Suppose that Ivanhoe Automated Retail Company has the following inventory data: Nov. 1 Inventory 24 units@ $4.80 each. 8 Purchase 96 units @ $5.15 each Purchase 48 units@ $5.05 each Purchase 72 units@ $5.30 each 17 25 The company uses a periodic inventory system. A physical count of merchandise inventory on November 30 reveals that there are 80 units on hand. Cost of goods sold under LIFO rounded to the nearest dollar is $812 Ⓒ$404. Ⓒ$422. $830.
Suppose that Ivanhoe Automated Retail Company has the following inventory data: Nov. 1 Inventory 24 units@ $4.80 each. 8 Purchase 96 units @ $5.15 each Purchase 48 units@ $5.05 each Purchase 72 units@ $5.30 each 17 25 The company uses a periodic inventory system. A physical count of merchandise inventory on November 30 reveals that there are 80 units on hand. Cost of goods sold under LIFO rounded to the nearest dollar is $812 Ⓒ$404. Ⓒ$422. $830.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Subject: acounting
Transcribed Image Text:Suppose that Ivanhoe Automated Retail Company has the following inventory data:
Nov. 1 Inventory. 24 units @ $4.80 each
Purchase
96 units @ $5.15 each
Purchase
48 units@ $5.05 each
72 units@ $5.30 each
8
17
25
Purchase
The company uses a periodic inventory system. A physical count of merchandise inventory on November 30 reveals that there are 80
units on hand. Cost of goods sold under LIFO rounded to the nearest dollar is
$812
Ⓒ$404.
Ⓒ$422
Ⓒ$830.
Transcribed Image Text:Suppose that Crane has the following inventory data:
Nov. 1
Inventory
30 units @ $7 each
Purchase
120 units @ $7.45 each
70 units @ $7.30 each.
90 units @ $7.60 each
8
17
25
Purchase
Purchase
The company uses a periodic inventory system. A physical count of merchandise inventory on November 30 reveals that there are 110
units on hand. Cost of goods sold under FIFO is
$1568.
$830.
$1469.
Ⓒ$806.
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