Fundamentals of Advanced Accounting
Fundamentals of Advanced Accounting
6th Edition
ISBN: 9780077862237
Author: Joe Ben Hoyle, Thomas Schaefer, Timothy Doupnik
Publisher: McGraw-Hill Education
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Chapter 3, Problem 1P
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On the basis of the following data, what is the estimated cost of the inventory on May 31 using the retail method? Date Line Item Description Cost Retail May 1 Inventory $23,800 $39,670 May 1-31 Purchases 42,600 67,540 May 1-31 Sales   91,090   a. $24,690 b. $19,580 c. $29,564 d. $9,984
00000000 The following lots of Commodity Z were available for sale during the year. 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
Beginning inventory 8 units at $51 First purchase 17 units at $55 Second purchase 26 units at $58 Third purchase 15 units at $63 The firm uses the periodic inventory system, and there are 23 units of the commodity on hand at the end of the year. What is the ending inventory balance of Commodity Z using FIFO? a. $1,173 b. $1,409 c. $3,773 d. $3,796
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