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noname [10]
3 years ago
13

A company reports the following beginning inventory and purchases for the month of January. On January 26, the company sells 350

units. 150 units remain in ending inventory at January 31. Units Unit Cost Beginning inventory on January 1 320 3.00 Purchase on January 9 80 3.20 Purchase on January 25 100 3.34Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on LIFO.
Business
1 answer:
Triss [41]3 years ago
6 0

Answer:

Ending inventory= $494

Explanation:

Giving the following information:

On January 26, the company sells 350 units. 150 units remain in ending inventory on January 31.

January 1: 320 units for $3.00

January 9: 80 units for $3.20

January 25: 100 units for $3.34

Ending inventory= 100*3.34 + 50*3.2= $494

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Learn more about social responsibility:

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4 0
3 years ago
Horizontal analysis of comparative financial statements includes a. calculation of liquidity ratios. b. development of common-si
Allushta [10]

Answer:

D is the correct option.

Explanation:

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3 0
3 years ago
Programs designed to help only those with low incomes are called
enyata [817]

Answer: Public assistance programs

Explanation: Public assistance programs also known as government welfare programs are designed to help the poor whose income falls below a certain level. These programs are designed to help these poor individuals to meet their basic requirements of life. The primary focus of these programs is to provide assistance to the children, disabled or the aged who are not responsible for their own poverty. People who are able to work are not eligible for these programs.

7 0
3 years ago
At July 31, Oriole Company has this bank information: cash balance per bank $8,085, outstanding checks $755, deposits in transit
lions [1.4K]

Answer:

The adjusted cash balance per bank at July 31 is <u>$8,720</u>

Explanation:

Adjusted cash balance is the cash balance calculated after required adjustments in the balance as per bank or balance as per record of the entity having that bank account.

Accroding to the bank reconciliation statement

  • The outstanding checks are deducted from the cash balance as per bank because these are the check issued but not be presented in the bank until the end of a period.
  • On the other hand, the deposit in transit is the cash that is to be received but this balance is in the clearing process of the check.
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Adjusted Balance can be calculated as follow

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Less: Outstanding Checks ______________ $755

Add: Deposit in transit _________________ <u>$1,390</u>

Adjusted Cash balance ________________ <u>$8,720</u>

8 0
3 years ago
The career you pick in middle or high school is the one you will stick with your whole life.
frez [133]

Answer: B. False

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8 0
2 years ago
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