Question: please solve problems 10 and 11 show steps as to how you got the answer for both problems Styles 10. Brown Bookstore had 250 units

 please solve problems 10 and 11 show steps as to how
you got the answer for both problems Styles 10. Brown Bookstore had
please solve problems 10 and 11 show steps as to how you got the answer for both problems

Styles 10. Brown Bookstore had 250 units on hand at October 1, costing $6 each. Purchases and sales during the month of October were as follows: Date Purchases Sales Oct. 200 @ $12 10 150 @ $7 20 200 @ $8 30 150 @ $16 5 Brown does not maintain perpetual inventory records. According to a physical count, 250 units were on hand at October 31. The cost of the inventory at October 31, under the FIFO method is: a. $1,500. b. $1,950 C. $3,900 d. $4,015. 11. Brown Bookstore had 300 units on hand at May 1, costing $8 each. Purchases and sales during the month of May were as follows: Date Purchases Sales May 14 275 @ $14 17 250 @ $10 25 250 @ $11 29 150 @ $17 Brown does not maintain perpetual inventory records. According to a physical count, 375 units were on hand at May 31. The cost of the inventory at May 31, under the LIFO method is: a. $3,150. b. $3,285. c. $3,650. d. $4,050

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!