Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Metlock has the following inventory data: Nov. 1 8 17 25 Inventory Purchase Purchase Purchase 27 units @ $5.40 each 108 units @ $5.80 each

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Metlock has the following inventory data: Nov. 1 8 17 25 Inventory Purchase Purchase Purchase 27 units @ $5.40 each 108 units @ $5.80 each 54 units @ $5.65 each 81 units @ $5.90 each A physical count of merchandise inventory on November 30 reveals that there are 90 units on hand. Ending inventory under FIFO is $1044. $529. $1026. $511. Sheffield has the following inventory data: Nov. 1 8 17 25 Inventory Purchase Purchase Purchase 32 units e$6.40 each 127 unitse $6.85 each 64 units @ $6.70 each 95 units @ $7.00 each A physical count of merchandise Inventory on November 30 reveals that there are 106 units on hand. Assuming that the specific identification method is used and that ending Inventory consists of 32 units from each of the three purchases and 10 units from the November 1 inventory, cost of goods sold is $1442 $801 $1415 $1447 Current Attempt in Progress Windsor, Inc. had the following inventory transactions occur during 2022: Feb 1, 2022 Mar. 14, 2022 May 1, 2022 Purchase Purchase Purchase Units 93 160 114 prob The company sold 263 units at $54 each and has a tax rate of 30%. Assuming that a periodic inventory system is used, what is the company's gross profit using LIFO? $3755 $3454 $10748 $10447 Sheffield Corp. had the following inventory transactions Units Cost/unit Feb. 1,2022 Purchase 114 Mar. 14, 2022 Purchase 197 $50 May 1, 2022 Purchase 140 The company sold 324 units at $67 each and has a tax rate Assuming that the company's gross profit using FIFO? $5710 $15998 $5228 $16480 Swifty Corporation had the following Inventory transactions occur during 2022 Feb 1, 2022 Mar. 14,2022 May 1, 2022 Purchase Purchase Purchase Units 68 118 84 Cost/unit $68 $71 $74 The company sold 194 units at $96 each and has a tax rate of 30%. Assuming that the company's gross profit using FIFO? $5030 $4598 $14026 $13594 Sheridan Company had beginning inventory of $12600 at March 1, 2022. During the month, the company made purchases of $54600. The inventory at the end of the month is $14530. What is cost of goods sold for the month of March? $54600 $52670 $67200 $69130

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

More Books

Students also viewed these Accounting questions

Question

List situational factors that influence helping behavior.

Answered: 1 week ago