A company just starting business made the following four inventory purchases in June: Number of units Date purchased Total cost June 1 190 units $ 450 June 10 120 units 600 June 15 120 units 640 June 28 180 units 520 $2210 A physical count of merchandise inventory on June 30 reveals that there are 300 units on hand. Using the LIFO inventory method, the value of the ending inventory on June 30 is O $1103. O $1107. O $1000. O $1749.

A company just starting business made the following four inventory purchases in June: Number of units Date purchased Total cost June 1 190 units $ 450 June 10 120 units 600 June 15 120 units 640 June 28 180 units 520 $2210 A physical count of merchandise inventory on June 30 reveals that there are 300 units on hand. Using the LIFO inventory method, the value of the ending inventory on June 30 is O $1103. O $1107. O $1000. O $1749.

Name: A company just starting business made the following four inventory pu
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: A company just starting business made the following four inventory purchases in June:Number of unitsDatepurchasedTotal costJune 1190 units$ 450June 10120 units600June 15120 units640June 28180 units520$2210A physical count of merchandise inventory on

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

Ashley's Art Supplies began business on March 1 and made the following four inventory purchases in March: March 1 March 9 March 15 March 26 Totals: X Units Purchased 150 units 200 units 200 units 150 units 700 units 2,895 Unit Cost $5.20 $5.85 $6.30 $6.80 Total Cost $ 780 A physical count of inventory on March 31 reveals that there are 200 units on hand. Use the FIFO inventory method to calculate the Cost of Goods Sold for March. (Include two decimals in your answer even if your answer is a whole number. For example, if your answer is 1,500, enter 1,500.00. Do NOT include a $ sign.) (See your Unit 4 notes, page 3) 1,170 1,260 1,020 $4,230
Ayayai Corp. just began business and made the following four inventory purchases in June: June 1 195 units $1170 June 10 260 units 1820 June 15 260 units 2080 June 28 195 units 1755 $6825 A physical count of merchandise inventory on June 30 reveals that there are 260 units on hand. Using the FIFO inventory method, the amount allocated to ending inventory for June is
A company's inventory records report the following in November of the current year: Beginning November 1 Purchase November 2 Purchase November 12 On November 8, it sold 12 units for $49 each. Using the LIFO perpetual inventory method, what was the amount recorded in the cost of goods sold account for the 12 units sold? Multiple Choice O O O $342 $248 $264 $378 5 units @ $19 10 units @ $21 6 units @ $23 $443
The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 24 units @ $32 $768 June 16 Purchase 28 units @ $30 840 Nov. 28 Purchase 46 units @ $37 1,702 98 units $3,310 There are 12 units of the product in the physical inventory at November 30. The periodic inventory system is used. a. Determine the inventory cost using the FIFO method. b. Determine the inventory cost using the LIFO method. c. Determine the inventory cost using the weighted average cost methods. Round interim calculations and final answer to two decimal places.
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
Suppose that Target Corporation uses the periodic inventory system to account for inventories and has the following information at October 31. October 1 Beginning inventory 400 units $12.00 = $4,800 8 Purchase 800 units @ $12.40 = 9,920 16 Purchase 600 units @ $12.80 = 7,680 24 Purchase 200 units @ $13.60 = 2,720 Total units and cost 2,000 units $25,120 (a) Determine the ending inventory using the FIFO cost assumption if 500 units remain on hand at October 31. Ending inventory $
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
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.
Suppose that Pharoah has the following inventory data: July 1 Beginning inventory 25 units at $5.00 5 Purchases 101 units at $5.50 14 Sale 67 units 21 Purchases 50 units at $6.00 30 Sale 47 units Assuming that a perpetual inventory system is used, what is the cost of goods sold on a LIFO basis for July? O $650.50 ○ $980.50 O $330.00 O $485.00
Suppose that Sunland has the following inventory data: Nov. 1 Inventory 10 units @ $7 each Purchase 100 units @ $7.45 each 60 units @ $7.30 each 80 units @ $7.60 each 8 17 25 Purchase Purchase The company uses a periodic inventory system. A physical count of merchandise inventory on November 30 reveals that there are 90 units on hand. Cost of goods sold under FIFO is O $666. O $681. O $1180. O $1419.
Luna Corporation was established in 2021. The company authorized 15,000 shares of Preferred Stock; the par value is $100.00 per share and 5% cumulative stock. Common stock was authorized at 100,000 shares with a par value of $5.00 per share. Prepare the following transactions in the proper journal entry form. Calculate the number of outstanding shares of Common Stock Luna Company has as of June 30.
Shellhammer Company's inventory records show the following data for the month of September: Inventory, September 1 100 Purchases: September 8 Units September 18 350 Ending inventory 450 Cost of goods sold Unit Cost $3.34 3.50 A physical inventory on September 30 shows 200 units on hand. Calculate the value of ending inventory and cost of goods sold if the company uses FIFO inventory costing and a periodic inventory system. 3.70