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

Question

1 Approved Answer

If Company X buys Inventory for resale of 100 units at $4 on January 1, buys 200 units at $5 on February 1, and then

If Company X buys Inventory for resale of 100 units at $4 on January 1, buys 200 units at $5 on February 1, and then sells 150 units on March 1, what is their book Inventory on March 31 assuming they use the FIFO cost flow assumption?

a$650

b$750

c$400

d$1,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Students also viewed these Accounting questions

Question

Why does he prefer visual slides over text- or number-heavy slides?

Answered: 1 week ago

Question

★★★★★
Mary Losch operates a travel agency called Mary's Luxury Travel. She has five employees, all of whom are paid on a weekly basis. The travel agency uses a payroll register, individual employee...

Answered: 1 week ago

Question

★★★★★
If Company X buys Inventory for resale of 100 units at $4 on January 1, buys 200 units at $5 on February 1, and then sells 150 units on March 1, what is their book Inventory on March 31 assuming they...

Answered: 1 week ago

Question

★★★★★
BAK Corp. is considering purchasing one of two new diagnostic machines. Either machine would make possible for the company to bid on jobs that it currently isn't equipped to do. Estimates regarding...

Answered: 1 week ago

Question

★★★★★
4 Kerry, Incorporated, exchanged land and cash of $8,000 for equipment. The land had a book value of $55,000 and a fair value of $60,000. Required: Prepare the journal entry to record the exchange....

Answered: 1 week ago

Question

★★★★★
3. A manager has just received a revised price schedule from a vendor. What order quantity and number of orders should the manager use in order to minimize total costs? Annual Demand is 120 units,...

Answered: 1 week ago

Question

★★★★★
Population data: The last complete population survey in the area was completed in 1965. During this extensive survey, 35 coyotes were calculated in the valley. Since then, USFWS scientists have...

Answered: 1 week ago

Question

★★★★★
2. The position s of a particle is given by s = t 3 6t 2 + 9t, where t 0. a. Find the velocity v of the particle as a function of time t. b. Determine the average velocity of the particle from t = 2...

Answered: 1 week ago

Question

★★★★★
Problem 3 Consider the home economy as described in Problem 2. Assume a foreign economy also produces meat and gasoline and has the aggregate labor supply of 2000 labor units. Foreign's labor unit...

Answered: 1 week ago

Previous Question Next Question