QUESTION 13 Wilcox has the following inventory information. Beginning Inventory Purchases July 1 20 units at $19 $ 380 7 70 units at $20 1,400 22 Purchases 10 units at $23 230 $2,010 A physical count of merchandise inventory on July 31 reveals that there are 35 units on hand. Using the average-cost method, the value of ending inventory (rounded to the nearest dollar) is $723. $680. $704. O $730.

QUESTION 13 Wilcox has the following inventory information. Beginning Inventory Purchases July 1 20 units at $19 $ 380 7 70 units at $20 1,400 22 Purchases 10 units at $23 230 $2,010 A physical count of merchandise inventory on July 31 reveals that there are 35 units on hand. Using the average-cost method, the value of ending inventory (rounded to the nearest dollar) is $723. $680. $704. O $730.

Name: QUESTION 13Wilcox has the following inventory information.Beginning I
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Description: QUESTION 13Wilcox has the following inventory information.Beginning InventoryPurchasesJuly 120 units at $19$ 380770 units at $201,40022Purchases10 units at $23230$2,010A physical count of merchandise inventory on July 31 reveals that there are 35 un

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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Beginning inventory, purchases, and sales for Item Copper are as follows: Mar. 1 Inventory 450 units at $7 Sale 390 units 13 Purchase 410 units at $8 25 Sale 340 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) the inventory on March 31. a. Cost of merchandise sold on March 25 2,720 X b. Inventory on March 31 980
Nov. 1 Inventory 25 units @ $4.90 each 8 Purchase 98 units @ $5.30 each 17 Purchase 49 units @ $5.15 each 25 Purchase 74 units @ $5.40 each A physical count of merchandise inventory on November 30 reveals that there are 82 units on hand. Cost of goods sold under FIFO is $853. $425. $441. $869. Save for Later
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Coronado has the following inventory information. July 1 Beginning Inventory 20 units at $20 $400 7 Purchases 50 units at $19 950 22 Purchases 10 units at $20 200 $1550 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 $1020. $970. $977. $996.
Find the cost of goods sold if sales total $78,526 for the inventory table shown below. Cost per Total Retail price Total retail Units purchased unit per unit $985 43 $850 22 $2,115 Date of purchase Beginning inventory February 5 February 19 March 3 Goods available for sale Units sold Ending inventory 18 30 113 83 30 cost $36,550 $1,760 $38,720 $975 $17,550 $2,006 $490 $14,700 $610 $107,520 (Round to the nearest cent as needed.) value $42,355 $46,530 $36,108 $18,300 $143,293
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