The following information pertains to inventory for a company:   March 1 Beginning inventory = 32 units @ $5.60 March 3 Purchased 16 units @ 4.30 March 9 Sold 28 units @ 8.20 What is the cost of goods sold, assuming the company uses LIFO? (Do not round your intermediate calculations. Round your answer to the nearest dollar amount.) Choose one of the answers $121 $120 $157 $136

Q: You have the following information for Marigold Corp. for the month ended October 31, 2022. Marigold…

A: Periodic inventory system is updated at the end of the period to adjust inventory numbers to match…

Q: Suppose that Amazon uses a periodic inventory system and reports the following for the month of…

A: Weighted Average Method is one of the methods of inventory valuation in which it is assumed that…

Q: On the basis of the following data, what is the estimated cost of the inventory on May 31 using the…

A: Answer to Question:- d. $10,411…

Q: Suppose that Sheridan has the following inventory data: Nov. 1 Inventory 10 units @ $6 each Purchase…

A: First in, first out (FIFO) is an inventory method that assumes the first goods purchased are the…

Q: Inventory records for Marvin Company revealed the following: Number Unit Date Transaction of Units…

A: The inventory valuation method is used to evaluate the closing inventory and cost of goods sold…

Q: The following information relates to Pharoah Kitchen Ltd.'s inventory transactions during the month…

A: FIFO method is one of the methods of inventory valuation in which it is assumed that old purchases…

Q: Vaughn has the following inventory data: July 1 Beginning inventory 54 units at $122 5 Purchases 306…

A: LIFO method is one of the methods of inventory valuation in which it is assumed that recent or new…

Q: The following information pertains to ABC: March 1 Beginning inventory = 30 units @ $5 March 3…

A: Under LIFO Method, cost of goods sold is calculated on the Assumption that units of inventory which…

Q: On the basis of the following data, what is the estimated cost of the inventory on May 31 using the…

A: Cost to retail ratio=Cost priceRetail price×100

Q: Use the following inventory table to find the cost of goods sold using the first-in, first-out…

A: INVENTORY VALUATIONInventory Valuation is a Method of Calculation of Value of Inventory at the End…

Q: Caminas has the following products in inventory at the year end. Product Quantity Cost Selling…

A: We have the following information: Product : AQuantity: 1,000Cost: $40Selling Price: $55Selling…

Q: Using the average-cost method, calculate the cost of ending inventory and cost of goods sold for…

A: INVENTORY VALUATIONInventory Valuation is a Method of Calculation of Value of Inventory at the End…

Q: From the following, calculate the cost of ending inventory and cost of goods sold for the…

A: Ending inventory refers to value of goods readily available for sale and held by company at end of…

Q: Crane Inc. uses the average cost formula in a perpetual inventory system. (Use unrounded numbers in…

A: The question is related to a weighted Average cost Method. Under this method, issue price is…

Q: Inventory Analysis A company reports the following: Cost of goods sold $256,230 Average inventory…

A: The inventory turnover ratio tells about the efficiency of the company to convert its inventory into…

Q: Assume Hadley Co has the following purchases of inventory during the first month of operations…

A: The direct costs of manufacturing the commodities sold by a corporation are referred to as the cost…

Q: Brocken Co. has the following data related to an item of inventory: Inventory, May 1 3,000 units (@…

A: From the given information, Number of units sold = Opening inventory+Purchases-Closing inventory…

Q: Assume Hadley Co has the following purchases of inventory during the first month of operations…

A: Under weighted average method of inventory valuation, weighted average cost per unit will be…

Q: The inventory records for Cookie Co. reflected the following: Beginning Inventory @ 200 units @ July…

A: The cost of goods sold means the total amount of direct costs that are related to the production of…

Q: Niles Co. has the following data related to an item of inventory: Inventory, March 1 Purchase, March…

A: Solution: Nos of units sold = Units available for sale - Units in ending inventory = (100 + 350+ 70)…

Q: Inventory records for Eliza Company revealed the following: Number of Date March 1 Transaction Units…

A: INVENTORY VALUATIONInventory Valuation is a Method of Calculation of Value of Inventory at the End…

Q: Give me answer this question

A: Initial Inventory:October 1: 12 units at $12 eachTotal cost=12×12=$144 Purchases:October 5: 6 units…

Q: Calculate the average unit cost for the inventory table shown below. Cost per Total cost Date of…

A: Weighted average method is one of useful method used for inventory management. Under this method,…

Q: Assume Huxley has the following purchases of inventory during the first month of operations…

A: FIFO means where the goods purchased first will be sold first and closing inventory will consist of…

Q: Given the following:   Number purchased Cost per unit Total January 1 inventory 44 $ 5 $ 220 April…

A: FIFO: FIFO stands for First-In, First-Out.  In this method inventory purchased first will be sell…

Q: Beginning inventory on May 1 First purchase on May 7 second purchase on May 17 Third purchase on May…

A: Answer :Gross margin = Total sales - cost of good sold Total sales = 900 * $7.80 = $7,020 Cos of…

Q: lower-of-cost-or-market approach,

A: It is pertinent to note that inventory need to be valued at cost of net realizable value whichever…

Q: D. Beginning inv April 1 Invertory 120 units at $26 April 10 Sale 90 units April 15 Purchase 140…

A: “Since you have posted multiple questions with multiple sub parts, we will provide the solution only…

Q: ABC Co. uses a perpetual inventory system and uses the LIFO cost flow assumption. Calculate the…

A: LIFO: LIFO stands for Last-In, First-Out. As its name suggest, this method assumes that the most…

Q: Martinez Corp. uses a perpetual inventory system. Data for product E2-D2 includes the following…

A: INVENTORY VALUATIONInventory Valuation is a Method of Calculation of Value of Inventory at the End…

Q: The following information is available for Goode Company: May 1 Beginning inventory 18 units @ $4…

A: Perpetual inventory system: Under this inventory system, the records of inventory are continuously…

Q: pre.2

A: The objective of the question is to calculate the cost per unit for the units in ending inventory…

Q: The following information pertains to Julia & Company:   March   1   Beginning inventory = 30 units…

A: LIFO: LIFO stands for Last-In, First-Out. In this method inventory purchased at last will be sell…

Q: MC Qu. 109 Marquis Company uses... Marquis Company uses a weighted-average perpetual inventory…

A: The inventory can be valued using various methods as FIFO, LIFO and average method. Using average…

Q: Hess Company's inventory records show the following data for the month of September:       Units…

A: Cost of goods sold=Cost of goods available-Ending inventory

Q: On the basis of the following data, what is the estimated cost of the inventory on May 31 using the…

A: Goods available (cost)=Inventory+Purchases=$22,910+$45,620=$68,530

Q: Perpetual Inventory Using Weighted Average Beginning inventory, purchases, and sales for WCS12 are…

A: Answer:- Perpetual inventory:- Without the requirement for a physical inventory, perpetual inventory…