Question

Using a perpetual system, what is the cost of the goods sold for November if the...

Using a perpetual system, what is the cost of the goods sold for November if the company uses LIFO?

Nov. 01 Inventory 19 units at $21.00
Nov. 04 Sold 10 units
Nov. 10 Purchased 30 units at $22.00
Nov. 17 Sold 15 units
Nov. 30 Purchased 23 units at $20.00

Using the perpetual LIFO system, what is the cost of the merchandise sold for November?

Select the correct answer.

$531.00

$729.00

$988.00

$540.00

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1
Answer:
Cost of the merchandise sold for November
    = (Units Sold on Nov. 4 x Price for First purchase )
                   + (Units sold on Nov. 17 x Price for Nov. 10 purchase)
    = ( 10 Units x $ 21 ) + ( 15 Units x $ 22 )
    =    $ 210 + $ 330
    =    $ 540
Cost of the merchandise sold for November      =    $ 540
Option (d) is Correct
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
The inventory data for an item for November are: Nov. 1 Inventory 17 units at $20...
The inventory data for an item for November are: Nov. 1 Inventory 17 units at $20 4.       Sold.           9 units 10.     Purchased 35 units at $22 17.      Sold.           15 units 30.      Purchased. 22 units at $22 using a perpetual system, what is the cost of the goods sold for November if the company uses LIFO?
Blue Spruce Corporation uses a perpetual inventory system. On November 19, the company sold 610 units....
Blue Spruce Corporation uses a perpetual inventory system. On November 19, the company sold 610 units. The following additional information is available: Units Unit Cost Total Cost Nov. 1 inventory 310 $12 $3,720 Nov. 15 purchase 470 14 6,580 Nov. 23 purchase 390 17 6,630 1,170 $16,930 (a) Calculate the November 30 inventory and the November cost of goods sold, using the moving-average cost formula. (Round unit cost to 2 decimal places, e.g. 52.75 and final answers to 0 decimal...
Monty Corporation uses a perpetual inventory system. On November 19, the company sold 620 units. The...
Monty Corporation uses a perpetual inventory system. On November 19, the company sold 620 units. The following additional information is available: Units Unit Cost Total Cost Nov. 1 inventory 320 $11 $3,520 Nov. 15 purchase 430 15 6,450 Nov. 23 purchase 410 18 7,380 1,160 $17,350 Calculate the November 30 inventory and the November cost of goods sold, using the moving-average cost formula. (Round unit cost to 2 decimal places, e.g. 52.75 and final answers to 0 decimal places. e.g....
Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for DVD players are as follows:...
Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for DVD players are as follows: November 1 Inventory 42 units at $99 10 Sale 33 units 15 Purchase 54 units at $105 20 Sale 31 units 24 Sale 9 units 30 Purchase 33 units at $111 The business maintains a perpetual inventory system, costing by the last-in, first-out method. Determine the cost of merchandise sold for each sale and the inventory balance after each sale, presenting the data in...
Using a FIFO then LIFO perpetual cost flow, calculate (a) the value of the ending inventory...
Using a FIFO then LIFO perpetual cost flow, calculate (a) the value of the ending inventory and (b) the cost of merchandise sold for the month of November of Beamer Company using the data below. (USE provided worksheet) Nov. 1 Purchased 240 units $78 each 4 Sold 180 units 11 Purchased 280 units $80 each 12 Sold 220 units 22 Sold 90 units 23 Purchased 320 units                  $86 each
Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for DVD players are as follows:...
Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for DVD players are as follows: November 1 Inventory 64 units at $92 10 Sale 49 units 15 Purchase 34 units at $98 20 Sale 19 units 24 Sale 19 units 30 Purchase 34 units at $103 The business maintains a perpetual inventory system, costing by the first-in, first-out method. a. Determine the cost of the goods sold for each sale and the inventory balance after each sale, presenting the...
Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for DVD players are as follows:...
Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for DVD players are as follows: November 1 Inventory 40 units at $65 10 Sale 32 units 15 Purchase 19 units at $69 20 Sale 13 units 24 Sale 9 units 30 Purchase 24 units at $73 The business maintains a perpetual inventory system, costing by the first-in, first-out method. a. Determine the cost of the goods sold for each sale and the inventory balance after each sale, presenting the...
A company markets a climbing kit and uses the perpetual inventory system to account for its...
A company markets a climbing kit and uses the perpetual inventory system to account for its merchandise. The beginning balance of the inventory and its transactions during the month of January were as follows: January 1 Begining balance of 18 units at $13 each january 12 Purchased 30 units at $14 each january 19 Sold 24 units at $30 selling price each january 20 Purchased 24 units at $17 each january 27 Sold 27 units at $30 selling price each...
Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for DVD players are as follows:...
Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for DVD players are as follows: November 1 Inventory 55 units at $82 10 Sale 45 units 15 Purchase 31 units at $87 20 Sale 14 units 24 Sale 13 units 30 Purchase 24 units at $91 The business maintains a perpetual inventory system, costing by the first-in, first-out method. a. Determine the cost of the goods sold for each sale and the inventory balance after each sale, presenting the...
Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item PK95 are as follows: January...
Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item PK95 are as follows: January 1 Inventory 110 units @ $17 5 Sale 88 units 11 Purchase 122 units @ $19 21 Sale 102 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on January 21 and (b) the inventory on January 31. a. Cost of merchandise sold on January 21 $ b. Inventory on January 31 $...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT