FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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- The information is in the image. Thank you!arrow_forwardThe following units of an inventory item were available for sale during the year. Beginning inventory First purchase Second purchase Third purchase 10 units at $55 25 units at $60 30 units at $65 15 units at $70 The firm uses the periodic inventory system. During the year, 60 units of the item were sold. The ending inventory cost using FIFO is a. $1,150 b. $1,250 c. $1,375 d. $1,350arrow_forwardFIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 35 units at $43 Sale 28 units at $65 First purchase 30 units at $45 Sale 25 units at $67 Second purchase 26 units at $46 Sale 19 units at $67 The firm uses the perpetual inventory system, and there are 19 units of the item on hand at the end of the year. a. What is the total cost of the ending inventory according to FIFO? b. What is the total cost of the ending inventory according to LIFO?arrow_forward
- The following lots of Commodity Z were available for sale during the year. Beginning inventory First purchase Second purchase Third purchase 7 units at $49 17 units at $55 55 units at $58 15 units at $61 The firm uses the periodic inventory system, and there are 22 units of the commodity on hand at the end of the year. What is the ending inventory balance of Commodity Z using LIFO? a. $1,168 b. $5,383 c. $1,078arrow_forwardMorgenstern Ltd. has the following units and costs for the month of April. Beginning inventory, April 1, 1,000 units at $20 (Cost) Purchase 1, April 9, 1,200 units at $23 (cost) Sold, April 12, 2,100 units at $40 (Retail) Purchase 2, April 22, 800 units at $25 (Cost) If Morgenstern uses a perpetual inventory system, what is the cost of ending inventory under FIFO at April 30? a.$18,000 b.$22,300 c.$45,300 d.$49,600arrow_forwardThe following lots of Commodity Z were available for sale during the year. Beginning inventory 10 units at $30 First purchase 25 units at $32 Second purchase 30 units at $34 Third purchase 10 units at $35 The firm uses the periodic inventory system, and there are 20 units of the commodity on hand at the end of the year. What is the ending inventory balance of Commodity Z using FIFO? a. $620 b. $659 O c. $655 O d. $690 4arrow_forward
- FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 21 units at $41 10 units at $64 36 units at $43 34 units at $65 Second purchase 25 units at $46 Sale 20 units at $66 The firm uses the perpetual inventory system, and there are 18 units of the item on hand at the end of the year. Sale First purchase Sale a. What is the total cost of the ending inventory according to FIFO? X b. What is the total cost of the ending inventory according to LIFO?arrow_forwardFIFO and LIFO costs under perpetual inventory system The following units of an item were available for sale during the year: Beginning inventory 9,200 units at $150 Sale 5,400 units at $250 First purchase 12,800 units at $155 Sale 10,400 units at $250 Second purchase 14,100 units at $162 Sale 12,600 units at $250 The firm uses the perpetual inventory system, and there are 7,700 units of the item on hand at the end of the year. a. What is the total cost of the ending inventory according to FIFO? b. What is the total cost of the ending inventory according to LIFO? 1,185,000arrow_forwardFIFO and LIFO costs under perpetual inventory system The following units of an item were available for sale during the year: Beginning inventory 23 units at $42 Sale 20 units at $67 First purchase 22 units at $43 Sale 17 units at $67 Second purchase 17 units at $44 Sale 13 units at $68 The firm uses the perpetual inventory system, and there are 12 units of the item on hand at the end of the year. a. What is the total cost of the ending inventory according to FIFO? b. What is the total cost of the ending inventory according to LIFO?arrow_forward
- The following lots of a particular commodity were available for sale during the year: Beginning inventory 10 units at $60 First purchase 25 units at $65 Second purchase 30 units at $68 Third purchase 15 units at $75 The firm uses the periodic system, and there are 25 units of the commodity on hand at the end of the year. What is the amount of inventory at the end of the year using the LIFO method? Oa. $1,575 Ob. $3,815 Oc. $1,685 Od. $1,805arrow_forwardThe following lots of a particular commodity were available for sale during the year: Beginning inventory 5 units at $61 First purchase 15 units at $63 Second purchase 10 units at $74 Third purchase 10 units at $77 The firm uses the periodic system, and there are 20 units of the commodity on hand at the end of the year. What is the amount of cost of merchandise sold for the year according to the average cost method? Oa. )a. $1,250 Ob. $1,375 Oc. $1,510 Od. $1,380arrow_forwardsarrow_forward
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