A company just starting business made the following four inventory purchases in June: June 1 180 units $380 June 10 240 units 600 June 15 240 units 610 June 28 200 units 490 $2080 A physical count of merchandise inventory on June 30 reveals that there are 200 units on hand. Using the LIFO inventory method, the value of the ending inventory on June 30 is

A company just starting business made the following four inventory purchases in June: June 1 180 units $380 June 10 240 units 600 June 15 240 units 610 June 28 200 units 490 $2080 A physical count of merchandise inventory on June 30 reveals that there are 200 units on hand. Using the LIFO inventory method, the value of the ending inventory on June 30 is

Name: A company just starting business made the following four inventory pu
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Description: A company just starting business made the following four inventory purchases in June:June 1180 units$380June 101240 units600June 15240 units610June 28200 units490$2080A physical count of merchandise inventory on June 30 reveals that there are 200 un

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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Aiello, Inc. had the following inventory in its fiscal year. The company uses the LIFO method of accounting for inventory. Beginning Inventory, January 1: 195 units @ $15.00 Purchase 300 units @ $18.00 Purchase 75 units @ $13.50 Purchase 165 units @ $15.75 Ending Inventory, December 31: 180 units The company’s cost of goods sold for its fiscal year is: Select one: a. $7,958.63 b. $2,700.00 c. $9,236.25 d. None of these are correct. e. $9,135.00
Pharoah Company just began business and made the following four inventory purchases in June: June 1 192 units $1152 June 10 256 units 1792 June 15 256 units 2048 June 28 192 units 1728 $6720 A physical count of merchandise inventory on June 30 reveals that there are 256 units on hand. Using the LIFO inventory method, the value of the ending inventory on June 30 is
Salmone Company reported the following purchases and sales for its only product. Salmone uses a periodic inventory system. Determine the cost assigned to cost of goods sold using LIFO. Date Activities May 1 May 5 Beginning inventory Purchase Units Acquired at Cost 150 units @ $10 = $1,500 220 units @ $12 = $2,640 Units Sold at Retail May 10 Sales 140 units @ $20 May 15 Purchase 100 units @ $13 = $1,300 May 24 Sales 90 units @ $21 Multiple Choice C O $2,860 $2,850 O $2,590 $2,460 $2,580
Vaughn Company uses a periodic inventory system. For April, when the company sold 540 units, the following information is available. April 1 inventory April 15 purchase April 23 purchase Ending inventory Units Cost of goods sold 220 380 400 1,000 Unit Cost $25 $ 30 33 Total Cost $5,500 Compute the April 30 inventory and the April cost of goods sold using the FIFO method. 11,400 13,200 $30,100
Crane Inc. uses a periodic inventory system. Its records show the following for the month of May, in which 107 units were sold. Date May 1 15 24 Explanation Inventory Purchases Purchases Totals Ending inventory at May 31 Cost of goods sold e Textbook and Media Units 50 41 Save for Later 58 149 $ Unit Cost $15 18 Calculate the ending inventory at May 31 and cost of goods sold using the FIFO, LIFO, and average-cost methods. (Round per unit cost to 3 decimal places, e.g. 15.647 and final answers to O decimal places, e.g. 5,125.) $ 19 Total Cost $750 738 FIFO 1,102 $2,590 $ $ LIFO $ $ Average-cost Attempts: 0 of 3 used Submit Answer
Coronado has the following inventory information. July 1 Beginning Inventory 20 units at $20 $400 7 Purchases 50 units at $19 950 22 Purchases 10 units at $20 200 $1550 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 $1020. $970. $977. $996.
Kingbird Company uses a periodic inventory system. For April, when the company sold 470 units, the following information is available. Units Unit Cost Total Cost April 1 inventory 290 $18 $ 5,220 April 15 purchase 400 22 8,800 April 23 purchase 310 23 7,130 1,000 $21,150 Compute the April 30 inventory and the April cost of goods sold using the LIFO method. Ending inventory $ Cost of goods sold $
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Starlight Company has inventory of 8 units at a cost of $200 each on October 1. On October 2, it purchased 20 units at $205 each. 11 units are sold on October 4. Using the LIFO perpetual inventory method, what is the value of inventory after the October 4 sale?