Question: need help with 7-10 D) $7,706 Use the following to answer questions 7-10: Nov. 1 Inventory Purchase Purchase Purchase 15 units @ $8.00 60 units

 need help with 7-10 D) $7,706 Use the following to answer

need help with 7-10

D) $7,706 Use the following to answer questions 7-10: Nov. 1 Inventory Purchase Purchase Purchase 15 units @ $8.00 60 units @ $8.60 30 units @ $8.40 45 units @ $8.80 17 25 A physical count of merchandise inventory on November 30 reveals that there are 50 units on hand. Assume a periodic inventory system is used. 7. Cost of goods sold under the average-cost method is: A) $860 B) $856 C) $845 D) $800 8. Ending inventory under FIFO is: A) $438 B) $846 C) $421 D) $863 9. Ending inventory under LIFO is: A) $438 B) $421 C) $846 D) $863 10. Assuming that the specific identification method is used and that ending inventory consists of 15 units from each of the three purchases and 5 units from the November 1 inventory, cost of goods sold is: A) $427 B) $857 C) $854 D) $836

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!