Homework Help is Here – Start Your Trial Now!
Business
Accounting
Ending inventory at July 31 Total cost of units available for sale in July Cost of goods sold during July Cost of beginning inventory, July 1 Gross profit on sales for July 60,000 units 1,452,100 1,164,100 4.00 per unit 935,900 Units Unit cost Total cost

Ending inventory at July 31 Total cost of units available for sale in July Cost of goods sold during July Cost of beginning inventory, July 1 Gross profit on sales for July 60,000 units 1,452,100 1,164,100 4.00 per unit 935,900 Units Unit cost Total cost

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

help me answer this question thank you

1. What is the number of units on July 1? a 102,500 b. 140,000 76,500 d. C. 60,000 2. How many units were sold during thę month of July? a. 242,500 b. 140,000 c. 302,500 d. 260,000 3. What amount should be reported as cost of the inventory on July 31? a. 288,000 b. 410,000 c. 312,600 d. 240,000 351
Transcribed Image Text:1. What is the number of units on July 1? a 102,500 b. 140,000 76,500 d. C. 60,000 2. How many units were sold during thę month of July? a. 242,500 b. 140,000 c. 302,500 d. 260,000 3. What amount should be reported as cost of the inventory on July 31? a. 288,000 b. 410,000 c. 312,600 d. 240,000 351
Problem 11-22 (IAA) Yakal Company reported that a flood recently destroyed many of the financial records. The entity used an average cost inventory valuation. The entity made a physical count at the end of each month in order to determine monthly ending inventory value. By examining various documents, the following data are gathered: Ending inventory at July 31 Total cost ofunits available for sale in July Cost of goods sold during July Cost of beginning inventory, July 1 Gross profit on sales for July 60,000 units 1,452,100 1,164,100 4.00 per unit 935,900 Units Unit cost Total cost July 55,000 53,000 45,000 47,000 5.10 5.00 5.50 280,500 11 265,000 247,500 15 16 5.30 249,100 Total purchaes 200,000 1.042,100
Transcribed Image Text:Problem 11-22 (IAA) Yakal Company reported that a flood recently destroyed many of the financial records. The entity used an average cost inventory valuation. The entity made a physical count at the end of each month in order to determine monthly ending inventory value. By examining various documents, the following data are gathered: Ending inventory at July 31 Total cost ofunits available for sale in July Cost of goods sold during July Cost of beginning inventory, July 1 Gross profit on sales for July 60,000 units 1,452,100 1,164,100 4.00 per unit 935,900 Units Unit cost Total cost July 55,000 53,000 45,000 47,000 5.10 5.00 5.50 280,500 11 265,000 247,500 15 16 5.30 249,100 Total purchaes 200,000 1.042,100
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS