Chapter 1, Problem 15.1EC

Company Y reported FIFO ending inventory of $126,500 and a beginning inventory of $119,200 for 2021. Inventory purchases for 2021 were $265,300, and the change in the LIFO reserve for 2020 was an increase in the LIFO reserve of $890. Calculate the value of COGS LIFO for Company Y in 2021.

The cost formula for the maintenance department of Redwood Manufacturing is $18,500 per month plus $7.25 per machine hour used by the production department. Calculate the maintenance cost that would be budgeted for a month in which 5,400 machine hours are planned to be used.

general accounting