Question
39. What is the cost of goods sold using the LIFO method? Units Unit Cost Total Cost Beginning inventory 16 $ 130 $ 2,080
39. What is the cost of goods sold using the LIFO method? Units Unit Cost Total Cost Beginning inventory 16 $ 130 $ 2,080 Purchase on July 3 45 145 6.525 Sales 60 ? A. $8,460 B. $6,525 C. $2,080 D. $8,475 Kennedy Cotton ACCT 2010 SL SI Leader Email: kennedy.cotton@unt.edu 40. What is the gross profit for the following data: Net sales revenue $ 626,000 Beginning inventory 60,000 Ending inventory 41,000 Net purchases 430,000 A. $167,000 B. $177,000 C. $196,000 D. $150,000
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Government and Not for Profit Accounting Concepts and Practices
Authors: Michael H. Granof, Saleha B. Khumawala
6th edition
978-1-119-4958, 9781118473047, 1118155971, 1118473043, 978-1118155974
