FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Transcribed Image Text:Luna Corporation was established in 2021. The company authorized 15,000 shares of Preferred
Stock; the par value is $100.00
per share and 5% cumulative stock. Common stock was authorized at 100,000 shares with a par
value of $5.00 per share. Prepare the following transactions in the proper journal entry form.
Calculate the number of outstanding shares of Common Stock Luna Company has as of June 30.
Transcribed Image Text:Below is the Inventory purchases of Carrigan Corrugated
Company.
Beginning balance
January 1st purchase
January 8th purchase
January 17th purchase
January 27th purchase
January 31st purchase
Units
173
257
300
287
164
139
Cost per Unit
$
1.25
$
1.15
$
0.95
$
1.10
$
1.30
$
1.35
At the end of January, a physical inventory revealed that 1,205 units were sold and
the remainder were left as ending inventory.
Calculate the Cost of Goods Sold and the ending Inventory balance using the LIFO method.
(round all answers using two (2) decimal places)
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