RJ Corporation has provided the following information about one of Its inventory Items:ber ofeiteCout perUnitannactionBeginning InventoryDate$3,280$3,640$4,080$4,3601/14086/6Purchase8089/10Purchase1,24011/15Purchase808During the year, RJ sold 3,080 units.What was cost of goods sold using the LIFO cost flow assumption?Multiple Choice$12,167,920.$12,257,920.$12,059,200.$12,136,408.< Prev59 of 67NextMacBook Air

Name: RJ Corporation has provided the following information about one of It
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: RJ Corporation has provided the following information about one of Its inventory Items:ber ofeiteCout perUnitannactionBeginning InventoryDate$3,280$3,640$4,080$4,3601/14086/6Purchase8089/10Purchase1,24011/15Purchase808During the year, RJ sold 3,080

Business

Accounting

RJ Corporation has provided the following information about one of its Inventory hems: Date alte 63,280 53,640 1/1 Beginning Inventory 408 6/6 Purchase 808 1,240 B08 9/10 Purchane $4,080 11/15 Purchase $4,360 During the year, RJ sold 3,080 units. What was cost of goods sold using the LIFO cost flow assumption? Multiple Choice $12,167,920. $12,257,920. $12.059.200. $12,136,408.

RJ Corporation has provided the following information about one of its Inventory hems: Date alte 63,280 53,640 1/1 Beginning Inventory 408 6/6 Purchase 808 1,240 B08 9/10 Purchane $4,080 11/15 Purchase $4,360 During the year, RJ sold 3,080 units. What was cost of goods sold using the LIFO cost flow assumption? Multiple Choice $12,167,920. $12,257,920. $12.059.200. $12,136,408.

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

Assume ShoeFanatic.com began March with 10 units of inventory that cost a total of $170. During March, ShoeFanatic.com purchased and sold goods as follows: EE (Click the icon to view the purchases and sales.) 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 March 14? 'O A. $450 B. $900 OC. $440 O.D. $710
Consider the following information for Maynor Company, which uses a periodic inventory system: Transaction Beginning Inventory Purchase Total Cost $ 2,184 3,192 Purchase 4,928 Purchase 5,734 $ 16,038 January 1 March 28 August 22 October 14 Goods Available for Sale Units 28 38 56 61 183 The company sold 61 units on May 1 and 56 units on October 28. a. FIFO b. LIFO c. Weighted Average Unit Cost $78 84 88 94 Required: Calculate the company's ending inventory and cost of goods sold using the each of following inventory costing methods
UMET's Stores had the following inventory transactions in 2020: Transaction Units Cost per unit 1/1 Balance 50 $6 2/14 Sale 25 5/23 Purchase 100 8 8/21 Sale 50 11/5 Purchase 25 12 11/18 Sale 95 Required: Compute tge cost of goods sold and the ending inventory using the periodic inventory system for each of the following cost flow assumptions: a. FIFO b. LIFO c. Weighted average
76 Company, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Number of Units Unit Cost Sales Beginning Inventory 260 $100 Sold 160 $140 Purchased 500 103 Sold 400 142 Purchased 420 110 Sold 370 174 Ending Inventory 250 Cost of Goods Sold FIFO $111,100 LIFO 97,900 AVG 96,805 Compare the ealculations for gross margin for A76 Company, based on the results of the perpetual inventory calculations using FIFO, LIFO, and AVG. Round intermediate calculation to 2 decimal places and final answer to nearest whole dollar. Comparison of FIFO, LIFO, AVG; Perpetual FIFO LIFO AVG Sales Revenue 24 Cost of Goods Sold Gross Margin
I need help with question C
The following data were taken from the accounting records of Biko Lamps, Inc Balance at January 1, 2022 5,000 lamps @ P30 Purchases: January 8, 2022 1,200 lamps @ P32 January 20, 2022 800 lamps @ P34 Sales: January 6, 2022 1,600 lamps January 14, 2022 1,200 lamps If Biko Lamps uses a perpetual inventory system, the cost of the inventory using the movi average cost flow assumption at January 31, 2022 is?
The following data represent the beginning inventory and, in order of occurrence, the purchases and sales of Galantine, Inc., for an operating period. Unit Cost Beginning Inventory Sale No. 1 Purchase No. 1 Sale No. 2 Purchase No. 2 Totals Select one: O O O O Units 30 A. $840 B. $1,200 C. $1,110 D. $1,320 50 20 100 $21 30 33 Total Cost $630 - 1,500 Units Sold 660 $2,790 20 40 Assuming Galantine, Inc. uses LIFO perpetual inventory procedures, sale no. 2 is recorded as an entry to Cost of Goods Sold for: 60
nventory records for Marvin Company revealed the following: Number Unit Date Transaction of Units Cost Mar. 1 Beginning inventory 980 $7.19 Mar.10 Purchase 540 7.61 Mar.16 Purchase 720 8.07 Mar. 23 Purchase 550 8.47 Marvin sold 1,850 units of inventory during the month. Cost of goods sold assuming FIFO would be: (Do not round your intermediate calculations. Round your answer to the nearest dollar amount.) Multiple Choice $11,269. $15,670. F2 20 F3 4). FII F6 F7 F9 F10 @ 2$ & 2 4 5 6 7 8 { W E Y S D F G H K C V В # 3
please solve with the FIFO method ( question 2)
Calculate the cost of goods sold dollar value for B65 Company for the month, considering the following transactions under first-in, first-out (FIFO) cost allocation methods and using perpetual inventory. Beginning inventory Purchased Sold Sold Ending inventory $6,000 $0 $4,950 $3,000 Number of Units 100 80 50 25 105 Unit Cost $66 75. Sales $120 125
Webster Company uses the average retail method of inventory valuation. Following are the information available: Retail P 60,000 220,000 20,000 40,000 180,000 Beginning inventory Purchases Cost P 23,000 120,000 Net markups Net markdowns Sales revenue What is the estimated cost of ending inventory? P80,000 P48,000 а. b. с. P44,000 d. P38,133