What is the Cost of Goods Sold for each sale under LIFO

Assignment Help Financial Accounting

Reference no: EM131292138

A company made the following merchandise purchases and sales during the current month:

July 1 purchased 380 units at $15 each

July 5 purchased 270 units at $20 each

July 9 sold 500 units at $55 each

July 14 purchased 300 units at $24 each

July 20 sold 250 units at $55 each

July 30 purchased 250 units at $30 each

There was no beginning inventory. If the company uses the FIFO (first-in, first-out) perpetual inventory system, what would be the cost of the ending inventory? What is the Cost of Goods Sold for each sale? What is the Cost of Goods Sold for each sale under LIFO?

Reference no: EM131292138

Questions Cloud

Taxable income for each partner : B contributed land with a basis of $100 and a fair market value of $150. C contributed $150 cash. B and C share profit and loss equally. The partnership sold the land for $130. Assume the partnership had $60 in other income (in addition to the gain o..

Make economic sense to make the process line changes : A manufacturer is considering changing its process in order to reduce pollution emissions. Production will remain the same. The current process has an annual operating cost of $850,000 and an annual waste disposal cost of $150,000. Based on the prese..

Small company with three people working in revenue process : Fluffy Dogs Inc., is a small company with three people working in the revenue processes. One employee, Brenda, works as the Supervisor. Sally and Tyler report to Brenda. For each of the three employees consider the duties you would assign to each emp..

Calculate the lower-of-cost-or-market : A company reported the following data related to its ending inventory: Calculate the lower-of-cost-or-market on the: (a) Inventory as a whole and (b) inventory applied separately to each product.

What is the Cost of Goods Sold for each sale under LIFO : A company made the following merchandise purchases and sales during the current month: There was no beginning inventory. If the company uses the FIFO (first-in, first-out) perpetual inventory system, what would be the cost of the ending inventory? Wh..

Prepare the required journal entries-transactions : Maia's Bike Shop uses the perpetual inventory system and had the following transactions: Prepare the required journal entries that Maia's Bike Shop must make to record these transactions.

Use the degree of total leverage : Breakeven point and all forms of leverage..... question e. Use the degree of total leverage (DTL) concept to determine the effect (in percentage terms) on a 50% increase inTOR's sales feom the $750,000 base level on its earnings per share.

Consider manufacturing company in an environmnet : Consider a manufacturing company in an environmnet in which the overall business conditions are declining. What are the major risks associated with the inventory account balance? Explain how those risks would affect the auditor's approach to auditing..

Potential inventory obsolescence or receivables problems : What background information might be useful to the auditor in planning the audit to assist in determining whether the client has potential inventory obsolescence or receivables problems? Identify the various sources the auditor would utilize to devel..

User Account

All Pages