $10 $1,500 June 10 200 $9 $1,800 June 15 250 $8 $2,000 Using the FIFO inventory method, the amount allocated to Cost of Goods Sold for June 30 is _________. a. $ 2,670 b. $ 3,030 c. $ 2,070 d. $ 2,630
A company just starting a business made the following four inventory purchases in June: Date Number of units purchased Total cost June 1 190 units $ 450 June 10 150 units 600 June 15 150 units 700 June 28 100 units 610 $2360 A physical count of merchandise inventory on June 30 reveals that there are 220 units on hand. Using the average-cost method, the amount allocated to the ending inventory on June 30 is $750. $1484. $570. $880.
Pharoah has the following inventory data: Nov. 1 Inventory 37 units @ $7.40 each 8 Purchase 149 units @ $8.00 each 17 Purchase 74 units @ $7.80 each 25 Purchase 112 units @ $8.20 each A physical count of merchandise inventory on November 30 reveals that there are 124 units on hand. Ending inventory under FIFO is
Swifty Corporation just began business and made the following four inventory purchases in June: June 1 123 units $738 June 10 164 units 1148 June 15 164 units 1312 June 28 123 units 1107 $4305 A physical count of merchandise inventory on June 30 reveals that there are 156 units on hand. Using the average cost method, the amount allocated to the ending inventory on June 30 is $1371. $1093. $1248. O $1170.