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Square9 Corporation has provided the following information about one of its laptop computers: Number of Cost per Units 120 220 320 210 During the year, Square9 sold 800 laptop computers. What was cost of goods sold using the LIFO cost flow assumption? Transaction Beginning Inventory Date 1/1 5/5 Purchase 8/10 Purchase 10/15 Purchase Multiple Choice $400,500. $405,000. $400,000. $410,500. Unit $420 $470 $520 $570

Square9 Corporation has provided the following information about one of its laptop computers: Number of Cost per Units 120 220 320 210 During the year, Square9 sold 800 laptop computers. What was cost of goods sold using the LIFO cost flow assumption? Transaction Beginning Inventory Date 1/1 5/5 Purchase 8/10 Purchase 10/15 Purchase Multiple Choice $400,500. $405,000. $400,000. $410,500. Unit $420 $470 $520 $570

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Square9 Corporation has provided the following information about one of its laptop computers: Number of Cost per Units 120 220 320 210 Date 1/1 Beginning Inventory 5/5 Purchase. 8/10 Purchase 10/15 Purchase Multiple Choice O Transaction During the year, Square9 sold 800 laptop computers. What was cost of goods sold using the LIFO cost flow assumption? O O $400,500. O $405,000. $400,000. Multiple Choice $410,500. Laurel Industries sold merchandise with an invoice price of $1,700 to Calvary Company, with terms of 1/10, n/30. Which of the following is the correct entry to record the payment by Calvary within 10 days if the company uses the perpetual inventory system and the gross method to record purchases? Account Title Accounts payable Cash Account Title Accounts payable Cash Inventory Account Title 201 O Cash Inventory Unit Accounts payable Account Title Accounts payable Cash $420 $470 $520 $570 Debit Credit 1,700 1,700 Debit Debit 1,683 Debit 17 1,683 1,700 Credit 1,683 17 Credit 1,700 Credit 1,683
Transcribed Image Text:Square9 Corporation has provided the following information about one of its laptop computers: Number of Cost per Units 120 220 320 210 Date 1/1 Beginning Inventory 5/5 Purchase. 8/10 Purchase 10/15 Purchase Multiple Choice O Transaction During the year, Square9 sold 800 laptop computers. What was cost of goods sold using the LIFO cost flow assumption? O O $400,500. O $405,000. $400,000. Multiple Choice $410,500. Laurel Industries sold merchandise with an invoice price of $1,700 to Calvary Company, with terms of 1/10, n/30. Which of the following is the correct entry to record the payment by Calvary within 10 days if the company uses the perpetual inventory system and the gross method to record purchases? Account Title Accounts payable Cash Account Title Accounts payable Cash Inventory Account Title 201 O Cash Inventory Unit Accounts payable Account Title Accounts payable Cash $420 $470 $520 $570 Debit Credit 1,700 1,700 Debit Debit 1,683 Debit 17 1,683 1,700 Credit 1,683 17 Credit 1,700 Credit 1,683
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