Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jun 28, 2024

Wildhorsehas the following inventory data: July 1 Beginning inventory 61units at $120 5th Purchases 366units at $112 14th Sale 244units 21st Purchases 183units at $115

Wildhorsehas the following inventory data:

July 1 Beginning inventory 61units at $120

5th Purchases 366units at $112

14th Sale 244units

21st Purchases 183units at $115

30th Sale 175units

Assuming that a periodic inventory system is used, what is the amount allocated to ending inventory on a LIFO basis?

$47477

$21941

$47416

$21880

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

Recommended Textbook for

Fundamental Financial Accounting Concepts

Authors: Thomas Edmonds

7th Edition

73527122, 978-0073527123

More Books

Students also viewed these Accounting questions

Question

★★★★★

Vines Corporation produces custom machine parts on a job order basis. The company has two direct product cost categories: direct materials and direct labor. In the past, indirect manufacturing costs...

Answered: 1 week ago

Question

★★★★★

10. DJIA (LO4, CFA2) On January 4, 2019, the DJIA opened at 22,686.22. The divisor at that time was .1474807199. Suppose on this day the prices for 29 of the stocks remained unchanged and 1 stock...

Answered: 1 week ago

Question

★★★★★

=+What are the outcomes?

Answered: 1 week ago

Question

★★★★★

Asset recognition and measurement The following hypothetical transactions relate to Nestl S.A., the Swiss chocolate manufactured Indicate whether each transaction immediately gives rise to an asset...

Answered: 1 week ago

Question

★★★★★

Consider a 4 bit ripple carry adder with inputs A [ 3 : 0 ] = 0 1 1 0 and B [ 3 : 0 ] = 1 1 1 1 . What are the results of full adder for bit 3 ? Cout = 0 , Sum = 0 Cout = 1 , Sum = 0 Cout = 0 , Sum =...

Answered: 1 week ago

Question

★★★★★

What are the key challenges in the global agricultural industry that Gro Intelligence is tackling and how is it using AI and big data to do so? What do you think are the key constraints that Gro...

Answered: 1 week ago

Question

★★★★★

SECTION 2 READING STUDY GUIDE Economic Choice Today: Opportunity Cost Before You Learned The economic problem of scarcity guides economists to ask and answer basic questions about the economy. Now...

Answered: 1 week ago

Question

★★★★★

Which of the following statements is not true regarding incremental and iterative development approaches? A) Both incremental and iterative approaches are used in adaptive projects. B) Both...

Answered: 1 week ago

Question

★★★★★

A merchant obtains the retail price of an item by adding 20% to the wholesale price. Later, he has a sale and marks every item down 20% from the retail price. Is the sale price the same as the...

Answered: 1 week ago

Question

★★★★★

One gallon equals 4 quarts. The following program intends to read a floating-point value from input, convert the value from quarts to gallons, and output the volume in gallons, but the code contains...

Answered: 1 week ago

Question

★★★★★

Cash $ 120,000 Accounts receivable 48,000 Maintenance expense 22,000 Advertising expense 17,360 Fees earned 128,800 Lisa Assaad, Capital, April 1 ? Salaries expense 61,000 Machinery 93,000 Accounts...

Answered: 1 week ago

Question

★★★★★

3. To understand a method for achieving personal communication mastery.

Answered: 1 week ago

Question

★★★★★

3. What is my goal?

Answered: 1 week ago

Question

★★★★★

2. I try to be as logical as possible

Answered: 1 week ago

Previous Question Next Question