Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Given the following information, determine the cost of the inventory at June 30 using the LIFO perpetual inventory method. #10 A company had the following
Given the following information, determine the cost of the inventory at June 30 using the LIFO perpetual inventory method.
#10 A company had the following purchases and sales during its first year of operations: January February May: September: November: Purchases 10 units at $120 20 units at $125 15 units at $130 12 units at $135 10 units at $140 Sales 6 units 5 units 9 units 8 units 13 units On December 31, there were 26 units remaining in ending inventory. Using the periodic LIFO inventory costing method, what is the cost of the ending inventory? (Assume all sales were made on the last day of the month.) A. $3,405.00 B. $3,270.00 C. $3,200.00 D. $3,364.00 E. $5,400.00 #11 A company had the following purchases and sales during its first month of operations: 1-Jan 9-Jan Purchased 10 units at $4.00 per unit Sold 6 units at $12.00 per unit Purchased 8 units at $5.50 per unit Sold 7 units at $12.00 per unit 17-Jan 27-Jan Using the Periodic weighted average method, what is the value of cost of goods sold? (Round weighted average cost per unit to 2 decimal places, and final answer to the nearest whole dollar.) A. $84.00 B. $61.00 $23.00 D. $27.00 E. $5.00 #12 Given the following information, determine the cost of the inventory at June 30 using the LIFO perpetual inventory method. 15 units at $20 each 1-Jun 15-Jun 29-Jun Beginning inventory Sale of 6 units for $50 each Purchase 8 units at $25 each The cost of the ending inventory is: $200 B. $220 $380 $275 $300 4Step 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