The beginning inventory for ZY company was 300 units with a unit cost of $6, the...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The beginning inventory for ZY company was 300 units with a unit cost of $6, the company made the following purchases: January 200 units at $6.50, February 170 units at $7 and March 140 units at $7.20 At the end of March, the inventory on hand was 180 units. Using the FIFO inventory method, the cost of goods sold at the end March was 0 a $3640 Ob.$ 4010 Oc$ 3850 O d.$.1350 The beginning inventory for ZY company was 300 units with a unit cost of $6, the company made the following purchases: January 200 units at $6.50, February 170 units at $7 and March 140 units at $7.20 At the end of March, the inventory on hand was 180 units. Using the FIFO inventory method, the cost of goods sold at the end March was 0 a $3640 Ob.$ 4010 Oc$ 3850 O d.$.1350
Expert Answer:
Answer rating: 100% (QA)
FIFO METHOD means first in first out that is the inventory which was first bring into stock wil... View the full answer
Related Book For
Concepts of Database Management
ISBN: 978-1285427102
8th edition
Authors: Philip J. Pratt, Mary Z. Last
Posted Date:
Students also viewed these accounting questions
-
The following exercises are based on the Solmaris Condominium Group database shown in Figures 1-21 through 1-25. No computer work is required. 1. Using the types of entities found in the Solmaris...
-
Based on the following information, compute cash flows from investing activities. Cash collections from customers .. $550 Sale of used equipment ...... 250 Depreciation expense ....... 200 Purchase...
-
Based on the following information, compute cash flows from financing activities. Purchase of short-term investments ..... $500 Dividends paid .............. 900 Interest paid .............. 300...
-
Solve exponential equation. Express irrational solutions in exact form and as a decimal rounded to three decimal places. 2 2x + 2 x - 12 = 0
-
The following table classifies a stocks price change as up, down, or no change for both todays and yesterdays prices. Price changes were examined for 100 days. A financial theory states that stock...
-
Distinguish between the variable region and the constant region of an antibody molecule.
-
A flashing beacon is mounted on a navigation buoy in the shipping channel at a port at \(30^{\circ} \mathrm{N}\) latitude. The load consists of a single lamp operating \(1.0 \mathrm{~s}\) on and...
-
1. Set up 3-sigma control limits with the given data. 2. Is the process in control? Why? 3. Based on your analysis, do you think the problem is the new computer system or something else? 4. What...
-
Build an erd diagram showing the appropriate relationships for the entities team, coach, player, stats, awards, and all star games.
-
Go back and quickly review the rules that the Sarbanes-Oxley Act of 2002 placed on the auditing profession as described in this chapter. What do you think are the two or three main purposes of these...
-
Mama's Pizza Shoppe borrowed $8,200 at 12% interest on May 1, 2011, with principal and interest due on October 31, 2012. The company's fiscal year ends June 30, 2011. What adjusting entry would the...
-
What website could you go to in order to obtain specialist advice or information regarding: 1. Wages and entitlements? 2. PAYG Withholding requirements? 3. WorkCover? 4. Payroll record keeping...
-
Sue purchases a $300,000 whole life policy. The annual premium rate is $23.99 per $1,000. Find her annual premium. 7197 If she lives for 30 years, find the total she paid in premiums over the 30...
-
On October 20, Aries decides to switch his PDP to a Medicare Advantage plan. Aries would like this change to be effective November 1. Which statement is true for Aries? There are no rules governing...
-
Crestview Electric Company is required to make instalments for income tax, so they submitted the same amount on the first day of every month of the year. On December 31 they made an adjusting journal...
-
Identify all of the following statements that are true about numbered companies? Question 4 options: Numbered companies are often holding companies. A numbered company was used by Albert Walker to...
-
1. One kmol of liquid dodecane (C12H26) is burned with air, develop combustion equation, and determine i) the number of moles in the products and ii) the air-fuel ratio for the following cases:...
-
Feller Company purchased a site for a limestone quarry for $100,000 on January 2, 2019. It estimate that the quarry will yield 400,000 tons of limestone. It estimates that its retirement obligation...
-
You have a table that contains the following fields: Member Last Name, Member First Name, Street, City, State, Postal Code, and Membership Fee. There are 75,000 records in the table. What indexes...
-
The owner of Colonial Adventure Tours knows that being able to run queries is one of the most important benefits of using a DBMS. In the following exercises, you will use the data in the Colonial...
-
The management of Colonial Adventure Tours asks you to research improvements it might make to its database processing. To help management, they would like you to complete the following exercises. You...
-
An annealing furnace has a belt that moves material in at a specific velocity, \(U\) (Figure P10.34). Only the region inside the oven is heated and the material sees a radiant heat flux of...
-
As a biochemical engineer you are evaluating a drug delivery system for an artificial protein to combat Alzheimer's. The protein is very large (200,000 molecular weight) and bulky and is sensitive to...
-
Consider the mass transfer example concerning diffusion into a falling film shown in Figure P10.38. A new inventor claims that he can rig the device to operate such that the flux of \(a\) from the...
Study smarter with the SolutionInn App