Business, 30.03.2020 17:49 queenkimm26

The Reuschel Company began 2021 with inventory of 24,000 units at a cost of $7 per unit. During 2021, 64,000 units were purchased for $8.50 each. Sales for the year totaled 75,000 units leaving 13,000 units on hand at the end of 2021. Reuschel uses a periodic inventory system and the LIFO inventory cost method. A) Calculate the cost of goods sold for 2021B) From a financial reporting perspective, what problem is created by the use of LIFO in this situation? Describe the disclosure required to report the effects of this problem.

Answers: 2

Show answers

Another question on Business

Business, 22.06.2019 06:20

At a small store, a customer enters the front door on average every 8 minutes. a prior study indicated that the time between customers entering the front door during weekdays follows an exponential distribution. what is the probability that the time between customers entering the store on a weekday will be less than or equal to 7? select one: a. 62 b. 43 c. 1/8 d. 7/8 e. 58

Answers: 1

Answer

Business, 22.06.2019 21:40

Heather has been an active participant in a defined benefit plan for 19 years. during her last 6 years of employment, heather earned $42,000, $48,000, $56,000, $80,000, $89,000, and $108,000, respectively (representing her highest-income years). calculate heather’s maximum allowable benefits from her qualified plan (assume that there are fewer than 100 participants). assume that heather’s average compensation for her three highest years is $199,700. calculate her maximum allowable benefits.

Answers: 3

Answer

Business, 22.06.2019 23:00

Acollege registrar's office requires you to first visit with one of three advisors and then with one of two financial professionals. this system best described as which of the following? a. single server, single phase systemb. multiple server multiphase systemc. multiple server, cross phase systemd. single server, multiphase systeme. multiple server, single phase system

Answers: 2

Answer

Business, 23.06.2019 02:30

For the year ended december 31, 2019, davidson mart had sales of $ 550 comma 000 and cost of goods sold of $ 412 comma 500. davidson estimates that approximately 2% of the merchandise sold will be returned. the adjusting journal entry on december 31, 2019, would include a

Answers: 3

Answer

You know the right answer?

The Reuschel Company began 2021 with inventory of 24,000 units at a cost of $7 per unit. During 2021...

Questions