Question

A company sells 1,900 units during the year.  In addition, the company uses a periodic inventory system,...

A company sells 1,900 units during the year.  In addition, the company uses a periodic inventory system, has a beginning inventory of 600 units that were purchased at $10 per unit, and has the following purchases and sales.  What is the company's cost of goods sold if it uses the LIFO method?

Date     Units purchased Cost per unit

January 1,000 $11

May 900 $12

October 700 $14

Homework Answers

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
A company sells 1,200 units during the first quarter of the year at a selling price...
A company sells 1,200 units during the first quarter of the year at a selling price of $25 per unit.  In addition, the company has a beginning inventory of 600 units that were purchased at $10 per unit, and the following purchases and sales. Date Units sold Units purchased Cost per unit January 10         300    $11 January 25 450 February 7    400 $12 February 14 200 March 5 300 $14 March 27 550 If the company uses...
THE Company employs a periodic inventory system and sells its inventory to customers for $10 per...
THE Company employs a periodic inventory system and sells its inventory to customers for $10 per unit. THE Company had the following inventory information available for the month of May: May 1 Beginning inventory 280 units @ $3.80 cost per unit May 6 Purchased 350 units @ $4.90 cost per unit May 8 Purchased 240 units @ $4.10 cost per unit May 14 Sold 410 units May 19 Purchased 400 units @ $5.75 cost per unit May 23 Sold 270...
THE Company employs a periodic inventory system and sells its inventory to customers for $10 per...
THE Company employs a periodic inventory system and sells its inventory to customers for $10 per unit. THE Company had the following inventory information available for the month of May: May 1 Beginning inventory 280 units @ $3.80 cost per unit May 6 Purchased 350 units @ $4.90 cost per unit May 8 Purchased 240 units @ $4.10 cost per unit May 14 Sold 410 units May 19 Purchased 400 units @ $5.75 cost per unit May 23 Sold 270...
Beta company uses the periodic inventory system. The beginning balance of inventory and subsequent inventory purchases...
Beta company uses the periodic inventory system. The beginning balance of inventory and subsequent inventory purchases made by the company during the month of July 2019 are given below: July 01: Beginning inventory, 500 units @ $20 per unit. July 18: Inventory purchased, 800 units @ $24 per unit. July 25: Inventory purchased, 700 units @ $26 per unit. The Beta company sold 1,600 units during the month of July. Required: Compute the cost of goods sold and ending inventory...
ABC Company uses a periodic inventory system. As of January 1, 2019, ABC Company has 1,100...
ABC Company uses a periodic inventory system. As of January 1, 2019, ABC Company has 1,100 units of a particular product at a cost of $7.35 per unit. At December 31, 2019, 1,500 units of the product remain on hand. The purchases of the product during the year are shown below: 1st purchase 1,450 units at $7.50 per unit 2nd purchase 1,600 units at $8.20 per unit 3rd purchase 1,000 units at $8.50 per unit What is cost of goods...
ABC Company employs a periodic inventory system and sells its inventory to customers for $23 per...
ABC Company employs a periodic inventory system and sells its inventory to customers for $23 per unit. ABC Company had the following inventory information available for the month of May: May 1 Beginning inventory 1,600 units @ $12 cost per unit May 8 Sold 1,100 units May 13 Purchased 1,700 units @ $24 cost per unit May 18 Sold 1,000 units May 21 Purchased 1,500 units @ $18 cost per unit May 28 Sold 800 units May 30 Purchased 1,200...
Sheridan Company uses a periodic inventory system. For October, when the company sold 600 units, the...
Sheridan Company uses a periodic inventory system. For October, when the company sold 600 units, the following information is available. Units Unit Cost Total Cost October 1 inventory 220 $18 $3,960 October 8 purchase 440 19 8,360 October 25 purchase 220 22 4,840 880 $17,160 Compute the October 31 inventory and the October cost of goods sold using the FIFO method. Ending inventory $ Cost of goods sold $
Larson Company employs a periodic inventory system and reported the following inventory information for the month...
Larson Company employs a periodic inventory system and reported the following inventory information for the month of August: August 1 Beginning inventory 2,600 units @ $27 cost per unit August 6 Sold 1,100 units August 15 Purchased 1,400 units @ $36 cost per unit August 18 Sold 1,500 units August 23 Purchased 900 units @ $29 cost per unit August 26 Purchased 600 units @ $23 cost per unit August 29 Sold 2,300 units August 30 Purchased 1,500 units @...
Cast Iron Grills, Inc., manufactures premium gas barbecue grills. The company uses a periodic inventory system...
Cast Iron Grills, Inc., manufactures premium gas barbecue grills. The company uses a periodic inventory system and the LIFO cost method for its grill inventory. Cast Iron's December 31, 2018, fiscal year-end inventory consisted of the following (listed in chronological order of acquisition): Units Unit Cost 8,200 $ 700 5,600 800 9,200 900 The replacement cost of the grills throughout 2019 was $1,000. Cast Iron sold 43,000 grills during 2019. The company's selling price is set at 200% of the...
Vaughn uses the periodic inventory system. For the current month, the beginning inventory consisted of 7300...
Vaughn uses the periodic inventory system. For the current month, the beginning inventory consisted of 7300 units that cost $14 each. During the month, the company made two purchases: 3000 units at $15 each and 12200 units at $15.50 each. Vaughn also sold 12900 units during the month. Using the average cost method, what is the amount of cost of goods sold for the month? $199600. $187500. $193500. $192855. Carla Company uses a periodic inventory system. For April, when the...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT
Active Questions
  • The following sample observations were randomly selected. (Round intermediate calculations and final answers to 2 decimal...
    asked 2 minutes ago
  • what type of graph is best suitable for data obtained from customer ratings. The ratings are...
    asked 6 minutes ago
  • Determine the cumulative 15-year 18 kip ESAL’s in the design lane for 2-lane highway for the...
    asked 13 minutes ago
  • Q: Dr.Grimace, the evil dentist, is trying to find out if his patients suffer from periodontal...
    asked 13 minutes ago
  • After collecting data on 19283 dogs, you find that male vallhunds have an average weight of...
    asked 15 minutes ago
  • Research Target Corporation and assess your satisfaction with the company you researched and make recommendations about...
    asked 16 minutes ago
  • Evidence suggests that 70% of FSU students like turtles. Suppose we randomly sampled 15 FSU students....
    asked 16 minutes ago
  • Ulrich challenges the appropriateness of the nearly universal symbolism of the spinning wheel as the marker...
    asked 17 minutes ago
  • Differential Equations: Please try to computer type, if not possible be clear and organize. Thank you...
    asked 17 minutes ago
  • In your opinion, what are the three (3) most important benefits an employer can give to...
    asked 23 minutes ago
  • In a test of the effectiveness of garlic for lowering​ cholesterol, 81 subjects were treated with...
    asked 26 minutes ago
  • How does the 95% confidence interval correspond to the reported conclusion at a 0.05 significance level?...
    asked 27 minutes ago