Calculate the Lifo, Fifo, and Cost of Good sold. Inventory Costing Methods 5 6 7 B 9
Fantastic news! We've Found the answer you've been seeking!
Question:
Calculate the Lifo, Fifo, and Cost of Good sold.
Transcribed Image Text:
Inventory Costing Methods 5 6 7 B 9 0 1 2 3 34 25 26 27 28 Date Item 1-May Beginning Inventory 8-May Purchase 15-May Purchase 22-May Purchase 29-May Purchase Date Sold 135 Units @ $37 each Sales Item Quantity Ending Inventory FIFO 30 28 42 10 50 Quantity Cost Per Unit Total $17.00 $510.00 $18.00 $504.00 $19.00 $798.00 $22.00 $220.00 $26.00 $1,300.00 Cost Per Unit Total L Inventory Costing Methods 5 6 7 B 9 0 1 2 3 34 25 26 27 28 Date Item 1-May Beginning Inventory 8-May Purchase 15-May Purchase 22-May Purchase 29-May Purchase Date Sold 135 Units @ $37 each Sales Item Quantity Ending Inventory FIFO 30 28 42 10 50 Quantity Cost Per Unit Total $17.00 $510.00 $18.00 $504.00 $19.00 $798.00 $22.00 $220.00 $26.00 $1,300.00 Cost Per Unit Total L
Expert Answer:
Answer rating: 100% (QA)
DATE ITEM QTY COST PER UNIT TOTAL 01May Beginning Inventory 30 17 510 08May Purchase 28 18 504 15May Purchase 42 19 798 22May Purchase 10 22 220 29May ... View the full answer
Related Book For
Applied Regression Analysis and Other Multivariable Methods
ISBN: 978-1285051086
5th edition
Authors: David G. Kleinbaum, Lawrence L. Kupper, Azhar Nizam, Eli S. Rosenberg
Posted Date:
Students also viewed these programming questions
-
Concord Corporation began the year with 9 units of marine floats at a cost of $10 each. During the year, it made the following purchases: May 5, 29 unit at $17; July 16, 19 units at $20; and December...
-
Buzz and Woody us a perpetual inventory system and weighted average cost method for calculating ending inventory and cost of goods sold but Jesse, the owner is wondering if maybe she should switch to...
-
1. Tangier Company should reflect on a couple different aspects when choosing whether the FIFO method or the LIFO method would be best for the financial reporting of the company. One thing for the...
-
For this project, you must select an employer organization and research the organizations employee benefits package (plan). After you research the organizations employee benefits package, collect...
-
Members of two groups, the blues and the greens, have productivity values that range from $5 to $15/hr. The average productivity of the blues is $6/hr and the corresponding average for the greens is...
-
If the only accounting error is each of those stated below, identify the amount of the Trial Balance difference which will be placed in a Suspense account: (a) A folio in the Purchases Journal was...
-
What is protected visibility? Give an example.
-
Brian and Gary are college friends planning a skiing trip to Killington before the New Year. They estimated the following costs for the trip: Requirements 1. Brian suggests that the costs be shared...
-
315 g of a solution has a volume of 4.2 L. 5 L of this solution sells for $9.29. At these rates, what mass of the solution can we buy with $120? a. (1/10 marks) List the unknown quantity name,...
-
Ben Swanson, owner and manager of Swansons Department Store, has decided to use statistical forecasting to get a better handle on the demand for his major products. However, Ben now needs to decide...
-
11. Salvador Manufacturing builds and sells snowboards, skis, and poles. Fixed costs are $4,200,000, and the sales mix is 58% snowboards, 25% skis, and 17% poles. The sale price and variable cost for...
-
Identify the null and alternative hypotheses resulting from the claim that the proportion of women who agree with the given statement is equal to the proportion of men who agree. Randomly selected...
-
Try to imagine a real-world situation where the right structure to be used is a sequence. Remember that a real sequence allows elements to be repeated and assigns position to elements. Try not to get...
-
The Problem 2 Data worksheet contains JanuaryApril sales data for eight salespeople. If their total sales are at least $110, their bonus is 40 percent of sales; if their total sales are from $100 to...
-
In the summer of 2018, a time when U.S. inflation was rising and output was close to potential, a story in The Globe and Mail reported that the release of strong employment-growth data for the United...
-
Jennifer Vas used to work at Zenich Solutions, and joined Trigen Solutions in March as a programmer. Jennifer was career oriented. Zenich Solutions is a relatively small company. She enjoyed working...
-
Assume the alphabet is (a, b, c). Convert the following regular expressions to an equivalent Nondeterministic Finite Automaton (NFA). (50 Marks). a) (ab U c) * ca b) a (b Uc) c) bb (a*)c* d) (ba)*c*...
-
Gopher, Inc. developing its upcoming budgeted Costs of Quality (COQ) with the following information: Expense Item Budget Raw Materials Inspection $ 15,000 EPA Fine 200,000 Design Engineering 15,000...
-
In Example 27.3, the manufacturer of the drugs would like to determine how much more powerful the hypothesis-testing method would be if larger samples were collected. Plot the sample size versus the...
-
a. Determine r and r2 for each variable pair, and interpret your results. b. Test H0: p = 0 versus HA: p 0 and interpret your findings. c. Find a 95% confidence interval for p. Interpret your result...
-
Suppose that, in a study on geographic variation in a certain species of beetle, the mean tibia length (U) and the mean tarsus length (V) were obtained for samples of size 50 from each of 10...
-
At what height above the surface of Pluto is the acceleration due to gravity half its surface value?
-
How far above Farth's surface must a \(10,000-\mathrm{kg}\) boulder be moved to increase the mass of the Earthboulder system by \(2.50 \mathrm{mg}\) ? Assume the same ratio of energy change to mass...
-
Show that for small displacements the restoring force exerted on part 2 of the displaced string in Figure 15.14 is linearly proportional to the displacement of that part from its equilibrium...
Study smarter with the SolutionInn App