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Alina [70]
3 years ago
8

On December 1, Flint Electronics has three DVD players left in stock. All are identical, all are priced to sell at $77. One of t

he three DVD players left in stock, with serial #1012, was purchased on June 1 at a cost of $47. Another, with serial #1045, was purchased on November 1 for $43. The last player, serial #1056, was purchased on November 30 for $36.
Calculate the cost of goods sold using the FIFO periodic inventory method, assuming that two of the three players were sold by the end of December, Flint Electronics' year-end.
The cost of goods sold using the FIFO ______.
Business
1 answer:
faust18 [17]3 years ago
4 0

Answer: $90

Explanation: closing stock as at November ending is 3, consisting of:

1 DVD bought on 1st June @ $47

1 DVD bought on 1st Nov @ $43

1 DVD bought on 30th Nov @ $36

using FIFO (First in first Out) inventory method, 2 of the DVD was sold as at the end of December.

Cost of goods sold in the month of December is $47 +$43 = $90

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The answer is option A. a. Cash 900,000 Unearned

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Hence, this amount is yet to be earned by the company that it is considered liability on the part of the seller.

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Take note that the unearned subscription revenue is amortized to subscription revenue on a monthly or yearly basis.

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

a. Cash 900,000 Unearned

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4 0
1 year ago
A company purchases a remote building site for computer operations. The building will be suitable for operations after some expe
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True Statements are:

B, C, D

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The cost of capital asset here will include the following,

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Personal-use

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