A year end count of ending inventory found that 800 units

Reference no: EM13598153

Turk's Toy Trains began 2008 with 1200 toy trains, which cost $9.00 each in its inventory. During the year it made the following inventory purchase of inventory.

Date Units Purchased Cost per Unit Total Cost
3/18 500 $9.50 $4,750
6/4 700 $10.00 $7,000
8/28 400 $10.50 $4,200
11/13 900 $11.50 $10,350
Total 2500 - $26,300

A year end count of ending inventory found that 800 units remained in the company's warehouse on December 31, 2008.What was the company's cost of goods sold under a LIFO periodic inventory costing system? Please explain solution in detail.

Reference no: EM13598153

Questions Cloud

Prepare the interest payment schedule of the note for : on december 31 2012 the american bank enters into a debt restructuring agreement with barkley company which is now

Provide an example of a transaction that affects a only : provide an example of a transaction that affects a only one element of the accounting equationb two elements of the

The ohio corporation has 900000 shares of 1 par value : the ohio corporation has 900000 shares of 1 par value common stock authorized and 550000 shares issued and outstanding.

Murray glass company beginning of year retained earnings : murray glass company beginning of year retained earnings balance was 113200. the corporation declared and paid 77600

A year end count of ending inventory found that 800 units : turks toy trains began 2008 with 1200 toy trains which cost 9.00 each in its inventory. during the year it made the

Unici company is a retail company that specializes in : unici company is a retail company that specializes in selling outdoor camping equipment. the company is considering

The new machine would permit the company to reduce the : wendells donut shoppe is investigating the purchase of a new 18600 donut-making machine. the new machine would permit

A year end count of ending inventory found that 800 units : turks toy trains began 2008 with 1200 toy trains which cost 9.00 each in its inventory. during the year it made the

The trucks will have a useful life of seven years to raise : the diamond freight company has been offered a seven-year contract to haul munitions for the government. because this

User Account

All Pages