Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

18.A company had the following purchases and sales during the month of November: Date Activities Units Acquired at Cost Units Sold at Retail November 1

18.A company had the following purchases and sales during the month of November:

Date Activities Units Acquired at Cost Units Sold at Retail
November 1 Beginning inventory 5 units @ $36 = $180
November 2 Purchase 10 units @ $38 = $380
November 6 Purchase 6 units @ $41 = $246
November 8 Sales 8 units @ $79

Using the LIFO perpetual inventory method, what was the value of the inventory on November 8 after the sale?

Multiple Choice

$484

$496

$544

$488

$504

20.Salmone Company reported the following purchases and sales of its only product. Salmone uses a perpetual inventory system. Determine the cost assigned to the ending inventory using FIFO.

Date Activities Units Acquired at Cost Units Sold at Retail
May 1 Beginning inventory 150 units @ $10 = $1,500
May 5 Purchase 220 units @ $12 = $2,640
May 10 Sales 140 units @ $20
May 15 Purchase 100 units @ $13 = $1,300
May 24 Sales 90 units @ $21

Multiple Choice

$2,980

$2,460

$2,850

$2,590

$2,860

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Advanced Financial Accounting Lawrence S C Good Condition ISBN 08512

Authors: S.C. Lawrence

1st Edition

9780851215099

More Books

Students also viewed these Accounting questions

Question

6. Identify seven types of hidden histories.

Answered: 1 week ago

Question

What is human nature?

Answered: 1 week ago