Current Attempt in Progress Marigold Corp. had 290 units of product A on hand at January 1, 2020, costing $19 each. Purchases of product A during January were as follows: Date Units Unit Cost Jan. 10 380 $20 18 540 21 28 180 22 A physical count on January 31, 2020 shows 410 units of product A on hand. The cost of the inventory at January 31, 2020 under the LIFO method is O $7910. O $7610. $8790. O $8310.

Current Attempt in Progress Marigold Corp. had 290 units of product A on hand at January 1, 2020, costing $19 each. Purchases of product A during January were as follows: Date Units Unit Cost Jan. 10 380 $20 18 540 21 28 180 22 A physical count on January 31, 2020 shows 410 units of product A on hand. The cost of the inventory at January 31, 2020 under the LIFO method is O $7910. O $7610. $8790. O $8310.

Name: Current Attempt in ProgressMarigold Corp. had 290 units of product A
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Current Attempt in ProgressMarigold Corp. had 290 units of product A on hand at January 1, 2020, costing $19 each. Purchases of product A during Januarywere as follows:DateUnitsUnit CostJan. 10380$2018540212818022A physical count on January 31, 2020

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

Current Attempt in Progress At May 1, 2020, Concord Company had beginning inventory consisting of 200 units with a unit cost of $5.40. During May, the company purchased inventory as follows: 870 units at $5,40 530 units at $7.00 The company sold 1160 units during the month for $14 per unit. Concord uses the average cost method. The average cost per unit for May is $5.900. $5,400. Ⓒ$6.400. Ⓒ$5.930.
Luke's Lamps had a beginning inventory January 1, 2020 of $970,000. They sold goods that cost $770,000 and purchased $300,000 during the month. What should Luke expect its ending inventory balance is at the end of month (January 31, 2020)? a. $1,770,000 b. $500,000 c. $300,000 d. $1,270,000
The following information was available for Bramble Company at December 31, 2020: beginning inventory $4000; ending inventory $96000; cost of goods sold $2500000; and sales $1280000. Bramble's days in inventory in 2020 was O 0.6 days. O 14.3 days. O 7.3 days. O 14.0 days. Save for Later Attempts: 0 of 1 used Submit Answer
Opening and closing inventory balances and purchases for the month of October 2020 for Haadiyah Hearing Ltd are as follows: Units Per unit Inventory, 1 October 7,000 $4.00 Purchase, 3 October 8,000 $4.10 Purchase, 15 October 11,000 $4.20 Purchase, 20 October 15,000 $4.25 Inventory, 31 October 20,000 - Required: Determine the cost of goods sold for October under each of the following cost flow assumptions: FIFO Weighted average LIFO
Gadubhai
The inventory records of TC show the following purchases:Month Units CostJanuary 15,000 190,500February 20,000 240,000March 12,500 165,00A physical count on March 31 shows 22,500 units on hand. What amount of inventory should be reported as of March 31, using FIFO method of costing?a. 120,000 b. 225,000 c. 280,500 d. 285,000
1. At the beginning of September 2020, Bonita company reported inventory of 8200. During the month, the company purchases of 35900. At September 30 2020, a physical count of inventory reported 8600 on hand. Cost of goods solids for the month is ?