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
Karolina [17]
3 years ago
15

Determine the cost of merchandise sold for the transaction on October 8 using the perpetual inventory system and the LIFO method

. Date Item Units Cost Total Beginning inventory 5 $10 $50 October 4 Purchase 8 12 96 October 8 Sale 6 October 20 Purchase 15 14 210 October 25 Sale 12
a.$96
b.$72
c.$210
d.$62
Business
1 answer:
Ira Lisetskai [31]3 years ago
7 0

Answer:

b.$72

Explanation:

The computation of the cost of merchandise sold using the LIFO method for October 8 is shown below:

Since on October 8, the 6 units are sold

So under the LIFO method, the 6 units rate is taken from the October 6 i.e $12

So, the cost of merchandise sold is

= 6 units × $12

= $72

All the other information which is mentioned in the question is not relevant. hence, ignored it

You might be interested in
A rightward shift of the supply of loans curve would
Minchanka [31]

C. increase in the interest rate

3 0
2 years ago
An organizational chart of a company shows vice presidents with responsibility for key areas such as design, manufacturing, sale
Romashka-Z-Leto [24]

Answer: Functional

Explanation: The functional structure of an organisational chart places people with similar skills who perform similar activities in a group under a common manager who answers to an executive a level up in the hierarchy who may oversee multiple departments. Therefore, an organizational chart of a company showing vice presidents with responsibility for key areas such as design, manufacturing, sales, marketing, and after-sales support would reflect a functional structure.

An advantage of the functional structure is that employees are allowed to focus their collective energies on executing their roles as a department but sometimes they might develop tunnel vision (seeing the company solely through the lens of the employee’s job function) and often at times there is a lack of inter-departmental communication.

6 0
3 years ago
The lifo cost flow assumption assumes that the cost of items purchased ______ are the costs that will be transferred first to co
kkurt [141]
Answer:
-Latest
-Income Statement
3 0
2 years ago
What is outstanding credit card debt?​
joja [24]

Well, outstanding debt is debt you owe to a creditor or multiple creditors. Outstanding debt can be on a credit card, loan or student loan. ... If the amount you owe is close to your credit limit that is likely to have a negative effect on your score.

6 0
3 years ago
On February 15, Jewel Company buys 7,300 shares of Marcelo Corp. common stock at $28.56 per share plus a brokerage fee of $400.
andriy [413]

Answer:

A. Debit Cash $8,614; credit Dividend Revenue $8,614.

Explanation:

The journal entry for recording the dividend as on April 15 is shown below:

On April 15

Cash Dr (7,300 shares × $1.18 per share) $8,614

       To Dividend revenue $8,614

(Being the dividend is recorded)

For recording this here we debited the cash as it increased the assets and credited the dividend revenue as the revenue is also increased

Therefore the correct option is A.

4 0
3 years ago
Other questions:
  • A new hospital needs a computer that can support hundreds of users. What classification of computer does the hospital need?
    15·1 answer
  • Pennewell Publishing Inc. (PP) is a zero growth company. It currently has zero debt and its earnings before interest and taxes (
    8·1 answer
  • A government budget surplus from reduced government spending​ (no change in net​ taxes) will​ ________ the level of investment i
    5·2 answers
  • Determine the total cost for this plan given the following forecast:
    13·1 answer
  • 3.A lockbox plan is most beneficial to firms that a. have widely dispersed manufacturing facilities. b. have a large marketable
    14·2 answers
  • As a certified public accountant, you have been contacted by Joe Davidson, CEO of Sports Pro Athletics, Inc., a manufacturer of
    6·1 answer
  • Universal Foods issued 10% bonds, dated January 1, with a face amount of $150 million on January 1, 2016. The bonds mature on De
    6·1 answer
  • Journalize the following sales transactions for Straight Shot Archery using the periodic inventory system. E (Record debits firs
    15·1 answer
  • Some companies require multiple interviews as part of their hiring processes.<br> True<br> False
    5·1 answer
  • A person making application, for themselves or another, to be insured under an insurance policy is called the:
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!