Question: Jeff erson's Jewelry Store is computing its inventory and cost of goods sold for November 2012. At the beginning of the month, the following jewelry

Jeff erson's Jewelry Store is computing its inventory and cost of goods sold for November 2012. At the beginning of the month, the following jewelry items were in stock (rings were purchased in the order listed):

During the month, the company purchased the following rings: four type A rings at $600, two type B rings at $450, and five type C rings at $300. Also during the month, these sales were made:

Jeff erson's uses the periodic inventory method. Calculate the cost of goods sold and ending inventory balances for November using FIFO andLIFO.

Quantity Cot otal Ring A Ring A Ring B. Ring B Ring B Ring C $600 4,800 650 6,500 300 500 350 2,100 450 1350 10 200 250 1,400 2,000 $19,650 Ring C Ring Type Quantity Sold Price $1,000

Step by Step Solution

★★★★★

3.39 Rating (158 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

FIFO Cost of Goods Sold Ring Type Units Cost Total Cost A 6 600 3600 B 4 300 1200 C 7 200 1400 C 1 2... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Document Format (1 attachment)

75-B-M-A-I (605).docx

120 KBs Word File

Students Have Also Explored These Related Managerial Accounting Questions!

Es Diamond Shop is computing its inventory and cost of goods sold for November 2012. At the beginning of the month, these items were in stock: During the month, the shop purchased four type A rings...

Using the following information, calculate cost of goods sold for the year ended December 31, 2014. Merchandise inventory (January 1, 2014)..............................................................

The sum of ending inventory and cost of goods sold is a. Net purchases. b. Beginning inventory. c. Cost of goods available (or cost of goods available for sale). d. Gross profit. Select the best...

Jefferson's Jewelry Store is computing its inventory and cost of goods sold for November 2003. At the beginning of the month, the following jewelry items were in stock (rings were purchased in the...

FIFO and LIFO Inventory Costing Jeffersons Jewelry Store is computing its inventory and cost of goods sold for November 2009. At the beginning of the month, the following jewelry items were in stock...

Jefferson's Jewelry Store is computing its inventory and cost of goods sold for November 2000. At the beginning of the month, the following jewelry items were in stock (rings were purchased in the...

Es Diamond Shop is computing its inventory and cost of goods sold for November 2003. At the beginning of the month, these items were in stock: Quantity Cost Total Ring A Ring A 10 Ring B Ring B Ring...

E's Diamond Shop is computing its inventory and cost of goods sold for November 2000. At the beginning of the month, these items were in stock: During the month, purchases of four type A rings at $\$...

Specific Identification Method Es Diamond Shop is computing its inventory and cost of goods sold for November 2009. At the beginning of the month, these items were in stock: During the month, the...

Old Inventory Horizon Corporation manufactures personal computers. The company began operations in 2003 and reported profits for the years 2003 through 2010. Due primarily to increased competition...

Multiple Choice Questions 1. A subsidiary's accounts are measured in euros. Assume the leverage ratio is ending total liabilities divided by ending total assets. The current ratio is ending current...

The lighting division of Universal Electric Company plans to introduce a new street light based on the following accounting information: Fixed costs per period are $3136; variable cost per unit is...

Which of the following ratios would most interest a banker who is rhinking anout making a long - term loan to a company? Return on assets , return on equity, dividend yield, debt to equity

*9. Determine which statement (A or B) has a higher probability of being true and explain your answer. Using the material in this chapter, also explain which statement you think a statistically naive...

Road Gripper Tire Co. manufactures automobile tires. Standard costs and actual costs for direct materials, direct labor, and factory overhead incurred for the manufacture of 4,160 tires were as...

Feeling Better Medical Inc., a manufacturer of disposable medical supplies, prepared the following factory overhead cost budget for the Assembly Department for October 2014. The company expected to...

Here the library can be obtained using below commands in R software library(ISLR) attach(Hitters) to omit NA values: Hitters dim(Hitters) i need answer of the question below, using R software 1....

Please turn off your cell phone, laptop, ... b,k numbers per line. Assume b>a>0,n>0 and k>0. Example: output of multiples (8,90,150,4) will be

The average lifetime of a certain new cell phone is 3.4 years. The manufacturer will replace any cell phone failing within three years of the date of purchase. The lifetime of these cell phones is...