Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Inventory records for Marvin Company revealed the following: Unit Cost $7.11 Date Transaction Mar. 1 Beginning inventory Mar. 10 Purchase Mar. 16 Purchase Mar. 23

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

Inventory records for Marvin Company revealed the following: Unit Cost $7.11 Date Transaction Mar. 1 Beginning inventory Mar. 10 Purchase Mar. 16 Purchase Mar. 23 Purchase Number of Units 1,050 580 880 520 7.31 7.47 7.65 Marvin sold 2,100 units of inventory during the month. Cost of goods sold assuming weighted average cost would be: (Do not round your intermediate calculations and round your final answer to nearest dollar amount. Round weighted-average unit cost to 4 decimals if necessary.) Multiple Choice $15,426. $15,351. O $14,931. $15,509. The following information pertains to Julia & Company: March 1 Beginning inventory = 34 units @ $5.30 March 3 Purchased 19 units @ 4.50 March 9 Sold 27 units @ 8.30 What is the ending inventory balance for Julia & Company assuming that it uses FIFO? (Do not round your intermediate calculations. Round your answer to the nearest dollar amount.) Multiple Choice $86. O O $126. O O $138. O O $123 The following information pertains to Julia & Company: March 1 Beginning inventory = 31 units @ $5.30 March 3 Purchased 15 units @ 4.20 March 9 Sold 26 units @ 8.50 What is the cost of goods sold for Julia & Company assuming it uses LIFO? (Do not round your intermediate calculations. Round your answer to the nearest dollar amount.) Multiple Choice O $138. $121. O O $109. O O $107. Consider the following inventory transactions for September: Beginning inventory Purchase on September 12 Purchased on September 23 17 units @ $2.80 30 units @ $3.40 12 units @ $3.90 For the month of September, the company sold 33 units. What is cost of goods sold under the weighted average cost method? (Do not round your intermediate calculations. Round the weighted-average unit cost to 4 decimals if necessary. Round your answer to the nearest dollar amount.) Multiple Choice O $127. O $129. O $110. O O $92

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_2

Step: 3

blur-text-image_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

Accounting And Financial Management For Residential Construction

Authors: Emma Shinn

6th Edition

0867187816, 9780867187816

More Books

Students also viewed these Accounting questions