Concord has the following inventory information.July 1 Beginning Inventory 30 units at $1590 units at $237 Purchases22 Purchases10 units at $20O $2060.O $2090.O $2270.O $2173.$4502070200$2720A physical count of merchandise inventory on July 31 reveals that there are 30 units on hand. Using the FIFO inventory method, theamount allocated to cost of goods sold for July is

Name: Concord has the following inventory information.July 1 Beginning Inve
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Description: Concord has the following inventory information.July 1 Beginning Inventory 30 units at $1590 units at $237 Purchases22 Purchases10 units at $20O $2060.O $2090.O $2270.O $2173.$4502070200$2720A physical count of merchandise inventory on July 31 revea

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Concord has the following inventory information. July 1 Beginning Inventory 30 units at $15 7 90 units at $23 10 units at $20 Purchases 22 Purchases $450 O $2060. O $2090. O $2270. O $2173. 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

Concord has the following inventory information. July 1 Beginning Inventory 30 units at $15 7 90 units at $23 10 units at $20 Purchases 22 Purchases $450 O $2060. O $2090. O $2270. O $2173. 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

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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The Luann Company uses the periodic inventory system. The following July data are for an item in Luann's inventory: July 1 Beginning inventory 30 units @ 10 Purchased $9 per unit 50 units @ $11 per unit 15 Sold 60 units 26 Purchased 25 units @ $13 per unit Calculate the cost of goods sold for July and ending inventory at July 31 using (a) first-in, first-out, (b) last-in, first-out, and (c) the weighted-average cost methods. Note: Round your cost per unit to three decimal places, if needed. Then round your final answers to the nearest dollar. A. First-in, First-out: Ending Inventory Cost of Goods Sold: B. Last-in, first-out: Ending Inventory Cost of Goods Sold: C. Weighted-average cost: Ending Inventory Cost of Goods Sold
The following information was available from the inventory records of Jun Company for January: Unit Cost Total Cost $9.77 $87,930 Units Balance at January 19,000 Purchases: Sales: January 6 January 26 6,000 8,100 January 7 January 31 10.30 10.71 61,800 86,751 (7,500) (11,100) Balance at January 31 4,500 Assuming that Jun maintains perpetual inventory records, what should be the cost of goods sold during January, using the average inventory method, rounded to the nearest dollar? Group of answer choices $192,516. $190,413. $189,861. $188,286.
The units of Manganese Plus available for sale during the year were as follows: Mar. 1 25 units @ $29 $725 Inventory Purchase June 16 29 units @ $32 928 Nov. 28 Purchase 41 units @ $37 1,517 95 units $3,170 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 by the FIFO method. b. Determine the inventory cost by the LIFO method. c. Determine the inventory cost by the weighted average cost methods. Round intermediate calculations and final answer to two decimal places.
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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
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