Question

Fulbright Corp. uses the periodic inventory system. During its first year of operations, Fulbright made the...

Fulbright Corp. uses the periodic inventory system. During its first year of operations, Fulbright made the following purchases (listed in chronological order of acquisition):

40 units at $100 per unit
• 70 units at $80 per unit
• 170 units at $60 per unit

Sales for the year totaled 270 units, leaving 10 units on hand at the end of the year.

Ending inventory using the FIFO method is:

$650.

$707.

$600.

$1,000.
Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Answer : $600

Formulas

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Fulbright Corp. uses the periodic inventory system. During its first year of operations, Fulbright made the...
Fulbright Corp. uses the periodic inventory system. During its first year of operations, Fulbright made the following purchases (listed in chronological order of acquisition): 40 units at $100 per unit • 70 units at $80 per unit • 170 units at $60 per unit Sales for the year totaled 270 units, leaving 10 units on hand at the end of the year. Ending inventory using the FIFO method is: $650. $707. $600. $1,000.
8. Fulbright Corp. uses the periodic inventory system. During its first year of operations, Fulbright made...
8. Fulbright Corp. uses the periodic inventory system. During its first year of operations, Fulbright made the following purchases (listed in chronological order of acquisition): 41 units at $96 71 units at $85 171 units at $63 Sales for the year totaled 269 units, leaving 14 units on hand at the end of the year. Ending inventory using the LIFO method is: Multiple Choice a. $932. b. $1,344. c. $882. d. $1,026. 9. Nu Company reported the following pretax data...
Nu Company reported the following pretax data for its first year of operations. Net sales 2,800...
Nu Company reported the following pretax data for its first year of operations. Net sales 2,800 Cost of goods available for sale 2,500 Operating expenses 880 Effective tax rate 25 % Ending inventories: If LIFO is elected 820 If FIFO is elected 1,060 What is Nu's net income if it elects FIFO? _______________________________________________________________________________ Fulbright Corp. uses the periodic inventory system. During its first year of operations, Fulbright made the following purchases (listed in chronological order of acquisition): 42 units at...
Question Part A and B A. Cinnamon Buns Co. (CBC) started 2018 with $54,000 of merchandise...
Question Part A and B A. Cinnamon Buns Co. (CBC) started 2018 with $54,000 of merchandise on hand. During 2018, $291,000 in merchandise was purchased on account with credit terms of 1/10 n/30. All discounts were taken. Purchases were all made f.o.b. shipping point. CBC paid freight charges of $9,500. Merchandise with an invoice amount of $3,200 was returned for credit. Cost of goods sold for the year was $312,000. CBC uses a perpetual inventory system. Assuming CBC uses the...
In its first month of operations, Bramble Corp. made three purchases of merchandise in the following...
In its first month of operations, Bramble Corp. made three purchases of merchandise in the following sequence: (1)  240 units at $ 4, (2)  340 units at $ 6, and (3)  440 units at $ 7. Assuming there are  140 units on hand at the end of the period, compute the cost of the ending inventory under (a) the FIFO method and (b) the LIFO method. Bramble Corp. uses a periodic inventory system.
Cheyenne Corp. uses a periodic inventory system and reports the following for the month of June....
Cheyenne Corp. uses a periodic inventory system and reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 130 $5 $ 650 12 Purchases 370 6 2,220 23 Purchases 200 7 1,400 30 Inventory 240 Calculate weighted-average unit cost. (Round answer to 3 decimal places, e.g. 5.125.) Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round answers to 0 decimal places, e.g....
The Churchill Corporation uses a periodic inventory system and the LIFO inventory cost method for its...
The Churchill Corporation uses a periodic inventory system and the LIFO inventory cost method for its one product. Beginning inventory of 23,200 units consisted of the following, listed in chronological order of acquisition: 13,600 units at a cost of $9.00 per unit = $122,400 9,600 units at a cost of $10.00 per unit = 96,000 During 2021, inventory quantity declined by 13,200 units. All units purchased during 2021 cost $13.00 per unit. Required: Calculate the before-tax LIFO liquidation profit or...
Taylor Corporation has used a periodic inventory system and the LIFO cost method since its inception...
Taylor Corporation has used a periodic inventory system and the LIFO cost method since its inception in 2011. The company began 2018 with the following inventory layers (listed in chronological order of acquisition): 16,500 units @ $10 $ 165,000 21,500 units @ $15 322,500 Beginning inventory $ 487,500 During 2018, 43,000 units were purchased for $20 per unit. Due to unexpected demand for the company's product, 2018 sales totaled 53,000 units at various prices, leaving 28,000 units in ending inventory....
1. Swifty Corporation uses a periodic inventory system. Details for the inventory account for the month...
1. Swifty Corporation uses a periodic inventory system. Details for the inventory account for the month of January 2017 are as follows: Units Per unit price Total Balance, 1/1/2017 230 $ 4.00 $ 920 Purchase, 1/15/2017 110 .. 4.00 440 Purchase, 1/28/2017 110 .. 4.20 462 An end of the month (1/31/2017) inventory showed that 180 units were on hand. How many units did the company sell during January 2017? 2.Oriole Company just began business and made the following four...
Novak Corp. uses a periodic inventory system. Details for the inventory account for the month of...
Novak Corp. uses a periodic inventory system. Details for the inventory account for the month of January 2017 are as follows: Units Per unit price Total Balance, 1/1/2017 370    $6.0 $2220 Purchase, 1/15/2017 180 ..6.5 1170 Purchase, 1/28/2017 180 ..6.7 1206 An end of the month (1/31/2017) inventory showed that 290 units were on hand. If the company uses FIFO and sells the units for $12.0 each, what is the gross profit for the month?
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT