Question: QUESTION 20 Reference: 07-01 Shillings had the following inventory activity during April: Units JUnit cost Beginning inventory 1800 $10.00 Purchase: April 4 1,400 11.00 Sale:

QUESTION 20 Reference: 07-01 Shillings had the following inventory activity during April: Units JUnit cost Beginning inventory 1800 $10.00 Purchase: April 4 1,400 11.00 Sale: April 8 k1,500) Purchase: April 12 1900 10. 50 Sales: April 24 |(900) Total cost $8,000 15,400 9 ,450 If Shillings is using a perpetual system and the FIFO costing assumption, what is the ending inventory closest to? $7,350 $7,880 www $7,500 $7,310

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!

On December 1, 2019, Lynch Incorporated sold $18,000 of merchandise with terms 2/10, n/EOM. On December 11, 2019, collections were made on sales originally billed for $12,000, and on December 31,...

QUESTION 21 Reference: 07-01 Shillings had the following inventory activity during April: Units Unit cost Beginning inventory 800 $10.00 Purchase: April 4 1,400 11.00 Sale: April 8 (1,500) Purchase:...

QUESTION 22 Reference: 07-01 Shillings had the following inventory activity during April: Units Unit cost Beginning inventory 800 $10.00 Purchase: April 4 1,400 11.00 Sale: April 8 Purchase: April 12...

Question Content Area Bellig Industries had the following inventory activity during April: Units Unit Cost Beginning Inventory 100 $10.00 Purchase (April 3) 60 $12.00 Sale (April 10) 80 Purchase...

QUESTION 23 Reference: 07-01 Shillings had the following inventory activity during April: Units Unit cost Total cost Beginning inventory 800 $10.00 58,000 Purchase: April 4 11,400 11.00 15,400 Sale:...

part 1 During the audit of Village Idiot Company's 2022 financial statements, the auditors discovered that the 2000 ending inventory had been overstated by $10,000 and that the 2022 ending inventory...

Question 3 - Part2 -2 Marks ( 4 Minutes) Show Ltd had the following inventory activity during April: Units Unit cost Total cost Beginning inventory 800 $10.00 $8,000 Purchase April 4 1,400 11.00...

Question 14 of 15 - 72 View Policies Current Attempt in Progress A company had the following inventory activity during April: Units Unit Cost Total Cost Beginning inventory 800 $10.00 $8,000...

A company had the following inventory activity during April: Units Unit Cost Total Cost Beginning 800 $10.00 $8,000 inventory Purchase: April 5 1,400 11.00 15,400 Sale: April 8 (1,500) Purchase:...

Activity 2 Question 1 A company reports the following beginning inventory and purchases, sales for the month of April. Units Unit Cost Beginning inventory on April 1 1,000 $2.80 Purchase on April 2...

If mutually exclusive following projects (A and B) with normal cash flows are being analysed, the net present value (NPV) and internal rate of return (IRR) methods agree. If the weighted average cost...

Imagine that you were a judge in the case set forth in Problem 2-7. How would you decide the case? On the basis of the reasons for your decision, explain which legal philosophy you think you hold. In...

A licensee is not permitted to offer a free drink or alcoholic beverage as a prize or reward? ( true / false ) * warrant or subpeonaits description is false / misleadingits description omits...

(a) An inductor has a reactance of 90- in a 60-Hz ac circuit. What is its inductance? (b) What frequency would be required to double its reactance?

(a) An antenna has been connected to a car battery. Under these conditions, will the antenna emit electro-magnetic radiation? Why or why not? Explain. (b) Repeat part (a) for the time when the...

A alpha source gives off alpha particles each with a kinetic energy of 2.78 MeV. At what rate (in watts) is kinetic energy being produced?

(a) A10-cm-tall mirror bears the following advertisement: Full-view mini mirror. See your full body in 10 cm. How can this be? (b) A popular novelty item consists of a concave mirror with a ball...

(a) A square loop of wire with sides of length 40 cm is in a uniform magnetic field perpendicular to its area. If the fields strength is initially 100 mT and it decays to zero in 0.010 s, what is the...

Solar Innovations, a mid - sized renewable energy company based in Vancouver, is known for its cutting - edge solar panel technology and commitment to sustainability. The company is in the process of...

Ken Blanchard, John Carlos, and Alan Randolph wrote Empowerment Takes More Than a Minute (1998) to give working tools to people who want to be empowering leaders. The book is organized in story form,...

To what extent should leadership be assigned to a single group member?

How do todays organizations diff er from those of earlier eras?