During July, the following purchases and sales were made by Phast Company. There was no beginning inventory. Phast Company uses a perpetual inventory system. Purchases Sales July 3 40 units @ $14 July 13 50 units 11 40 units @ $15 22 20 units 20 20 units @ $16 Under the LIFO method, the cost of goods sold for each sale is: July 13 July 22 $700 $280 750 300 740 320 800 320

During July, the following purchases and sales were made by Phast Company. There was no beginning inventory. Phast Company uses a perpetual inventory system. Purchases Sales July 3 40 units @ $14 July 13 50 units 11 40 units @ $15 22 20 units 20 20 units @ $16 Under the LIFO method, the cost of goods sold for each sale is: July 13 July 22 $700 $280 750 300 740 320 800 320

Name: During July, the following purchases and sales were made by Phast Com
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: During July, the following purchases and sales were made by Phast Company. There was no beginning inventory. PhastCompany uses a perpetual inventory system.PurchasesSalesJuly 340 units @ $14July 1350 units1140 units @ $152220 units2020 units @ $16Un

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

Skysong, Inc. has the following inventory data: July 1 Beginning inventory 33 units at $16 $528 7 Purchases 115 units at $17 1955 22 Purchases 16 units at $18 288 $2771 A physical count of merchandise inventory on July 30 reveals that there are 41 units on hand. Using the LIFO 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 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 Company's inventory records show the following data for the month of September: Units Unit Cost Inventory, September 1 200 $5.00 Purchases: September 8 900 6.00 September 18 900 7.00 A physical inventory on September 30 shows 520 units on hand. Calculate the value of ending inventory and cost of goods sold if the company uses LIFO inventory costing and a periodic inventory system. Ending inventory $ Cost of goods sold $ +A
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
Salmone Company reported the following purchases and sales of its only product. Salmone uses a perpetual inventory system. Determine the cost assigned to the ending inventory using FIFO. Date Activities Units Acquired at Cost Units Sold at Retail May 1 Beginning inventory 190 units @ $10 = $1,900 May 5 Purchase 260 units @ $12 = $3,120 May 10 Sales 180 units @ $20 May 15 Purchase 140 units @ $13 = $1,820 May 24 Sales 130 units @ $21 $3,500 $3,340 $3,370 $3,110 $3,380
Unitech has the tollowing inventory information. July 1 Beginning Inverntory 60 units at $19 $1,140 Purchases 210 units at $20 4.200 22 Purchases 30 units at $22 660 $6,000 A physical count of merchandise inventoryon luly 31 reveals that there are 90 units on hand. Using the FIFO inventory method, the amount allocated to cost of goods sold for July is
Vikrambhai
Assume ShoeFanatic.com began July with 12 units of inventory that cost a total of $192. During July, ShoeFanatic.com purchased and sold goods as follows: Jul. 8 Purchase 36 units @ $17 30 units @ $34 22 Purchase 24 units @ $19 36 units @ $34 14 Sale 27 Sale Under the FIFO inventory costing method and the perpetual inventory system, how much is ShoeFanatic.com's cost of goods sold for the sale on July 14? O A. $804 В. $1,020 O C. $498 D. $510