Rakesh A company had the following purchases and sales during the month of November.Units Acquired at Cost5 units @ $22 = $11010 units@ $24 $2406 units @ $27 =$162DateNovember 1November 2November 6November 8Multiple ChoiceO8 units @ $58Using the LIFO perpetual Inventory method, what was the value of the Inventory on November 8 after the sale?OO$302$314$334$322Activities$306Beginning inventoryPurchasePurchaseSalesUnits Sold at Retail.

Name: Rakesh A company had the following purchases and sales during the mont
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Description: Rakesh A company had the following purchases and sales during the month of November.Units Acquired at Cost5 units @ $22 = $11010 units@ $24 $2406 units @ $27 =$162DateNovember 1November 2November 6November 8Multiple ChoiceO8 units @ $58Using the LIFO

Under LIFO, inventory purchased last is considered as sold first and oldest purchased inventory…

Business

Accounting

A company had the following purchases and sales during the month of November. Date November 1 November 2 November 6 November 8 Activities Beginning inventory Purchase Purchase Sales Units Acquired at Cost 5 units @ $22 $110 10 units@ $24 = $240 6 units@ $27 = $162 Units Sold at Reta: 8 units@ $58 Using the LIFO perpetual Inventory method, what was the value of the Inventory on November 8 after the sale?

A company had the following purchases and sales during the month of November. Date November 1 November 2 November 6 November 8 Activities Beginning inventory Purchase Purchase Sales Units Acquired at Cost 5 units @ $22 $110 10 units@ $24 = $240 6 units@ $27 = $162 Units Sold at Reta: 8 units@ $58 Using the LIFO perpetual Inventory method, what was the value of the Inventory on November 8 after the sale?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.

Topic Video

Question

Rakesh

A company had the following purchases and sales during the month of November.
Units Acquired at Cost
5 units @ $22 = $110
10 units@ $24 $240
6 units @ $27 =
$162
Date
November 1
November 2
November 6
November 8
Multiple Choice
O
8 units @ $58
Using the LIFO perpetual Inventory method, what was the value of the Inventory on November 8 after the sale?
O
O
$302
$314
$334
$322
Activities
$306
Beginning inventory
Purchase
Purchase
Sales
Units Sold at Retail.

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Use the following accounts; Cash Foreign exchange gain Foreign exchange loss Capital Bank Short-term investments Loss on sale of short-term investment Gain on sale of short-term investment RA established his own company, r@ktas Co. The following transactions are the events that occurred during December 2018, the company's first month: Date 12/1 The owner invested $ 200,000 cash for capital. 12/5 r@ktas Co., opened deposit account on Don't Trust Bank and put 2.000 Euro (Exchange rate was 1 Euro= 1,5 Dollar) 12/10 The Company purchased short-term investment with cash for $2,500. 12/18 The Company sold short-term investment with cash for $2.000 Note: • Exchange rate was 1 Euro= 1,4 Dollar at the end of the period. Requirements: 1- Give the journal entry for each transaction. 2- Post each transaction to Taccounts.