Answered step by step
Verified Expert Solution
Question
1 Approved Answer
please help QUESTION 19 Modern Lifestyle Furniture began June with merchandise inventory of 45 sofas that cost a total of 531,500. During the month, they
please help
QUESTION 19 Modern Lifestyle Furniture began June with merchandise inventory of 45 sofas that cost a total of 531,500. During the month, they purchased and sold merchandise on account as follows: June 7 Purchase 25 sofas @ $750 each 14 Sale 30 sofas @ $1,150 each 18 Purchase 50 sofas @ $775 nach 27 Sale 35 sofas @ $1, each a. How much was the average cost of each sofa at the beginning of June? (2 marks) b. Using the LIFO method what was the profit made on the June 14 sale? (2 marks) c. If the FIFO method is used for costing merchandise what would be the cost of the ending Inventory? (2 marks) d. If the weighted average method was used how much did each unit sold June 14 cost? (2 decimal places) (2 marks) e. What the total revenue for the month of June? (2 marks) Step 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