Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Given the following information, determine the cost of the inventory at June 30 using the LIFO perpetual inventory method. 30 units at $20 each June

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

Given the following information, determine the cost of the inventory at June 30 using the LIFO perpetual inventory method. 30 units at $20 each June 1 June 15 June 29 Beginning inventory Sale of 22 units for $50 each Purchase 22 units at $25 each The cost of the ending inventory is: Multiple Choice $710 $440 O o $750 $600 $550 Big Box Store has operated with a 30% average gross profit ratio for a number of years. It had $119,000 in sales during the second quarter of this year. If it began the quarter with $19,900 of inventory at cost and purchased $73,900 of inventory during the quarter, its estimated ending inventory by the gross profit method is: Multiple Choice $35,700. $19,900. $32,700. $24,990. O $10,500. Salmone Company reported the following purchases and sales of its only product. Salmone uses a periodic inventory system. Determine the cost assigned to cost of goods sold using FIFO. Units Sold at Retail Units Acquired at Cost 330 units @ $18 310 units @ $20 Date May 1 5 10 15 24 Activities Beginning Inventory Purchase Sales Purchase Sales 230 units @ $28 190 units @ $21 180 units @ $29 Multiple Choice $7,540 $8,260 $8,590 O $8,380 $7,750

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

Advanced Financial Accounting

Authors: Richard Lewis, David Pendrill

5th Edition

0273622919, 978-0273622918

More Books

Students also viewed these Accounting questions