Windsor s has the following inventory data Nov 1 Inventory 26 units $ 5 20 each 8 Purchase 103 units $ 5 55 each 17 Purchase 52 units $ 5 40 each 25 Purchase 77 units $ 5 70 each A physical count of merchandise inventory on November 30 reveals that there are 86 units on hand Cost of goods sold under LIFO is $ 488 $ 939 $ 468 $ 958

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jan 16, 2022

Windsor s has the following inventory data: Nov. 1 Inventory 26 units @ $ 5.20 each 8 Purchase 103 units @ $ 5.55 each 17

Windsors has the following inventory data:

Nov. 1	Inventory	26 units @ $5.20 each
8	Purchase	103 units @ $5.55 each
17	Purchase	52 units @ $5.40 each
25	Purchase	77 units @ $5.70 each

A physical count of merchandise inventory on November 30 reveals that there are 86 units on hand. Cost of goods sold under LIFO is

$488.$939.$468.$958.

Step by Step Solution

★★★★★

3.40 Rating (162 Votes )

There are 3 Steps involved in it

Step: 1

Answer 958 Explanation Total units purchased in November 26 103 52 77 258 Merchandise in... 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

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

Principles Of Cost Accounting

Authors: Edward J. Vanderbeck

15th Edition

978-0840037039, 0840037031

More Books

Students also viewed these Accounting questions

Question

★★★★★

The following inventory data relate to Niagara Corp.: Inventories Ending Beginning Finished goods . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $75,000 $110,000 Work in process . ....

Answered: 1 week ago

Question

★★★★★

The Stilton Company has the following inventory and credit purchases during the fiscal year ended December 31, 2014. Stilton Company has two credit sales during the period. The units have a selling...

Answered: 1 week ago

Question

★★★★★

The Gale Company has the following inventory and purchases during the fiscal year ended December 31, 2014. Required: 1. Calculate the dollar value of ending inventory and cost of goods sold using: a....

Answered: 1 week ago

Question

★★★★★

Litchfield Industries gathered the following information for the month ended June 31: The static budget volume is 5000 units: Overhead flexible budget: Number of units 8,000 9,000 10,000 Standard...

Answered: 1 week ago

Question

★★★★★

How is the sale of equipment at an amount greater than its book value recorded? How would your answer change if the equipment is sold at an amount less than its book value?

Answered: 1 week ago

Question

★★★★★

Productivity is a measure of the quantity and ____________ of work produced, relative to the cost of inputs. (a) quality (b) cost (c) timeliness (d) value

Answered: 1 week ago

Question

★★★★★

4. Allow students to choose work partners as long as they focus on the task.

Answered: 1 week ago

Question

★★★★★

Madden Manufacturing, Inc., manufactures a single product and uses a standard cost system. The factory overhead is applied on the basis of direct labor hours. A condensed version of the company's...

Answered: 1 week ago

Question

★★★★★

Lett's commercial paper is presently selling at a discount. It sells for 97.79 of par and matures in 100 days. (Use 365 days a year. Do not round intermediate calculations. Round the final answers to...

Answered: 1 week ago

Question

★★★★★

Should Smith receive the Job offer. Why or why not? Case: Marita Smith works as a data entry clerk in a government department that is undergoing downsizing. Smith, who is severely hearing impaired,...

Answered: 1 week ago

Question

★★★★★

Lightspeed Industries Balance Sheet As of January 24, 2021 (amounts in thousands) Cash 14,100 Accounts Payable 1,900 Accounts Receivable 3,200 Debt 3,600 Inventory 4,900 Other Liabilities 2,000...

Answered: 1 week ago

Question

★★★★★

1- Please look over the last problem for the week. Duffy Corporation has prepared the following sales budget: Month Cash Sales Credit Sales May $16,000 $68,000 June 20,000 80,000 July 18,000 74,000...

Answered: 1 week ago

Question

★★★★★

You are assigned the role of security manager. The Director of Operations, thinks this is a good opportunity to train all the facilities management staff in key elements of security. Recommending a...

Answered: 1 week ago

Question

★★★★★

Provide an outline of the steps for the change management and configuration management processes of the new server as well as the website that needs to be updated and hosted. This information should...

Answered: 1 week ago

Question

★★★★★

At the end of Year o Jarrett Corp. developed the following forecasts of net income: Forecasted Year Net Income Year 1 $20,856 Year 2 $22,733 Year 3 $24,552 Year 4 $27,252 Year 5 $29,978 Management...

Answered: 1 week ago

Question

★★★★★

write a Business Memo The cafeteria at the college is a private company and is raising the price of the food. As a cafeteria manager, you must tell all your employees in your organization, the...

Answered: 1 week ago

Question

★★★★★

the conversion cycle period is 24 days and the operating period is 23 days for Company tiger another company (m) has 57 days for operating period and 69 days for conversion cash period what are the...

Answered: 1 week ago

Question

★★★★★

Multiple Choice Questions: 1. The largest component of aggregate demand is? a. Government purchases. b. Net exports. c. Consumption. d. Investment. 2. A reduction in personal income taxes, other...

Answered: 1 week ago

Question

★★★★★

What are the basic elements of production cost?

Answered: 1 week ago

Question

★★★★★

If the prior departments transfers from two different periods have different unit costs each month, how are they treated for purposes of the cost of production summary for the department to which...

Answered: 1 week ago

Question

★★★★★

Why should a company bother with a balanced scorecard approach to performance measurement when its primary goal is to earn a sufficient return on investment for its shareholders?

Answered: 1 week ago

Question

★★★★★

Your inheritance, which is in a blind trust, is invested entirely in McDonalds or in U.S. Steel. Because the trustee owns several McDonalds franchises, you believe the probability that the investment...

Answered: 1 week ago

Question

★★★★★

A continuous random variable X has the following density function: a. Draw a graph of this density. Verify that the area under the density function equals 1. b. A density function such as this one is...

Answered: 1 week ago

Question

★★★★★

You are the mechanical engineer in charge of maintaining the machines in a factory. The plant manager has asked you to evaluate a proposal to replace the current machines with new ones. The old and...

Answered: 1 week ago

Previous Question Next Question