FINANCIAL ACCOUNTING: TOOLS FOR BUSINES
FINANCIAL ACCOUNTING: TOOLS FOR BUSINES
9th Edition
ISBN: 9781119595649
Author: Kimmel
Publisher: WILEY
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Beginning inventory, purchases, and sales for an inventory item are as follows: Date Line Item Description Units and Cost Sep. 1 Beginning Inventory 23 units @ $15 5 Sale 13 units 17 Purchase 25 units @ $17 30 Sale 17 units   Assuming a perpetual inventory system and the last-in, first-out method: Determine the cost of goods sold for the September 30 sale.$ Determine the inventory on September 30. $
Line Item Description Units and Cost Beginning inventory 12 units at $48 First purchase 15 units at $53 Second purchase 55 units at $56 Third purchase 13 units at $61 The firm uses the periodic inventory system, and there are 25 units of the commodity on hand at the end of the year. What is the ending inventory balance of Commodity Z using LIFO? a. $1,465 b. $1,265 c. $5,244 d. $1,200
Company sells blankets for $40 each. The following information was taken from the inventory records during May. The company had no beginning inventory on May 1. Company uses a perpetual inventory system. Date Blankets Units Cost May 3     Purchase 11 $20 10     Sale 4   17     Purchase 10 $17 20     Sale 6   23     Sale 3   30     Purchase 8 $24 Determine the May 31 inventory balance using the FIFO inventory costing method. a. $328 b. $272 c. $320 d. $384
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