FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

From the given information find the ending inventory using the Lifo method inventory valuation. 1st February 2021 Beginning Inventory is 500 units @10 2nd July

image text in transcribed
From the given information find the ending inventory using the Lifo method inventory valuation. 1st February 2021 Beginning Inventory is 500 units @10 2nd July 2018 purchased 1000 units @ 20 8th July 2018 purchased 3000 units@30 Inventory sold2500 units@400 a. $60,000 b. $90,000 c. $40,000 d. $20,500

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

Accounting Act Count Think

Accounting Act Count Think

Authors: Raad Press

1st Edition

979-8643677666

More Books

Students also viewed these Accounting questions

Question

LOQ 14-10: How did humanistic psychologists view personality, and what was their goal in studying personality?

Answered: 1 week ago

Question

★★★★★
A sample containing years to maturity and yield (percent) for 40 corporate bonds are contained in the data file named CorporateBonds (Barrons, April 2, 2012). a. Develop a scatter chart of the data...

Answered: 1 week ago

Question

★★★★★
From the given information find the ending inventory using the Lifo method inventory valuation. 1st February 2021 Beginning Inventory is 500 units @10 2nd July 2018 purchased 1000 units @ 20 8th July...

Answered: 1 week ago

Question

★★★★★
Remember: make a good solid effort on this practice quiz before comparing your work to the solution. Hayward Industries manufactures dining chairs and tables. The following information is available:...

Answered: 1 week ago

Question

★★★★★
The following contingency table is from the China Health and Nutrition Survey (2006)* Ever Smoked Cigarettes Household Registration Type: Urban Household Registration Type: Rural Total No Count: 2833...

Answered: 1 week ago

Question

★★★★★
Intel Corporation uses activity-based costing to allocate overhead costs. The following data is available: Activity Cost Pool ($) Cost Driver Cost Driver Volume R&D $400,000 Number of projects 50...

Answered: 1 week ago

Question

★★★★★
Serena has made an economic statement that would be categorized as normative. What did Serena say? Group of answer choices "Inflation is an increase in prices over time." "Today the inflation rate...

Answered: 1 week ago

Question

★★★★★
I am confused. Help, please Note - Google Social Work Values and Ethics Consider the following situations: 1- Marsha is a case manager for people with intellectual disabilities. Ray, age 20, just...

Answered: 1 week ago

Question

★★★★★
Carla Company began operations on January 2, 2019. It employs 11 individuals who work 8-hour days and are paid hourly. Each employee earns 9 paid vacation days and 7 paid sick days annually. Vacation...

Answered: 1 week ago

Question

★★★★★
4. How is Starbucks using training to benefit the company during difficult economic times?

Answered: 1 week ago

Question

★★★★★
3. What are intangible assets? How do they relate to training and development?

Answered: 1 week ago

Question

★★★★★
2. What steps are included in the training design model? What step do you think is most important? Why?

Answered: 1 week ago

Previous Question Next Question