Question: Loach Corp. had the following inventory data: Date Quantity Unit Cost July 1 Beginning inventory 5 $50 July 4 Purchase 10 $56 July 7 Sale

Loach Corp. had the following inventory data: Date Quantity Unit Cost July 1 Beginning inventory 5 $50 July 4 Purchase 10 $56 July 7 Sale 12 July 11 Purchase 9 $55 July 14 Sale 8 Assuming FIFO, what is the ending inventory after the July 14 sale? (Round any intermediary calculations to the nearest cent and your final answer to the nearest dollar.) $220 $200 $212 $63

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

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

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Renoir Associates had the following inventory data: Date Quantity Unit Cost July 1 Beginning inventory 5 $55 July 4 Purchase 10 $56 July 7 Sale 12 July 11 Purchase 9 $57 July 14 Sale 8 Assuming FIFO,...

Lionworks Enterprises had the following inventory data: Date Quantity Unit cost July 1 Beginning inventory 5 $52 July 4 Purchase 10 $55 July 7 Sale 12 July 11 Purchase 9 $58 July 14 Sale 8 Assuming...

Dali's Timepieces had the following inventory data: Date Quantity Unit Cost July 1 Beginning inventory 5 $49 July 4 Purchase 10 $57 July 7 Sale 12 July 11 Purchase 9 $54 July 14 Sale 8 Assuming...

Dali's Timepieces had the following inventory data Date Quantity Unit Cost July 1, Beginning Inventory $49 July 4 Purchase 10 $57 July 7 Sale 12 July 11 Purchase 9 $54 July 14 Sale Assuming average...

SassyCat, Inc. had the following inventory data: Date Quantity. Unit Cost July 1 Beginning inventory 5 $51 July 4 Purchase 10 $54 July 7 Sale 12 July 11 Purchase 9 $61 July 14 Sale 8 Assuming average...

Illusions, Inc. had the following inventory data: Date Quantity Unit Cost July 1 Beginning inventory 5 $48 July 4 Purchase 10 $57 July 7 Sale 12 July 11 Purchase 9 $59 July 14 Sale 8 Assuming LIFO,...

Heat Culture Enterprises had the following inventory data: Date Quantity Unit cost July 1 Beginning inventory 5 $52 July 4 Purchase 10 $55 12 Sale 12 July 7 Assuming FIFO, what is the cost of goods...

Heat Culture Enterprises had the following inventory data: Date Quantity Unit cost July 1 Beginning inventory 5 $52 July 4 Purchase 10 $55 12 July 7 Sale Assuming average cost, what is the cost of...

1. Picasso's Paints had the following inventory data: Date Quantity Unit Cost July 1 Beginning inventory 5 $50 July 4 Purchase 10 $53 July 7 Sale 12 July 11 Purchase 9 $59 July 14 Sale 8 Assuming...

A room heater is rated 500 W, 220 V. (a) Find the resistance of its coil. (b) If the supply voltage drops to 200 V, what will be the power consumed? (c) If an electric bulb rated 100 W, 220 V is...

A.Prove or disprove 1-If f(n) is O(g(n)). Is then 2 f(n) = O(2 g(n) )? 2-f(n) = O(g(n)), then g(n) = O(f(n)). 3-n k = (2 n ) 4-log(n!) = (nlogn)

Question content area top Part 1 A mathematical model for the average of a group of people learning to type is given by Upper N left parenthesis t right parenthesis equals 2 plus 7 ln tN ( t ) = 2 +...

CT Corp Comprehensive Question Canadian Tire Corporation, Limited ( Canadian Tire ) is a family of companies that includes a retail segment and a financial services division, among others. The retail...

6. What are some possible advantages or disadvantages of expanding the scope of bargaining in the federal sector to include issues such as wages and benefits?

2. To what remedy is an employee entitled if his or her rights have been violated? TerryWilliams is an employee at a unionized plant in Memphis, Tennessee. Williams is a member of and represented by...

4. Describe the different types of impasse-resolution procedures used in the public sector and discuss the relative effectiveness of each.