1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
babunello [35]
3 years ago
6

Beech Soda, Inc. uses a perpetual inventory system. The company's beginning inventory of a particular product and its purchases

during the month of January were as follows:
Quantity Unit Cost Total Cost
Beginning inventory (Jan. 1) 17 8 136
Purchase (Jan. 11) 9 14 126
Purchase (Jan. 20) 20 16 320
Total 46 582

On January 14, Beech Soda, Inc. sold 22 units of this product. The other 24 units remained in inventory at January 31. Assuming that Beech Soda uses the LIFO cost flow assumption, the cost of goods sold to be recorded at January 14 is:__________
Business
2 answers:
bagirrra123 [75]3 years ago
8 0

Answer:

the cost of goods sold to be recorded at January 14 is: $230 .

Explanation:

LIFO (Last in First out) method, assumes that the last goods purchased are the <em>first ones</em> to be issued to the final customer.

This means that valuation of inventory will begin using the value of the <em>earliest</em> goods purchased.

The Cost of goods sold is calculated as follows :

Cost of goods sold : 9 units × $14 = $126

                                  13 units × $8 = $104

                                  Total              = $230

kenny6666 [7]3 years ago
7 0

Answer:

$230

Explanation:

                                             Quantity          Unit Cost           Total Cost

Beginning inventory (Jan. 1)      17                   $8                    $136        

Purchase (Jan. 11)                       9                   $14                    $126

Purchase (Jan. 20)                    20                  $16                   $320

Total                                           46                                           $582

sales:

January 14, 22 units sold

cost of goods sold under LIFO = (9 x $14) + (13 x $8) = $126 + $104 = $230

cost of goods sold under FIFO = (5 x $14) + (17 x $8) = $70 + $136 = $206

cost of goods sold under average cost = ($262 / 26) x 22 = $221.69

You might be interested in
What is the largest item on which the federal government spends the money it raises?
strojnjashka [21]
Answer: social security
8 0
3 years ago
Read 2 more answers
A mortgage is a legal agreement between a borrower and a
djyliett [7]
Lender
which is usually the bank
7 0
2 years ago
Read 2 more answers
g The scheduling and front desk experience impact how clients rate us on their Intent to Return. True False
const2013 [10]

Answer:

true.....................

5 0
2 years ago
Should scalpers go get a d*mn life and get a real job instead of sitting inside their homes and skipping showers 5 times a week
Sindrei [870]

Answer:

I-  that was deep

Explanation:

4 0
3 years ago
A company had the following purchases during the current year: January: 19 units at $129 February: 29 units at $139 May: 24 unit
ycow [4]

Answer: A - $8,046

Explanation: Inventory valuation using the specific identification method is a method used in getting the actual stock cost at their specific purchase price at a specified time during the year.

Jan - 11 units @129 =1,419

Feb - 13 units @139 = 1,807

May - 6 units @149 = 894

Sept - 13 units @159= 2,067

Nov - 11 units @ 169= 1,859

Total = $8,046

4 0
3 years ago
Other questions:
  • The tools, skills, organization, and knowledge used to extract energy from nature are the
    8·1 answer
  • What do you hope to achieve from your college plans?
    11·2 answers
  • Doctors have been looking for a cure for which disease since 1981?
    5·1 answer
  • What are the disadvantages of choosing the lease? Check all that apply.
    14·2 answers
  • A customer tells his broker "Sell my position in ABCD (a NASDAQ stock) and use the proceeds to buy EFGH (another NASDAQ stock)."
    8·1 answer
  • A company had average total assets of $955,000. Its gross sales were $1,108,000 and its net sales were $940,000. The company's t
    10·1 answer
  • Recent financial statement data for Harmony Health Foods (HHF) Inc. is shown below.
    12·1 answer
  • tone Company produces carrying cases for CDs. It has compiled the following information for the month of June: Physical UnitsPer
    9·1 answer
  • Ill give Brainliest to the one that awnsers
    15·1 answer
  • What will a bank do in order to ensure you are responsible?
    6·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!