A company has beginning inventory of 300 units at $ 19.59 each; They purchased 400 units...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
A company has beginning inventory of 300 units at $ 19.59 each; They purchased 400 units at $ 6.37 each on June 2; On June 15, they also purchased 200 units at $ 10.13 each. A physical count of merchandise inventory at the end of the month revealed that 500 units were sold. What is the cost of goods sold using the FIFO inventory method? Round your answer to the nearest dollar. A company has beginning inventory of 300 units at $ 19.59 each; They purchased 400 units at $ 6.37 each on June 2; On June 15, they also purchased 200 units at $ 10.13 each. A physical count of merchandise inventory at the end of the month revealed that 500 units were sold. What is the cost of goods sold using the FIFO inventory method? Round your answer to the nearest dollar.
Expert Answer:
Answer rating: 100% (QA)
Answer Solution FIFO method stands for First In First Out This is a inventory valuation method w... View the full answer
Related Book For
Financial Accounting
ISBN: 978-1259103285
5th Canadian edition
Authors: Robert Libby, Patricia Libby, Daniel Short, George Kanaan, M
Posted Date:
Students also viewed these accounting questions
-
A company has beginning inventory of 10 units at $50. Every week for four weeks an additional 10 units are purchased at respective costs of $51, $52, $55, and $60, 38 units were sold for $72 each....
-
Demski Company reported beginning inventory of 300 units at a unit cost of $ 20. It engaged in the following purchase and sale transactions during 2014: Jan. 14 Sold 60 units at unit sales price of $...
-
If a company has beginning inventory of $30,000 and ending inventory of $55,000, compute its average inventory. If the COGS are $140,000, compute its inventory turnover and determine how many days...
-
i don?t understand why in a), NaOCH3 is strong base and strong nucleophile. In d) CH3COONa is weak base and weak nucleophile. In e) NaSCH2CH3 is weak base and strong nucleophile. Is there any trick...
-
At the beginning of 2011, the Healthy Life Food Company purchased equipment for $42 million to be used in the manufacture of a new line of gourmet frozen foods. The equipment was estimated to have a...
-
Are the following models linear in the parameters? If not, is there any way to make them linear-in-parameter (LIP) models? a. b. B1 B2X,
-
A distillation column operating at total reflux is separating acetone and ethanol at \(1.0 \mathrm{~atm}\). The height of packing is \(2.0 \mathrm{~m}\). The column has a partial reboiler and a total...
-
You are the CEO of a large organization that implemented a data warehouse for internal analysis of corporate data. The operations manager has written you a memo advocating opening the data warehouse...
-
Describe the types of logistics decisions (time scale, purpose) and theirrelationship to data availability.
-
On June 1, Cindy Godfrey started Divine Designs Co., a company that provides craft opportunities, by investing $12,000 cash in the business. Following are the assets and liabilities of the company at...
-
For supply chain executives the first step is to clearly understand how the enterprise chooses to compete. This is important not only for the obvious reason of working together in the same direction...
-
Raw material(1-1-03)Rs.12,500 Raw material(31-12-03)Rs.32,000 Work-in-Process(1-1-03)6,300 Work-in-Process(31-12-03)16,500 Finished Goods (1-1-03)12,500 Finished Goods(31-12-03)25,000 Sales678,600...
-
Answer the following questions using the information below:Furniture, Inc., estimates the following number of mattress sales for the first four months of 2016: Month Sales January22,000...
-
Explain the need for equivalent units and why separate equivalent-unit totals are calculated for direct materials and conversion cost.
-
How does the location of where a service is performed determine which code set is used. Relate issues such as reimbursement schedules, co-pay amounts, and coverage limitations. What is a...
-
Which annuity has a better return? explain why? Annuity A: $25,000 annuity that pays $5,000 every year for 10 years Annuity B: $25,000 annuity that pays $5,000 every year for 6 years.
-
3. [5 Points] You have $500,000 and you want to use four assets-including Stocks A, B, C, and the market portfolio-to create a portfolio with a portfolio beta of 0.75. Given the information of the...
-
Use translations to graph f. f(x) = x-/2 +1
-
The following data were selected from the records of Fluwars Company for the year ended December 31, 2014: The company sold merchandise for cash and on open account with credit terms 1/ 10, n/ 30....
-
Claudia Pederzolli is enrolled in a co- op program in accounting that provides an opportunity for alternating study and work terms. For her second work term, Claudia was offered a position at the...
-
Mobile Services Inc. provides wireless communications services to a variety of customers. The following information relates to the companys investments in SAS in 2015 and 2014: Required: 1. Compute...
-
In its simplest form, an account has only three elements or basic parts. What are these three elements?
-
What happens to the income taxes expense of an unprofitable company?
-
For each of the following transactions, indicate whether the account in parentheses should be debited or credited, and give the reason for your answer. a. Purchased land for cash. (Cash) b. Sold an...
Study smarter with the SolutionInn App