Question

Has the following inventory data: July 1 Beginning Inventory 50 units at $120 5 Purchases 300...

Has the following inventory data:

July 1 Beginning Inventory 50 units at $120

5 Purchases 300 units at $112

14 Sale 200 units

21 Purchases 150 units at $115

30 Sale 140 units

Assuming that a periodic inventory system is used what is the cost of goods sold on a FIFO basis?

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Note: In case of any clarification, please do comment. Thank you.

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
Novak has the following inventory data: July 1 Beginning inventory 37 units at $73 5 Purchases...
Novak has the following inventory data: July 1 Beginning inventory 37 units at $73 5 Purchases 220 units at $68 14 Sale 146 units 21 Purchases 110 units at $71 30 Sale 102 units Assuming that a perpetual inventory system is used, what is the ending inventory on a LIFO basis for July? $8301 $8337 $8289 $8589
Staff Junket has the following inventory information: July 1- beginning inventory: 22 units at $94 July...
Staff Junket has the following inventory information: July 1- beginning inventory: 22 units at $94 July 5- Purchases: 118 units at $88 July 14- Sale: 82 units July 21- purchases: 56 units at $94 July 30- Sale: 51 units Assuming that a perpetual inventory system is used, what is the ending inventory on a LIFO basis? A: $5806 B: $5528 C: $5308 D: $5706
Beginning inventory, purchases, and sales for H76 are as follows: July 1 Inventory 300 units at...
Beginning inventory, purchases, and sales for H76 are as follows: July 1 Inventory 300 units at $120 12 Sale 210 units 23 Purchase 360 units at $135 26 Sale 330 units Assuming a perpetual inventory system and using the weighted average method, determine (a) the weighted average unit cost after the July 23 purchase, (b) the cost of the merchandise sold on July 26, and (c) the inventory on July 31.
Snug-As-A-Bug Blankets has the following inventory data: July 1 Beginning inventory 34.0 units at $68. 05...
Snug-As-A-Bug Blankets has the following inventory data: July 1 Beginning inventory 34.0 units at $68. 05 Purchases 205.0 units at $64.0 14 Sale 137.0 units 21 Purchases103.0 units at $66.0 30 Sale 96.0 units Assuming that a perpetual inventory system is used, what is the ending inventory on a LIFO basis for July? $7162 $7126 $7414 $7114
Snug-As-A-Bug Blankets has the following inventory data: July 1 Beginning inventory 34.0 units at $67.0 5...
Snug-As-A-Bug Blankets has the following inventory data: July 1 Beginning inventory 34.0 units at $67.0 5 Purchases 202.0 units at $63.0 14 Sale 134.0 units 21 Purchases 101.0 units at $65.0 30 Sale 94.0 units Assuming that a perpetual inventory system is used, what is ending inventory (rounded) under the average cost method for July? $6319 $7007 $7075 $7051
Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item ER27 are as follows: July...
Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item ER27 are as follows: July 1 Inventory 64 units @ $24 9 Sale 42 units 13 Purchase 72 units @ $25 28 Sale 30 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on July 28 and (b) the inventory on July 31. a. Cost of merchandise sold on July 28 $ b. Inventory on July 31 $
Beginning inventory, purchases, and sales for Product XCX are as follows: Sep. 1 Beginning Inventory 26...
Beginning inventory, purchases, and sales for Product XCX are as follows: Sep. 1 Beginning Inventory 26 units @ $13       5 Sale 13 units      17 Purchase 21 units @ $14      30 Sale 16 units Assuming a perpetual inventory system and the last-in, first-out method, determine (a) the cost of the goods sold for the September 30 sale and (b) the inventory on September 30. a) Cost of goods sold $ b) Inventory, September 30 $
Current Attempt in Progress Pharoah Company has the following inventory data: July 1 Beginning Inventory 50...
Current Attempt in Progress Pharoah Company has the following inventory data: July 1 Beginning Inventory 50 units at $25 $1250 7 Purchases 174 units at $26 4524 22 Purchases 25 units at $27 675 $6449 A physical count of merchandise inventory on July 30 reveals that there are 62 units on hand. Using the FIFO inventory method, the amount allocated to cost of goods sold for July is $4812. $4887. $4688. $4775.
Cog of Goods Available for Sale June 1 Beginning Inventory of 30 units at $50 per...
Cog of Goods Available for Sale June 1 Beginning Inventory of 30 units at $50 per unit June 5 Purchased 20 units at $55 per unit June 16 Purchased 25 units at $58 per unit June 28 Purchased 15 units at $60 per unit Retail Sale of Goods: June 14 Sold 35 units at $75 per unit June 27 Sold 40 units at $75 per unit Assuming a periodic inventory system, calculate Red Rock's cost of goods sold for June...
The following data represent the beginning inventory and, in order of occurrence, the purchases and sales...
The following data represent the beginning inventory and, in order of occurrence, the purchases and sales of Ilse's Garden, Inc., for an operating period. Units Unit Cost Total Cost Units Sold Beginning Inventory 30 $21 $630 Sale No. 1 20 Purchase No. 1 50 30 1,500 Sale No. 2 40 Purchase No. 2 20 33 660 Totals 100 $2,790 60 Assuming Ilse's Garden, Inc. uses FIFO periodic inventory procedures, the ending inventory cost is: Select one: A. $930 B. $1,320...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT