A company's inventory records report the following in November of the current year Beginning November 1 5 units $20 Purchase November 2 10 units $22 Purchase November 12 6 units $25 On November 8, it sold 12 units for $54 each Using the LIFO perpetual inventory method, what amount of gross profit was earned from the 12 units sold

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

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Sep 06, 2024

A company's inventory records report the following in November of the current year: Beginning November 1 5 units @ $20 Purchase November 2 10 units

A company's inventory records report the following in November of the current year:


Beginning	November 1	5 units @ $20
Purchase	November 2	10 units @ $22
Purchase	November 12	6 units @ $25

On November 8, it sold 12 units for $54 each. Using the LIFO perpetual inventory method, what amount of gross profit was earned from the 12 units sold?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access to Expert-Tailored Solutions

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

Step: 2

Step: 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

A History Of Auditing The Changing Audit Process In Britain From The Nineteenth Century To The Present Day

Authors: Derek Matthews

1st Edition

0415648343, 978-0415648349

More Books

Students also viewed these Accounting questions

Question

★★★★★

Borges Meat Marketing, Inc., a Nebraska corporation, wishes to establish a network of gourmet butcher shops in India. It has a well-developed introductory advertising campaign that it has employed in...

Answered: 1 week ago

Question

★★★★★

McNeal Products uses a just-in-time system. To produce 2,000 units for an order, it purchased and used materials costing $50,000, and incurred other manufacturing costs of $30,000, of which $10,000...

Answered: 1 week ago

Question

★★★★★

8.100 lodine Concentration Based on repeated measurements of the iodine concentration in a solution, a chemist reports the concentration as 4.614 moles/litre, with an "error margin of 0.006." a. How...

Answered: 1 week ago

Question

★★★★★

Think about the cash flows associated with putting $100,000 in the bank for five years, assuming you draw out the interest each year and then close the account. Now think about a set of hypothetical...

Answered: 1 week ago

Question

★★★★★

Find the annual percentage rate using the aninual percentage rate table. Here are some conditions of the loan. \ table [ [ \ table [ [ Amount ] , [ Financed ] ] , \ table [ [ Finance ] , [ Charge ] ]...

Answered: 1 week ago

Question

★★★★★

Oakmark Fund I (OAKMX) Templeton Global Bona A (TPINX) Vanguard Total Stock Market ETF (VTI) information given on each page and evaluate the funds Based on the information in the research, which fund...

Answered: 1 week ago

Question

★★★★★

In particular What did Dr. Balanoff and other researchers discover about the size of the dinosaur cerebrum in non-bird dinosaurs closely related to birds?

Answered: 1 week ago

Question

★★★★★

1. Consider the output of a paper mill: the product appears at the end of a web and is rolled onto a spool called a reel. Every reel is examined for the number of blemishes, which are imperfections....

Answered: 1 week ago

Question

★★★★★

provide the step-by-step calculations for this question: Rod BD is made of steel ( E = 29 10 6 psi) and is used to brace the axially compressed member ABC . The maximum force that can be developed in...

Answered: 1 week ago

Question

★★★★★

1. What was the need of Zurich airport privatization? + recommendation( words of 500 to 600)* references required+ p lagiarism applied*

Answered: 1 week ago

Question

★★★★★

Z satellite's body is rotating with an angular velocity about z-axis the solar panels rotate with by angle about y-axis calculate the angular momentum of the satellite

Answered: 1 week ago

Question

★★★★★

c. What groups were least represented? Why do you think this is so?

Answered: 1 week ago

Question

★★★★★

7. Describe phases of multicultural identity development.

Answered: 1 week ago

Question

★★★★★

1. Stereotypes in Your Life. List some of the stereotypes you have heard about U.S. Americans. Then answer the following questions:

Answered: 1 week ago

Previous Question Next Question