Anton Company uses the perpetual inventory system and FIFO cost flow method. During the year, Anton purchased 400 units of inventory that cost $12.00 each and then purchased an additional 600 units of inventory that cost $16.00 each. If Anton sells 700 units of inventory, what is the amount of cost of goods sold? Multiple Choice ο ο ο ο $8,400 511.200 $9,600 $10,400

Anton Company uses the perpetual inventory system and FIFO cost flow method. During the year, Anton purchased 400 units of inventory that cost $12.00 each and then purchased an additional 600 units of inventory that cost $16.00 each. If Anton sells 700 units of inventory, what is the amount of cost of goods sold? Multiple Choice ο ο ο ο $8,400 511.200 $9,600 $10,400

Name: Anton Company uses the perpetual inventory system and FIFO cost flow
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Anton Company uses the perpetual inventory system and FIFO cost flow method. During the year, Anton purchased 400 units of inventory that cost $12.00 each and then purchased an additional 600 units of inventorythat cost $16.00 each. If Anton sells 7

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

Given help with question
narubhai
eBook Calculate the cost of goods sold dollar value for A66 Company for the month, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for last-in, first-out (LIFO). Number of Units Unit Cost Sales Beginning inventor 890 $50 Purchased 610 52 Sold 400 $100 Sold 350 110 Ending inventory 750
Herman Company has three products in its ending inventory. Specific per unit data at the end of the year for each of the products are as follows: Product 1 Product 2 Product 3 Cost $ 20 $ 90 $ 50 Selling price 40 120 70 Costs to sell 6 40 10 Required:What unit values should Herman use for each of its products when applying the lower of cost or net realizable value (LCNRV) rule to ending inventory? Product Cost NRV Per Unit Inventory Value 1 2 3
Please give answer
Chamiching makes hacksaw blades. Inventory values are determined using the first in, first out (FIFO) method. Production and sales data for the first three years appear below. Hacksaw blades Sold Produced Yr 1 18,000 22,000 Yr 2 25,000 23,000 Yr 3 37,000 35,000 Sales price Full cost Yr 1 $10.00 $6.00 Yr 2 $11.00 $6.60 Yr 3 $12.00 $7.60 In the first year, variable costs accounted for half of the full costs. Total fixed production costs increased each subsequent year by 20%, as a result of step-fixed costs and a general inflationary price increase. For Chamiching, which of the following is true? Variable costing income (VCI) exceeds full costing income (FCI) every year VCI exceeds FCI in Yrs 1 and 2 only VCI exceeds FCI in Yrs 2 and 3 only VCI never exceeds FCI
FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 35 units at $46 Sale 30 units at $67 First purchase 33 units at $47 Sale 30 units at $67 Second purchase 28 units at $49 Sale 22 units at $67 The firm uses the perpetual inventory system, and there are 14 units of the item on hand at the end of the yea a. What is the total cost of the ending inventory according to FIFO? $ b. What is the total cost of the ending inventory according to LIFO?
Wynn started the period with 80 units in beginning inventory that costs $7.50 each. During the period, the company purchased inventory items as follows: Purchase - no. Of items - cost 1 - 200 - $9.00 2 - 150 - $9.30 3 - 50 - $10.50 Wynn sold 220 units after purchase 3 for $17.00 each. What is Wynn's ending inventory under weighted average (round)? A. $2,361 B. $1,998 C. $1,980 D.$ 2,340
Anton Company uses the perpetual inventory method. Anton purchased 760 units of inventory that cost $7 each. At a later date the company purchased an additional 870 units of inventory that cost $9 each. If Anton uses the FIFO cost flow method and sells 1,150 units of inventory, the amount of cost of goods sold will be: Multiple Choice $10,350. $8,050. $10,420. $8,830.
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 $1,269 $1,222 $1,247 $1,271