Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please help with accounting 1 question, 5 parts Assume a company had the following inventory information: Beginning Inventory: 90 units @ $4.00 cost per unit

please help with accounting
1 question, 5 parts
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Assume a company had the following inventory information: Beginning Inventory: 90 units @ \$4.00 cost per unit Purchases: 180 units @ $7.00 cost per unit If the company then sold 90 units, what is the amount of COGS under LIFO? $1,260 $360 $430 $630 Assume a company had the following inventory information: Beginning Inventory: 90 units @ \$4.00 cost per unit Purchases: 180 units @ $7.00 cost per unit If the company then sold 100 units, what is the amount of COGS under FIFO? $430 $700 $360 $1,260 Joyful Co, purchases inventory costing $200 on February 1 , with credit terms of 2 no, n/15. On February 14 , Joyful Co. pays for this purchase. What is the journal entry that Joyful Co. should record on February 14 ? Dr. Accounts Payable 200; Cr, Cash 200 Dr. Accounts Payable 200; CriCash 196; Cr. Purchase Discounts 4 Dr. Accounts Payable 196; Cr, Cash 196 Dr. Purchase Discounts 4; Dr. Accounts Payable 196; Cr. Accounts Payable 200 Dr Accounts Payable 200, Cr inventory 4; Cr Cash 196 Which of the following statements is true regarding FOB Shipping Point? The seller is responsible for the goods while in transit. The point of transfer is when the inventory arrives at the buyer. The buyer is responsible for paying shipping costs. The seller owns the inventory while in transit. On January 1, Year 1 , Tasty Bakes Co, purchased $20,000 of equipment. The equipment has a salvage value of $2,000 and an estimated useful life of 8 years. The company uses the straight-line method to calculate depreciation. What is depreciation expense for Year 2? $2.250 5900 53,600 $2.000

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

Quality Audits Are Fun Journal Notes Checklists Questions Observations Evidence Log

Authors: Just Visualize It, The Quality Guy

1st Edition

1726628981, 978-1726628983

More Books

Students also viewed these Accounting questions

Question

When is interest recorded as an expenditure in Debt Service Funds?

Answered: 1 week ago