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vazorg [7]
2 years ago
13

West Co. recorded the following inventory information during the month of February:

Business
1 answer:
Masteriza [31]2 years ago
6 0

The correct option is C. The valuation of the cost of goods sold which is recorded in its book as $5,900 and stock available for sale is $3,900  under the FIFO method.

<h3>Why is the FIFO method used for Inventory Valuation?</h3>

FIFO will enable you to claim a higher average cost-per-piece on newer inventory, which can help you save money on taxes if your inventory costs are declining over time. Because it assumes that older products are no longer in use, FIFO does not necessitate as much documentation as LIFO.

Calculation Cost of Goods Sold (COGS) under FIFO Method:

COGS = 800 x 2 + 700 x 3 + 300 x 3 + 1300 x 1 =

COGS = $5,900

The calculation for Stock available for Sale:

Stock available for Sale = 700 x 1 + 800 x 4

Stock available for Sale = $3,900

Thus, the Cost of Goods Sold is $5,900, and the stock available for sale is $3,900  under the FIFO method.

Learn more about FIFO here:

brainly.com/question/17924678

#SPJ1

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Under north Carolina's laws, the developer must refund the buyer's money within a 30 day period since the purchase date. North Carolina law also sets a deadline of 5 calendar days to cancel a timeshare contract, so this buyer barely made it on time. A buyer cannot waive his right to cancellation, even if the option is not included in the contract.

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Explain why a city council meeting to discuss hiring more city employees must be open to the public, while a meeting to discuss
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Kaplan Manufacturing Corporation purchased 2,500 shares of its own previously issued $10 par common stock for $57,500. As a resu
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Answer:

b. Kaplan's total stockholders' equity decreased $57,500

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