The units of an item available for sale during the year were as follows:
Jan. 1 Inventory 60 units at $45 $ 2,700
Apr. 20 Purchase 90 units at $50 4,500
Nov. 30 Purchase 75 units at $54 4,050
Available for sale 225 units $11,250
There are 48 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using (a) the first-in, first-out (FIFO) method; (b) the last-in, first-out (LIFO) method; and (c) the average cost method.
Answers: 1
Another question on Business
Business, 21.06.2019 22:10
You have just received notification that you have won the $2.0 million first prize in the centennial lottery. however, the prize will be awarded on your 100th birthday (assuming you're around to collect), 66 years from now. what is the present value of your windfall if the appropriate discount rate is 8 percent?
Answers: 1
Business, 22.06.2019 09:40
Salt corporation's contribution margin ratio is 78% and its fixed monthly expenses are $30,000. assume that the company's sales for may are expected to be $89,000. required: estimate the company's net operating income for may, assuming that the fixed monthly expenses do not change.
Answers: 1
Business, 22.06.2019 19:10
After the price floor is instituted, the chairman of productions office buys up any barrels of gosum berries that the producers are not able to sell. with the price floor, the producers sell 300 barrels per month to consumers, but the producers, at this high price floor, produce 700 barrels per month. how much producer surplus is created with the price floor? show your calculations.
Answers: 2
Business, 23.06.2019 01:30
Which of the following is considered part of a country’s infrastructure?
Answers: 1
You know the right answer?
The units of an item available for sale during the year were as follows:
Jan. 1 Inventory 60 units...
Questions
Biology, 21.08.2019 07:10
Mathematics, 21.08.2019 07:10
Mathematics, 21.08.2019 07:10
Biology, 21.08.2019 07:10
Physics, 21.08.2019 07:10
Mathematics, 21.08.2019 07:10
Mathematics, 21.08.2019 07:10
Mathematics, 21.08.2019 07:10
English, 21.08.2019 07:10
Mathematics, 21.08.2019 07:10
Biology, 21.08.2019 07:10
