A company's inventory records report the following in November of the current year:DateActivitiesNovember 1Beginning inventoryNovember 2PurchaseNovember 8SalesPurchaseUnits Acquired at Cost5 units @ $28 = $14010 units @ $30 = $300Units Sold at Retail12 units @ $626 units @ $33 =$198November 12Using the LIFO perpetual inventory method, what was the amount recorded in the cost of goods sold account for the 12 units sold?Multiple Choice$378$244$334$280

First, calculate the cost of goods sold for the 6 units from the November 12 purchase:6 units times…

Answered: A company's inventory records report…

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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Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 13 units at $44 $572 Aug. 7 Purchase 18 units at $46 828 Dec. 11 Purchase 12 units at $48 576 43 units $1,976 There are 16 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using (a) the first-in, first-out (FIFO) method; (b) the last-in, first-out (LIFO) method; and (c) the weighted average cost method (round per unit cost to two decimal places and your final answer to the nearest whole dollar). a. First-in, first-out (FIFO) $ b. Last-in, first-out (LIFO) $ c. Weighted average cost $
What is ending inventory and cost of goods sold under FIFO, LIFO and average cost under the perpetual inventory system. Show your work. The units of an item available for sale during the year were as follows: January 10 January 15 Inventory Sold 27 units @ $90 20 units February 27 March 1 Purchase Sold 54 units @ $98 35 units July 11 July 15 Purchase Sold 63 units @ $106 75 units November 13 Purchase 36 units @ $115
Beginning inventory, purchases, and sales for an inventory item are as follows: Sep. 1 Beginning Inventory 24 units @ $15 5 Sale 15 units 17 Purchase 25 units @ $18 30 Sale 16 units Assuming a perpetual inventory system and the last-in, first-out method: a. Determine the cost of the goods sold for the September 30 sale. b. Determine the inventory on September 30.
Beginning inventory, purchases, and sales for an inventory item are as follows: Sep. 1 Beginning Inventory 25 units @ $12 5 Sale 12 units 17 Purchase 28 units @ $15 30 Sale 18 units Assuming a perpetual inventory system and the last-in, first-out method: a. Determine the cost of the goods sold for the September 30 sale. b. Determine the inventory on September 30. $
Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for sale during the year were as follows: Jan. 1 Inventory 900 units at $54 Mar. 10 Purchase 1,120 units at $55 Aug. 30 Purchase 1,000 units at $58 Dec. 12 Purchase 980 units at $60 There are 1,000 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost and the cost of merchandise sold by three methods. Cost of Merchandise Inventory and Cost of Merchandise Sold Inventory Method Merchandise Inventory Merchandise Sold a. First-in, first-out (FIFO) $ b. Last-in, first-out (LIFO) c. Weighted average cost
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Beginning inventory, purchases, and sales for an inventory item are as follows: Sep. 1 Beginning Inventory 23 units @$17 5 Sale 13 units 17 Purchase 24 units $18 30 Sale 26 units Assuming a perpetual inventory system and the first-in, first-out method: a. Determine the cost of the goods sold for the September 30 sale. b. Determine the inventory on September 30.
Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 5 units at $31 $155 Aug. 13 Purchase 12 units at $34 408 Nov. 30 Purchase 11 units at $35 385 Available for sale 28 units $948 There are 17 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the (a) first-in, first-out (FIFO) method; (b) last-in, first-out (LIFO) method; and (c) weighted average cost method (round per-unit cost to two decimal places and your final answer to the nearest whole dollar). a. First-in, first-out (FIFO) $fill in the blank 1 b. Last-in, first-out (LIFO) $fill in the blank 2 c. Weighted average cost $fill in the blank 3
Perpetual inventory using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as follows: 86 units @ $33 July 1 Inventory July 8 Sale 69 units July 15 Purchase 95 units @ $36 July 27 Sale 80 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of goods sold on July 27 and (b) the inventory on July 31. a. Cost of goods sold on July 27 b. Inventory on July 31

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