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2 years ago

Abc sold 680 units of inventory during the month. cost of goods sold assuming lifo would be?

Business

1 answer:

Luba_88 [7]2 years ago

5 0

Cost of goods sold assuming LIFO would be $1,653.

It is a technique used to account for stock. under LIFO, the charges of the maximum current merchandise bought are the first to be expensed. LIFO is used best within the governed via the generally usual accounting concepts.

Determine the inventory cost of our oldest stock and multiply that fee with the aid of the quantity of inventory bought, whereas to calculate LIFO decide the fee of your maximum recent stock and multiply it by using the amount of inventory bought.

explanation;

Records for Dunbar Incorporated revealed the following:-

Cost of goods sold = (320 × $2.51) + (360 × $2.36)

Cost of goods sold = $803.2 + $849.6

Cost of goods sold = $1,653

Disclaimer:- your question is incomplete, please see below for complete questions

Beginning inventory 470 $2.36 Apr.

20 Purchase 320 2.51 Dunbar sold 680 units of inventory during the month. Cost of goods sold assuming LIFO would be?

Learn more about inventory here:- brainly.com/question/24868116

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3 years ago

You plan to construct a restaurant on a 20,000 square foot lot

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Answer:

8,000 square foot

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4 years ago

During 2020, Stellar Furniture Company purchases a carload of wicker chairs. The manufacturer sells the chairs to Stellar for a

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Answer:

What is the amount of gross profit realized during 2020?

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What is the amount of inventory of unsold straight chairs on December 31, 2020?

[(920 - 460) x $56.70] + [(690 - 230) x $50.40] + [(1,610 - 276) x $31.50] = $26,082 + $23,184 + $42,021 = $91,287

Explanation:

lump sum cost of chairs = $137,655

Type Chairs Selling Price Each Total

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total 3,220 $218,500

if we allocate costs based on resale, then each chair should cost:

Lounge chairs $90 x ($137,655 / $218,500) = $56.70

Armchairs $80 x ($137,655 / $218,500) = $50.40

Straight chairs $50 x ($137,655 / $218,500) = $31.50

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3 years ago

Hi-Test Company uses the weighted-average method of process costing to assign production costs to its products. Information for

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Answer and Explanation:

The computation of given question is shown below:-

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Weighted-average method

Equivalent units

Particulars Physical units Material Conversion costs

Units to be accounted for

Beginning work-in-progress 2,000

Production started 28,000

Total units 30,000

Units accounted for:

1. Completed and transferred

out 23,000 23,000 23,000

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2. Total units 30,000 30,000 25,800

Materials Conversion costs Total costs

Costs to account for:

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($25,600 + $30,720)

Costs added during

period $375,000 $341,000 $716,000

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Total equivalent unit

of production $30,000 $25,800

3. Cost per equivalent unit $14.00 $15.40

Cost accounted for

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