L-Corp has the following inventory lots on May 31, 2017: Inventory lot A1 A2 On June...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
L-Corp has the following inventory lots on May 31, 2017: Inventory lot A1 A2 On June 2, 2017 L-Corp sells 50 units. On June 12, 2017, L-Corp buys 45 units at $30/unit. On June 18, 2017, L-Corp sells 53 units. L-Corp uses LIFO Perpetual inventory method. a. Calculate total COGS for June 2017. b. Calculate value of ending inventory at June 30, 2017. Date 10-May 21-May Units 30 40 Cost/unit 25 27 Total Cost 750 1080 L-Corp has the following inventory lots on May 31, 2017: Inventory lot A1 A2 On June 2, 2017 L-Corp sells 50 units. On June 12, 2017, L-Corp buys 45 units at $30/unit. On June 18, 2017, L-Corp sells 53 units. L-Corp uses LIFO Perpetual inventory method. a. Calculate total COGS for June 2017. b. Calculate value of ending inventory at June 30, 2017. Date 10-May 21-May Units 30 40 Cost/unit 25 27 Total Cost 750 1080
Expert Answer:
Answer rating: 100% (QA)
Initial Inventory on May 31 2017 Lot A1 30 units at 40unit 1200 Lot A2 27 units at 25unit 675 Total ... View the full answer
Related Book For
Financial Accounting
ISBN: 978-0134127620
11th edition
Authors: Walter Harrison, Charles Horngren, William Thomas, Wendy Tietz
Posted Date:
Students also viewed these accounting questions
-
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-5. Ivan's grandfather died and left a portfolio of municipal bonds. In 2012, they pay Ivan...
-
A company has the following inventory information and uses the periodic system: May 1 Beginning Inventory Purchase 15 units at $1 each 12 units at $2 each May 4 May 7 Sale 21 units The company uses...
-
The Stilton Company has the following inventory and credit purchases during the fiscal year ended December 31, 2014. Stilton Company has two credit sales during the period. The units have a selling...
-
The Shannon Township Debt Service Fund accumulates resources to pay its $2 million general obligation debt. The debt is payable in equal annual installments of principal over 10 years with 5%...
-
A pillar in a hard rock, strata-bound, room, and pillar mine is transected by a small fault that dips 75? due east and strikes due north. The ore horizon dips due west 15? and also strikes due north....
-
For the following true/false statements regarding concepts and uses of simple linear regression analysis, indicate whether the statement is true or false and specify what will correct a false...
-
Ratliff Corporation produces lawn fertilizer spreaders. Ratliffs income statement shown has been prepared for August of the current year. Instructions: 1. Prepare Ratliffs August income statement...
-
Disclosures related to income taxes for The Coca-Cola Company (Coke) for 20062008 appear in Exhibit 8.11. Required a. Why are Cokes average tax rates so low? b. Is it likely that Coke has recognized...
-
Can an organization evolve to become a servant leadership - based organization? Are there documented results of this leadership style?
-
YouPay is a Fintech company, which began as a digital wallet and has now evolved into an organisation taking on new verticals within payments many times over the years. To its credit, Paytm has...
-
Explain emulation of microprocessor with its different generations ?
-
One of two hollow drive shafts of a cruise ship is 185 ft long, and its outer and inner diameters are 16 in. and 8 in., respectively. The shaft is made of a steel for which the allowable shear stress...
-
A stainless steel is being considered to make valves for an internal combustion engine. The following mechanical properties were obtained on an annealed specimen at room temperature: Ar = 60 %; the...
-
PYTHON /DS ASSIGNMENT Full Coding Procedure must be provided to earn full mark Exploring customer segmentation and customer lifetime value for sales forecasting Introduction: An England-based company...
-
A small bicycle manufacturer in Mississauga wants to start to make two new types of electric bicycles. Each type of electric bicycle will require assembly time, inspection time, and storage space....
-
Consider the function described by the table below. f(x) 3 2 1 X Fill in the table below by first calculating (1/f) (x)=1/f(x) for each of the given x-values, and then calculating f(x) by using your...
-
. Show that In the Go-Back-N protocol, the size of the send window must be less than 2 where 'K' is the # of bits for sequence numbers; the size of the receive window is always 1. Use the timeline...
-
The text defined intrinsic value as the value of an asset given a hypothetically complete understanding of the assets investment characteristics. Discuss why hypothetically is included in the...
-
Prepare a comparative common-size income statement for Connor Music Co., using the 2016 and 2015 data of E13-16A and rounding to four decimal places.
-
Refer back to Problem 3-72B. Requirements 1. Use the Spa View Services data in Problem 3-72B to prepare the company's classified balance sheet at January 31, 2016. Show captions for total assets,...
-
Consider the unadjusted trial balance of Spateness, Inc., at December 31, 2016, and the related month-end adjustment data. Adjustment data at December 31, 2016: a. Accrued service revenue at December...
-
Decision scope categorizes decisions into three broad areas of managerial decision making. These three areas are operational control, management control, and strategic planning. In your own words,...
-
Write a two-page report explaining the two basic strategies that S&S, Inc. can pursue and the three different strategic positions that it can adopt. Include in your report a discussion and examples...
-
Information technology is continually changing the nature of accounting and the role of accountants. Write a two-page report describing what you think the nature of the accounting function in a large...
Study smarter with the SolutionInn App