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nignag [31]
3 years ago
8

Alphabet Company, which uses the periodic inventory method, purchases different letters for resale. Alphabet had no beginning in

ventory. It purchased A thru G in January at $5.50 per letter. In February, it purchased H thru L at $7.50 per letter. It purchased M thru R in March at $8.50 per letter. It sold A, D, E, H, J and N in October. There were no additional purchases or sales during the remainder of the year.
If Alphabet Company uses the FIFO method, what is the cost of its ending inventory?

$24

$42

$58

$76
Business
1 answer:
Mekhanik [1.2K]3 years ago
4 0

Answer:

$94

Explanation:

The computation of the cost of the ending inventory using the FIFO method is shown below:

But before that first we have to determine the ending inventory units which is

= 7 units from A to G + 5 units from H to L + 6 units from M to R

= 18 units

And, 6 units are sold

So, the ending inventory units is 12 units

Now the ending inventory is

From last to beginning

= 6 units × $8.50 + 5 units × $7.50 + 1 units × $5.50

= $51 + $37.5 + 5.50

= $94

This is the answer but the same is not provided in the given options

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Naddika [18.5K]

Answer:

$22,000

Explanation:

Current liabilities are debts that a company must pay within a twelve month period.

This company's current liabilities are:

  • Accounts payable  $15,000
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Total current liabilities = $15,000 + $7,000 = $22,000

Since the note payable is due in 18 months, it is not considered a current liability.  

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3 years ago
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3 years ago
Read 2 more answers
Select all the correct answers
m_a_m_a [10]

D and E are be the correct answers

4 0
3 years ago
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A​ firm's database showed that the average value of all inventory items for the year was​ $7,650. the cost of goods sold was rep
Rainbow [258]

5 weeks  
There are 52 weeks per year and since the company closes for 2 weeks per year, that means that the company does business for 50 weeks each year. During that year, the company sold goods that cost $76,500. And the average inventory was $7,650 which is $7,650 / $76,500 = 0.10 = 10% of the goods sold for the entire year. So the average inventory could allow the company to work for 10% of the year. And 10% of 50 is 5. Therefore the company had 5 weeks of supply on average in inventory.
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3 years ago
At the beginning of 2021, Terra Lumber Company purchased a timber tract from Boise Cantor for $2,950,000. After the timber is cl
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Answer:

depletion of the timber tract = $228,000 and

depreciation of the logging roads = $22,800

Explanation:

Timber tract

Depletion rate = (Cost - Residual Value) ÷ Estimated units

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                        = $0.40

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Depreciation rate  = (Cost - Residual Value) ÷ Estimated units

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Depreciation expense = Units used x Depreciation rate

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