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
Lesechka [4]
3 years ago
15

Use the information below to answer the following question. The following lots of a particular commodity were available for sale

during the year: Beginning inventory 5 units at $61 First purchase 15 units at $63 Second purchase 10 units at $74 Third purchase 10 units at $77 The firm uses the periodic system, and there are 20 units of the commodity on hand at the end of the year. What is the amount of cost of merchandise sold for the year according to the LIFO method?
Business
1 answer:
Andreas93 [3]3 years ago
8 0

Answer:

$1,510

Explanation:

LIFO means last in first out. It means that it is the last purchased inventory that is the first to be sold.

The business had a total of 40 inventories.

The inventories sold = 40 - 20 = 20

The cost of the goods sold would first be alloted to the 3rd purchased inventory = 10 x $77 = $770

The remaining cost of goods sold would be allocated to the 2nd purchase of inventory = 10 x $74 = $740

Total = $740 + $770 = $1,510

I hope my answer helps you

You might be interested in
The Google My Business messaging tool allows customers to reach business owners through what type of communication?
serg [7]

Answer:

Text Messaging

Explanation:

Business messaging tools are widely use for individuals to create communication with the other individuals or organisations

Use of messaging for industry helps everyone to connect in plain text with other individuals, unlike most of the result of internet communications that you have to delay for until the communication is retrieved from the recipient's server.

3 0
3 years ago
Studies of new product launches indicate that about __________ percent of the products fail.
mamaluj [8]
<span>Past studies have found that new products fail in the market around 35-40 percent of the time. Here are some remarkable examples:

</span><span>Iridium Satellite Telephone - -$7 bil
Mobile ESPN - $150 mil
Apple Newton PDA - -$400 mil
RJR Premiere Cigarette - -$325 mil and an additional loss of $125 mil
RCA Videodisk Player - -$450 mil</span>
5 0
3 years ago
Which best explains how the law of demand affects consumers?
yuradex [85]
It helps tell producers when a price is too high
6 0
3 years ago
What is the SNAP food program governed by the farm bill
nevsk [136]

Answer:

The Supplemental Nutrition Assistance Program (SNAP) helps families, older adults, and individuals pay for groceries. ... SNAP benefits provide food security, stimulate local economies, and support farmers and the agriculture industry through the purchases of Pennsylvania-grown and processed foods.

Explanation:

3 0
2 years ago
If you are in a car accident caused by someone else who also has insurance, which type insurance plan will not require you to pa
Romashka-Z-Leto [24]
A no fault insurance plan
3 0
3 years ago
Read 2 more answers
Other questions:
  • Which of the following is a journal entry to recognize the disposal​ value? A. Manufacturing Overhead Control XXX Workminusinmin
    9·1 answer
  • Which of the following is an example of the benchmarking function of the budgeting​ process? A. The budget outlines a specific c
    7·1 answer
  • Determine the taxable income for a family of four (husband, wife, two children) if their adjusted gross income is $78,236.00 and
    10·2 answers
  • Murphy Inc., which produces a single product, has provided the following data for its most recent month of operation:
    9·1 answer
  • Which of the following statements about market share is true?
    10·1 answer
  • Tom, an experienced salesperson for road construction equipment, has been hired as the sales representative for Caterpillar Trac
    14·1 answer
  • If the supply of solar panels increases, 1. the price and quantity of solar panels increases. 2. the demand for solar panels inc
    9·1 answer
  • It is calculated that the workstation cycle time is 80 seconds. The theoretical minimum number of workstations needed is 4 stati
    6·1 answer
  • Most of the public debt is owed to citizens and domestic institutions. This is one reason that the public debt: 
A. Crowds out p
    8·1 answer
  • When starting a small business, it's important to remember:?
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!