FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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- Opiuarrow_forwardThe units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 25 units @ $32 $800 June 16 Purchase 29 units @ $31 899 Nov. 28 Purchase 43 units @ $39 1,677 97 units $3,376 There are 15 units of the product in the physical inventory at November 30. The periodic inventory system is use a. Determine the inventory cost by the FIFO method. %24 b. Determine the inventory cost by the LIFO method. %2$ c. Determine the inventory cost by the average cost methods. Round answer to two decimal places. %24arrow_forwardThe inventory data for an item for November are: Nov. 1 Inventory 24 units at $21 4 Sold 11 units 10 Purchased 27 units at $20 17 Sold 23 units 30 Purchased 25 units at $23 Using a perpetual system, what is the cost of the goods sold for November if the company uses LIFO? a.$691 b.$704 c.$915 d.$964arrow_forward
- Beginning inventory, purchases, and sales for an inventory item are as follows: Sep. 1 Beginning Inventory 24 units @ $10 5 Sale 17 units 17 Purchase 10 units @ $15 30 Sale 8 units Assuming a perpetual inventory system and the last-in, first-out method: a. Determine the cost of the goods sold for the September 30 sale.$fill in the blank 1arrow_forwardInventory records for Marvin Company revealed the following: Date Transaction Numberof Units UnitCost Mar. 1 Beginning inventory 940 $ 7.10 Mar. 10 Purchase 510 7.55 Mar. 16 Purchase 730 8.04 Mar. 23 Purchase 570 8.44 Marvin sold 1,870 units of inventory during the month. Cost of goods sold assuming FIFO would be: (Do not round your intermediate calculations. Round your answer to the nearest dollar amount.) Multiple Choice $13,351. $15,783. $14,957. $13,901.arrow_forwardMotors has the following inventory information. Nov. 1 Inventory 30 units @ s8.00 Purchase 120 units e $8.30 17 Purchase 60 units e $8.70 25 Purchase 90 units e $8.80 A physical count of merchandise inventory on November 30 reveals that there are 80 units on hand. Assume a periodic inventory system is used. Cost of goods sold (rounded to the nearest dollar) under the average-cost method is Select one: a $1.870. b. $1.812 C 51.758 d. $1.859arrow_forward
- 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_forwardWilliam & Company uses a perpetual inventory system. The following information is available for November: Nov. 1 4 7 10 Balance Purchase Purchase Sale 12 Sale Units 20 40 40 (20) (50) Purchase Price $5.00 $5.50 $9.00 Assume all sales and purchases are on credit. Sales Price $8.00 $8.00arrow_forwardsavitaarrow_forward
- The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 25 units @ $29 $725 June 16 Purchase 32 units @ $34 1,088 Nov. 28 Purchase 40 units @ $37 1,480 97 units $3,293 There are 17 units of the product in the physical inventory at November 30. The periodic inventory system is used. Round answers to the nearest whole dollar. a. Determine the inventory cost by the FIFO method. $4 b. Determine the inventory cost by the LIFO method. $4 c. Determine the inventory cost by the average cost methods.arrow_forwardA company's inventory records report the following in November of the current year: Date November 1 Beginning inventory November 2 Purchase November 8 Sales November 12 Purchase Multiple Choice O O 6 units @ $55 = $330 Using the LIFO perpetual inventory method, what was the amount recorded in the cost of goods sold account for the 12 units sold? $554 Activities $398 $642 Units Acquired at Cost 5 units @ $50 = $250 10 units @ $52 = $520 Units Sold at Retail 12 units @ $84arrow_forwardss.3arrow_forward
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