The beginning inventory was 320 units at a cost of $10 per unit. Goods available for...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The beginning inventory was 320 units at a cost of $10 per unit. Goods available for sale during the year were 1,360 units at a total cost of $15,060. In May, 620 units were purchased at a total cost of $5,820. The only other purchase transaction occurred during October. Ending Inventory was 580 units. Required: a. Calculate the number of units purchased in October and the cost per unit purchased in October. b. 1. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using FIFO method. 2. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using LIFO method. The beginning inventory was 320 units at a cost of $10 per unit. Goods available for sale during the year were 1,360 units at a total cost of $15,060. In May, 620 units were purchased at a total cost of $5,820. The only other purchase transaction occurred during October. Ending Inventory was 580 units. Required: a. Calculate the number of units purchased in October and the cost per unit purchased in October. b. 1. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using FIFO method. 2. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using LIFO method.
Expert Answer:
Answer rating: 100% (QA)
Answer Explanation A UNITS PURCHASED IN OCTOBER IS 420 AT THE RATE OF 12 PER UNIT B1 FIFO FIRST IN F... View the full answer
Related Book For
Accounting What the Numbers Mean
ISBN: 978-0078025297
10th edition
Authors: David H. Marshall, Wayne W. McManus, Daniel F. Viele
Posted Date:
Students also viewed these accounting questions
-
The beginning inventory was 300 units at a cost of $10 per unit. Goods available for sale during the year were 1,300 units at a total cost of $14,400. In May, 600 units were purchased at a total cost...
-
The beginning inventory was 600 units at a cost of $20 per unit. Goods available for sale during the year were 2,600 units at a total cost of $57,600. In May, 1,200 units were purchased at a total...
-
The beginning inventory was 900 units at a cost of $10 per unit. Goods available for sale during the year were 3,900 units at a total cost of $43,200. In May, 1,800 units were purchased at a total...
-
? Fisheries Bhd is a small listed company involves in fishing and selling fish to the public via retail outlets. The company owns a building that was acquired in early September 2014 for RM1,200,000,...
-
Which of the four concepts is the most important, in your opinion?
-
Explain the relation between each pair of currencies. Spot Rate Forward Rate a. $1.655/ $1.6001/ b. 104.45/$ 102.33/$ c. C$1.1121/$ C$1.0940/$
-
What are the advantages and disadvantages of outsourcing the internal audit function?
-
The partially completed inventory record for the table top subassembly in Figure shows gross requirements scheduled receipts, lead time, and current on-hand inventory. a. Complete the last three rows...
-
Please watch the video-clips below and explain both experiments in terms of conservation of energy. https://www.youtube.com/watch?v=D3Vn36YmNik https://www.youtube.com/watch?v=s3YSnNAIHDg Note that...
-
Gordon Temper is a single taxpayer (birthdate July 1, 1985, and Social Security number 242-11-6767) who operates a food truck that specializes in food from South Africa. His business is named "Mobile...
-
*j. COH CH3 1. Na (> 2 eq), NH3 (1) t-BuOH, EtO 2. (Ph3P)3RhCl (cat.) H, toluene 3a. (CO)2Cl2 3b. EtOH J1 4. OsO4 (cat.), NalO4 (excess) HO, dioxane 5. Et3N, heat J2
-
How should an operational manager be involved in the business-as-usual activities of managing business processes?
-
What are the components of business capability?
-
What are the four aspects of the BPM success stool?
-
Why does a one approach fits all approach not work?
-
Describe the role of the typical BPM leader.
-
Harvey Gold, the owner of Harvey's Specialty Shop, orders an unusual olive from the island of Santorini, off the Greek coast. Over the years, Harvey has noticed considerable variability in the time...
-
United Business Forms capital structure is as follows: Debt ............................................ 35% Preferred stock ........................... 15 Common equity .......................... 50...
-
During the year, cost of goods sold was $40,000; income from operations was $38,000; income tax expense was $8,000; interest expense was $6,000; and selling, general, and administrative expenses were...
-
Calculate basic EPS, and explain the EPS effect of convertible preferred. Thrifty Co. reported net income of $790,800 for its fiscal year ended January 31, 2014. At the beginning of that fiscal year,...
-
Cash receipts budget. Scottsdale Co. has actual sales for July and August and forecast sales for September, October, November, and December as follows: Actual: July . . . . . . . . . . . . . . . . ....
-
Given forecast errors of 3, 2, -2, and 9, what is the tracking signal?
-
Given forecast errors of 10, -2, 25, and 0 when actual values were 120, 145, 275, and 124, what is the mean absolute percent error?
-
Given an actual demand of 34 this period, a predicted value of 45 this period, and an alpha of 0.2, what would be the simple exponential smoothing forecast for the next period?
Study smarter with the SolutionInn App