Denjar Sunland Bookstore had 450 units on hand at January 1, costing $9 each. Purchases and sales during the month of January were asfollows:DatePurchasesSalesJan. 14395 @ $1517280 @ $825280 @ $1229280 @ $16Sunland does not maintain perpetual inventory records. According to a physical count, 335 units were on hand at January 31.The cost of the inventory at January 31, under the LIFO method is:$3015.$4020.$3800.$2680.

Name: Denjar Sunland Bookstore had 450 units on hand at January 1, costing $
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Denjar Sunland Bookstore had 450 units on hand at January 1, costing $9 each. Purchases and sales during the month of January were asfollows:DatePurchasesSalesJan. 14395 @ $1517280 @ $825280 @ $1229280 @ $16Sunland does not maintain perpetual invento

Inventory valuation is referred to as that method which helps in assigning a monetary value to the…

Business

Accounting

Sunland Bookstore had 450 units on hand at January 1, costing $9 each. Purchases and sales during the month of January were as follows: Date Purchases Sales Jan. 14 395 @ $15 17 280 @ $8 29 225 280 @ $12 280 @ $16 Sunland does not maintain perpetual inventory records. According to a physical count, 335 units were on hand at January 31. The cost of the inventory at January 31, under the LIFO method is: O $3015. $4020. O $3800. O $2680.

Sunland Bookstore had 450 units on hand at January 1, costing $9 each. Purchases and sales during the month of January were as follows: Date Purchases Sales Jan. 14 395 @ $15 17 280 @ $8 29 225 280 @ $12 280 @ $16 Sunland does not maintain perpetual inventory records. According to a physical count, 335 units were on hand at January 31. The cost of the inventory at January 31, under the LIFO method is: O $3015. $4020. O $3800. O $2680.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 3RE: Reid Company uses the periodic inventory system. On January 1, it had an inventory balance of...

See similar textbooks

Similar questions

Reid Company uses the periodic inventory system. On January 1, it had an inventory balance of 250,000. During the year, it made 613,000 of net purchases. At the end of the year, a physical inventory showed it had ending inventory of 140,000. Calculate Reid Companys cost of goods sold for the year.
Logo Gear purchased $2,250 worth of merchandise during the month, and its monthly income statement shows cost of goods sold of $2,000. What was the beginning inventory if the ending inventory was $1,000?
Langstons purchased $3,100 of merchandise during the month, and its monthly income statement shows a cost of goods sold of $3,000. What was the beginning inventory if the ending inventory was $1,250?
Jessie Stores uses the periodic system of calculating inventory. The following information is available for December of the current year when Jessie sold 500 units of inventory. Using the FIFO method, calculate Jessies inventory on December 31 and its cost of goods sold for December.
Jessie Stores uses the periodic system of calculating inventory. The following information is available for December of the current year when Jessie sold 500 units of inventory. Using the FIFO method, calculate Jessies inventory on December 31 and its cost of goods sold for December. RE7-11 Using the information from RE7-10, calculate Jessie Storess inventory on December 31 and its cost of goods sold for December using the LIFO method.
Palisade Creek Co. is a retail business that uses the perpetual inventory system. The account balances for Palisade Creek as of May 1, 20Y6 (unless otherwise indicated), are as follows: During May, the last month of the fiscal year, the following transactions were completed: Record the following transactions on Page 21 of the journal: Instructions 1. Enter the balances of each of the accounts in the appropriate balance column of a four-column account. Write Balance in the item section, and place a check mark () in the Posting Reference column. Journalize the transactions for May, starting on Page 20 of the journal. 2. Post the journal to the general ledger, extending the month-end balances to the appropriate balance columns after all posting is completed. In this problem, you are not required to update or post to the accounts receivable and accounts payable subsidiary ledgers. 3. Prepare an unadjusted trial balance. 4. At the end of May, the following adjustment data were assembled. Analyze and use these data to complete (5) and (6). 5. (Optional) Enter the unadjusted trial balance on a 10-column end-of-period spreadsheet (work sheet), and complete the spreadsheet. 6. Journalize and post the adjusting entries. Record the adjusting entries on Page 22 of the journal. 7. Prepare an adjusted trial balance. 8. Prepare an income statement, a statement of stockholders equity, and a balance sheet. Assume that additional common stock of 10,000 was issued in January 20Y6. 9. Prepare and post the closing entries. Record the closing entries on Page 23 of the journal. Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry. Insert the new balance in the retained earnings account. 10. Prepare a post-closing trial balance.
Golden Eagle Company began operations on April 1 by selling a single product. Data on purchases and sales for the year are as follows: Purchases: Sales: The president of the company, Connie Kilmer, has asked for your advice on which inventory cost flow method should be used for the 32,000-unit physical inventory that was taken on December 31. The company plans to expand its product line in the future and uses the periodic inventory system. Write a brief memo to Ms. Kilmer comparing and contrasting the LIFO and FIFO inventory cost flow methods and their potential impacts on the companys financial statements.
Bayside Bookstore had 500 units on hand at January 1, costing $10 each. Purchases and sales during the month of January were as follows: Date Purchases Sales Jan. 14 380 @ $15 15 250 @ S11 250 @ S12 27 29 260 @ S17 Bayside does not maintain perpetual inventory records. According to a physical count, 360 units were on hand at January 31. The cost of the inventory at January 31, under the FIFO method is: O a. $3,640. Ob. $3,820. Oc S4,210. O d. $4,120.
Meman
Oriole Bookstore had 490 units on hand at January 1, costing $9 each. Purchases and sales during the month of January were as follows: Date Jan. 14 17 25 29 Purchases 200 @ $8 200 @ $10 Sales 385 @ $13 $1935. $2120. $1660. $1768. 290 @ $16 Oriole does not maintain perpetual inventory records. According to a physical count, 215 units were on hand at January 31. The cost of the inventory at January 31, under the LIFO method is:
Marigold Bookstore had 470 units on hand at January 1, costing $8 each. Purchases and sales during the month of January were as follows: Date Purchases Sales Jan. 14 405 @ $13 17 210 @ $10 25 220 @ $9 29 230 @ $15 Marigold maintains a periodic inventory system. According to a physical count, 265 units were on hand at January 31.The cost of the inventory at January 31, under the LIFO method is: $2385. $2530. $2650. $2120.
Sheridan Company uses a perpetual inventory system. Its beginning inventory consists of 68 units that cost $46 each. During June, (1) the company purchased 203 units at $46 each, (2) returned 8 units for credit, and (3) sold 169 units at $68 each. Assume the number of units purchased is the same as the number of units sold. Journalize the June transactions. (If no entry is required, select "No entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.) No. Account Titles and Explanation 4 (1) (2) (3) (To record sales) (To record cost of goods sold) Debit Credit