FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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- The inventory data for an item for November are: Nov. 1 Inventory 19 units at $24 4 Sold 8 units 10 Purchased 34 units at $21 17 Sold 15 units 30 Purchased 24 units at $24 Using a perpetual system, what is the cost of the goods sold for November if the company uses LIFO? a.$540 b.$507 c.$771 d.$1,206arrow_forwardPerpetual Inventory Using Weighted Average Beginning inventory, purchases, and sales for J101 are as follows: Oct. 1 Inventory 480 units at $14 13 Sale 280 units 22 Purchase 600 units at $16 29 Sale 450 units a. Assuming a perpetual inventory system and using the weighted average method, determine the weighted average unit cost after the October 22 purchase. Round your answer to two decimal places. per unit b. Assuming a perpetual inventory system and using the weighted average method, determine the cost of the merchandise sold on October 29. Round your "average unit cost" to two decimal places. c. Assuming a perpetual inventory system and using the weighted average method, determine the inventory on October 31. Round your "average unit cost" to two decimal places.arrow_forwardManjiarrow_forward
- Subject: accountingarrow_forwardUMET's Stores had the following inventory transactions in 2020: Transaction Units Cost per unit 1/1 Balance 50 $6 2/14 Sale 25 5/23 Purchase 100 8 8/21 Sale 50 11/5 Purchase 25 12 11/18 Sale 95 Required: Compute tge cost of goods sold and the ending inventory using the periodic inventory system for each of the following cost flow assumptions: a. FIFO b. LIFO c. Weighted averagearrow_forwardManjiarrow_forward
- Exit Marilee's Electronics uses a periodic inventory system and the average cost retail method to estimate ending inventory and cost of goods sold, The following data is available from the company records for the month of June 2021: Cost Retail Beginning inventory Net purchases Net markups Net markdowns Net sales $ 82,500 $131, 000 505,000 269,000 25,500 36,000 525, 000 The average cost-to-retail percentage is: Muitipte Choice O 56.0%. < Prev 15 of 15 Nextarrow_forwardi need solution step by steparrow_forwardYou have the following information for Bramble Inc. for the month ended June 30, 2022. Bramble uses a periodic inventory system. Date Description Quantity Unit Cost orSelling Price June 1 Beginning inventory 40 $31 June 4 Purchase 135 34 June 10 Sale 110 61 June 11 Sale return 15 61 June 18 Purchase 55 37 June 18 Purchase return 10 37 June 25 Sale 65 67 June 28 Purchase 35 41arrow_forward
- Memanarrow_forwarddon't provide answer in image formatarrow_forwardThe inventory data for an item for November are: Nov. 1 Inventory 23 units at $21 4 Sale 10 Purchase 17 Sale 30 Purchase 9 units 29 units at $22 22 units 22 units at $23 Using a perpetual system, what is the cost of merchandise sold for November if the company uses LIFO? a. $673 b. $968 C. $659 d. $967arrow_forward
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