The Loyd Company had 150 units of product Omega on hand at December 1, Year 1, costing
Question:
Sales during December were 500 units on December 30. Assume a perpetual inventory system is used. The cost of inventory at December 31, Year 1 under the FIFO method would be closest to: a. $ 100,000
b. $ 104,000
c. $ 115,000
d. $ 125,000
Transcribed Image Text:
Date December 7 December 14 December 29 Units 100 200 300 Unit Cost $440 $460 $500
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 58% (12 reviews)
Choice d is correct Under the FIFO method the first units purchased are the ...View the full answer
Answered By
JAPHETH KOGEI
Hi there. I'm here to assist you to score the highest marks on your assignments and homework. My areas of specialisation are:
Auditing, Financial Accounting, Macroeconomics, Monetary-economics, Business-administration, Advanced-accounting, Corporate Finance, Professional-accounting-ethics, Corporate governance, Financial-risk-analysis, Financial-budgeting, Corporate-social-responsibility, Statistics, Business management, logic, Critical thinking,
So, I look forward to helping you solve your academic problem.
I enjoy teaching and tutoring university and high school students. During my free time, I also read books on motivation, leadership, comedy, emotional intelligence, critical thinking, nature, human nature, innovation, persuasion, performance, negotiations, goals, power, time management, wealth, debates, sales, and finance. Additionally, I am a panellist on an FM radio program on Sunday mornings where we discuss current affairs.
I travel three times a year either to the USA, Europe and around Africa.
As a university student in the USA, I enjoyed interacting with people from different cultures and ethnic groups. Together with friends, we travelled widely in the USA and in Europe (UK, France, Denmark, Germany, Turkey, etc).
So, I look forward to tutoring you. I believe that it will be exciting to meet them.
3.00+
2+ Reviews
10+ Question Solved
Related Book For
Intermediate Accounting
ISBN: 978-0132162302
1st edition
Authors: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella
Question Posted:
Students also viewed these Accounting questions
-
The Mead Company uses a perpetual inventory system and engaged in the following transactions during the month of May: Date Transaction_______________________________________________ May 1 Made cash...
-
assume that abc company uses a perpetual inventory system the company has the same inventors purchase and sales date for the month of march as shown earlierinventorymarch 1200 units400800purchase...
-
The Stern Company uses a perpetual inventory system and has prepared the following adjusted trial balance on December 31, 2007: Required Prepare in proper form for 2007 the company's: (1) Income...
-
The following trial balance is taken from the General Fund of the City of Jennings for the year ending December 31, 2017. Prepare a condensed statement of revenues, expenditures, and other changes in...
-
a. Determine whether it slopes upward, slopes downward, or is horizontal, without graphing the equation. b. Find its equation. c. Use two points to graph the equation. 0 and 0.5
-
Lightbulbs with the power ratings (expressed in watts) given in Fig. 18.32 are connected in a circuit as shown. (a) What current does the voltage source deliver to the circuit? (b) Find the power...
-
An engine indicator is used to determine (a) speed (b) temperature (c) pressure (d) m.e.p.
-
Quinn Corporation is subject to tax in States G, H, and I. Quinns compensation expense includes the following. Officers' salaries are included in the payroll factor for G and I, but not for H....
-
Four full adders are employed to form a 4-bit circuit shown in the below figure. Interpret the function of control line C and the outputs R3-Ro & R4. Assume that A & B are unsigned integers and A>B....
-
An investment analyst collects data on stocks and notes whether or not dividends were paid and whether or not the stocks increased in price over a given period. Data are presented in the following...
-
Simmons, Inc. uses lower- of- cost- or- market to value its inventory. Data regarding an item in its inventory is as follows: Cost .. $ 26 Replacement cost ..... 20 Selling price ............. 30...
-
The Loyd Company had 150 units of product Omega on hand at December 1, Year 1 costing $ 400 each. Purchases of product Omega during December were as follows: Sales during December were 500 units on...
-
Deja runs her own hot dog stand on the U of A campus. The monthly cost of the cart rental and business permit is \($300\). Dejas contribution margin is \($1.50\) per hot dog sold. She has recently...
-
The John Marshall Company, Inc., which provides consulting services to major utility companies, was formed on January 2 of this year. Transactions completed during the first year of operation were as...
-
Objective Extend your knowledge of scheduler, filesystem, and memory management from this course Your task: Review recent advances on scheduler, filesystem, and memory management as implemented on a...
-
What are your personal feelings about how to prioritize individual employees in a situation where the organization is being acquired in a merger, and your supervisor has instructed you to retain the...
-
You place a box of mass 1.25 kg on a ramp weighing 10 kg. The ramp sits on a table, is 25 cm long, and it's high end is 15 cm above the table. None of them feel any frictional forces. draww free body...
-
What is the solution to the recurrence relation? an An= 5an-1 +6an-2, n 2 ao = 5, a = 6
-
In Problems 714, find the value of each determinant. 8 4 -3 2
-
Suppose that a business sells 6-month subscriptions to its monthly magazine. On January 1, the company receives a total of $600 for 10 subscriptions. To record this transaction, the company debits...
-
Stock splits and stock dividends may be used by a corporation to change the number of shares of its stock outstanding. (a) What is meant by a stock split effected in the form of a dividend? (b) From...
-
The following comment appeared in the notes of Colorado Corporations annual report: Such distributions, representing proceeds from the sale of Sarazan, Inc. were paid in the form of partial...
-
The following comment appeared in the notes of Colorado Corporations annual report: Such distributions, representing proceeds from the sale of Sarazan, Inc. were paid in the form of partial...
-
A potato is launched out of a building (building A) from the 10th floor which is 15 m high, with a velocity of 55 m/s at an angle of 35.0 above the horizontal. There is a building (building 2) 130 m...
-
Because of its high dielectric strength, SF6 (sulfur hexafluo-ride) gas is widely used as an insulator and a dielectric in HV applications such as HV transform-ers, switches, circuit breakers,...
-
An eagle is flying horizontally at a speed of 2.9 m/s when the fish in her talons wiggles loose and falls into the lake 4.4 m below. Calculate the magnitude of the velocity of the fish relative to...
Yes4All Large Aqua Bags For Workout 80lbs Ultimate Core Water Weights - ISBN: B088QWT1HW - Free Book
Study smarter with the SolutionInn App