Assume Amazon com began June with 10 units of inventory that cost a total of $190 During June, Amazon purchased and sold goods as follows Under the FIFO inventory method, how much is Amazon 's cost of goods sold for the sale on June 14 a ( $ 490 ) b ( $ 500 ) c ( $ 790 ) d ( $ 1,000 ) June 8 Purcha...

The Answer is in the image, click to view ...

Assume Amazon.com began June with 10 units of inventory that cost a total of $190. During June,

Question:

Assume Amazon.com began June with 10 units of inventory that cost a total of \$190. During June, Amazon purchased and sold goods as follows:

image text in transcribed

Under the FIFO inventory method, how much is Amazon's cost of goods sold for the sale on June 14?

a. $\$ 490$

b. $\$ 500$

c. $\$ 790$

d. $\$ 1,000$

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Accounting

ISBN: 9780132439602

7th Edition

Authors: Charles T. Horngren, Walter T. Harrison

See More Books

Question Posted: May 10, 2024 01:49 AM

See More Questions

Let A, B, C, D be vertices of a parallelogram with AB : D, B = AD. If the distance = between A and C is equal to the distance between B and D, we claim that the parallelogram must be a rectangle....
YOU HAVE TO ANSWER ALL QUESTIONS Question 1 (50 marks) Explain the concept of marketing. Is marketing just about 'selling' or 'advertising'? Explain. What are the implications of applying marketing...
Directions: Complete the investment chart based on the facts given for each person's situation. Assume each person or couple is investing 15% of their annual household income. Follow the order of...
A management team can gain additional insight on company performance by comparing ___________ against _____________. Question content area bottom Part 1 A. budgets, flexible budget B. actual results,...
Think of an example that illustrates why an "anti-Lenz" law would violate the conservation of energy. (The "anti- Lenz" law is: The direction of induced emfs and currents always reinforces the change...
M. Khaitan Ltd was formed with an authorised capital of 20,000 equity shares of 10 each to purchase the business of M. Khaitan for 1,00,000 by the allotment of fully paid shares. On July 1, 2016,...
South Shore Construction builds permanent docks and seawalls along the southern shore of Long Island, New York. Although the firm has been in business only five years, revenue has increased from...
1. How does The Body Shop address the four components of corporate social responsibility? In The Body Shop, what tensions among these components are at work? 2. Analyze the Body Shops power using...
2) Every week the sales of a band's album drop by the same percentage relative to the previous week's sales. In its first week an album sells 18,000 copies. In its ninth week an album sells 4,000...
T. J. Bronson made sales of $\$ 9,300$ and ended April with inventories totaling $\$ 900$. Cost of goods sold was $\$ 6,000$. Total operating expenses were $\$ 2,700$. How much net income did...
The trial balance of Rustic Elegance pertains to December 31, 2007. Adjustment data at December 31, 2007: a. Prepaid insurance expired, $2,000. b. Depreciation, $4,000. c. Accrued salaries, $1,000....
In Problem find each limit if it exists. lim (x + 5) -4
Suppose the prism in Figure P33.27 is immersed in a liquid in which the speed of light is lower than the speed of light in glass. Describe what happens to the light shown entering at normal...
Each year, the AICPA issues a general audit risk alert document and a number of industry audit risk alerts. If you can obtain access to a current copy of either the general alert or one of the...
The multieffect distillation system shown in Figure 11-4 appears to be able to cut energy use in half; however, the reduction is not this large. Explain why. Figure 11-4 F PL D, D Reflux B PH
Schemes 11-6E and 11-6F accomplish the same task of removing and purifying an intermediate component. a. What factors enter into the decision to use scheme $11-6 \mathrm{~F}$ instead of \(11-6...
Verify the results of Eq. (14.48) for the properties of the chiral projection operators. Data from Eq. 14.48 P = P+ P+ + P = 1 P_P+ P+P = 0 Py" = y P
What are the potential risks of a single organization controlling much of the market for essential software?
The executor of Gina Purcells estate has recorded the following information: Assets discovered at death (at fair value): Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ....
A health insurance policy pays 70% of physical therapy costs after a deductible of $300. In contrast, an HMO charges $20 per visit for physical therapy. How much would a person save with the HMO of...
The income statement for the current year is as follows: Sales Cost of goods sold Gross profit Operating expenses: Depreciation expense: Other operating expense Total operating expense Operating...
.. yy This is a very simple and inexpensive method. However, it is not precise. Its quality heavily depends on the experience and ability of the buyer to judge the situation. As compared to other...

Assume Amazon.com began June with 10 units of inventory that cost a total of $190. During June,

Question:

June 8 Purchase.......... 30 units @ $20 14 Sale.......... 25 units @ $40 22 Purchase..... 20 units @ $22 27 Sale......... 30 units @ $40

Step by Step Answer:

Accounting

Students also viewed these Business questions