Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Aug 24, 2024

A company had inventory on November 1 of 5 units at a cost of $20 each. On November 2, they purchased 10 units at $22

A company had inventory on November 1 of 5 units at a cost of $20 each. On November 2, they purchased 10 units at $22 each. On November 6 they purchased 6 units at $25 each. On November 8, 8 units were sold for $55 each. Using the LIFO perpetual inventory method, what was the value of the inventory on November 8 after the sale?

A.$304

B.$296

C.$288

D.$280

E.$276

Please explain

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_2

Step: 3

blur-text-image_3

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

The Principles And Practice Of Auditing

The Principles And Practice Of Auditing

Authors: George Puttick, Sandra Van Esch

7th Edition

0702137723, 978-0702137723

More Books

Students also viewed these Accounting questions

Question

★★★★★

Melissa recently paid $400 for round-trip airfare to San Francisco to attend a business conference for three days. Melissa also paid the following expenses: $250 fee to register for the conference, ...

Answered: 1 week ago

Question

★★★★★

The goal of state and federal legislation is to: A. Protect the public. B. Regulate nursing education. C. Oversee nurse competency via licensure and discipline. D. All of the above.

Answered: 1 week ago

Question

★★★★★

8. Identify and explain the three theories or mechanisms that purport to explain why mental pressure causes a decrement in performance of a well-learned motor skill. Which one do you think provides...

Answered: 1 week ago

Question

★★★★★

A process that produces titanium forgings for automobile turbocharger wheels is to be controlled through the use of a fraction nonconforming chart. Initially, one sample of size 150 is taken each day...

Answered: 1 week ago

Question

★★★★★

A company is considering a project which requires $2 million capital investment. The project can bring in an annual revenue of $170k for the next 25 years. The annual operation cost (e.g. labor and...

Answered: 1 week ago

Question

★★★★★

Explain if Ford and Harvey can be personally liable for civil penalties and criminal liabilities under the Corporations Act 2001 (Cth). Answer with IRAC

Answered: 1 week ago

Question

★★★★★

1. Belinda needs $2400 fast. She has the option of borrowing the $2400 for 5 days at an APR of 500% or borrowing the $2400 for 5 days with a fee of $180. She realizes that neither scenario is very...

Answered: 1 week ago

Question

★★★★★

Section One - IPV4 Network Identifiers and Addresses For the following, indicate what its network identifier is, in binary. When doing so, use the table provided below to convert each octet to...

Answered: 1 week ago

Question

★★★★★

Question 5 5 pts Roberto invested a total of $10,000, part at 6% and part at 9%. How much did he invest in the LOWER interest account if the total interest earned in one year was $810 ? 1 answer

Answered: 1 week ago

Question

★★★★★

Within the northeastern control systems industry, Middleton knew of no company that had conducted formal market research. Should he conduct further research himself, use the consultant or the student...

Answered: 1 week ago

Question

★★★★★

Check billing and accounts recordsPlease review the following list of billing and account records from Table 4: Gelos Enterprises bank statement for its Small Purchases account. Check these billing...

Answered: 1 week ago

Question

★★★★★

Identify an example of puffery in the advertisement for the Power Zapper.

Answered: 1 week ago

Question

★★★★★

Make a list of the forms of mass communication you use most often. Include newspapers, magazines, television programs, types of fi lms, radio stations, and so forth. How do your choices of mass...

Answered: 1 week ago

Question

★★★★★

To what extent, if any, should there be control over the violence presented in media? Do you think viewers, especially children, are harmed by the prevalence of violence in media? Are you concerned...

Answered: 1 week ago

Previous Question Next Question