Reference no: EM132855872
Questions -
Q1) Wildhorses has the following inventory data:
Nov. 1 Inventory 32 units @ $6.50
11/8 Purchase 130 units @ $6.95
11/17 Purchase 65 units @ $6.80
11/ 25 Purchase 97 units @ $7.10
A physical count of merchandise inventory on November 30 reveals that there are 108 units on hand. What is Cost of goods sold under LIFO?
Q2) Marigold Corp. sells merchandise on account for $6200 to Blossom Company with credit terms of 2/15, n/30. Blossom Company returns $2100 of merchandise that was damaged, along with a check to settle the account within the discount period. What will be the amount of the check?
Q3) Swifty's Market recorded the following events involving a recent purchase of inventory:
Received goods for $118000, terms 2/8, n/30.
Returned $2300 of the shipment for credit.
Paid $300 freight on the shipment.
Paid the invoice within the discount period.
As a result of these events, what will be the company's inventory?
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