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
Brums [2.3K]
3 years ago
6

The inventory data for an item for November are: Nov. 1 Inventory 20 units at $19 4 Sold 10 units 10 Purchased 30 units at $20 1

7 Sold 20 units 30 Purchased 10 units at $21 Using a perpetual system, what is the cost of the goods sold for November if the company uses LIFO?
Business
2 answers:
QveST [7]3 years ago
8 0

Answer:

Cost of goods sold = <em> $590</em>

Explanation:

<em>Under the last in first out (LIFO), inventories are priced using the price of the lastest batch in stock and then the next second latest batch and so on.</em>

<em>The cost of goods sold would be </em>

Nov 4   -  10 × $19 = $190

Nov 17   -  20 × $20 = $400

<em>Cost of sold =  190 + 400 = </em><em>$590</em>

irga5000 [103]3 years ago
5 0

Answer:

The cost of the goods sold was

4 Nov-Sold 10 units at $19

17 Nov- Sold 20 units at $20

Explanation:

LIFO Perpetual table is attached.  

The table shows purchases, sales and balance of each period.

The cost of the goods sold for November if the company uses LIFO

4 Nov-Sold 10 units at $19

17 Nov- Sold 20 units at $20

Download xlsx
You might be interested in
A large group of fans are upset about the high price of tickets to many events. As a result of their lobbying efforts, a new law
babymother [125]

Answer: Assuming there are a fixed amount of seats in the stadium, all seats are available to be sold, and the price of tickets before the ceiling was at an equilibrium point above $50.

The price ceiling will create a <u>SHORTAGE</u> of tickets, which will be greater if demand is more <u>ELASTIC</u>, and <u>THE SAME NUMBER OF</u> people will attend the events. Group of answer choices

3 0
3 years ago
Read 2 more answers
Donna and Matthew share an office. Donna was balancing her checkbook when she was called
umka21 [38]

Answer:

yess

Explanation:

8 0
2 years ago
Read 2 more answers
When a firm goes bankrupt, shareholders ______. Multiple choice question. can sue for loses cannot recover their risk capital ar
TEA [102]

In a case whereby a firm goes bankrupt, shareholders cannot recover their risk capital.

This is because they have loose alot in the investment.

<h3>What is Bankruptcy?</h3>

Bankruptcy  can be explained as legal process in which an organization that cannot repay debts to creditors may seek relief debts.

Learn more about Bankruptcy at;

brainly.com/question/21283135

4 0
2 years ago
On September 12, Vander Company sold merchandise in the amount of $2,200 to Jepson Company, with credit terms of 2/10, n/30. The
Vlad1618 [11]

Answer and Explanation:

The Journal entry is shown below:-

Cash Dr, 1969.80 (2010 × 98%)

Sales discount Dr, 40.20

            To Account receivable $2,010 ($2,200 - $190)

(Being the entry is recorded)

Here we debited the cash and sales discount as it increased the assets and we credited the accounts receivable as it reduced the assets

3 0
3 years ago
Blue Corporation had the following 2017 income statement. Revenues $102,000 Expenses 65,000 $37,000 In 2017, Blue had the follow
nalin [4]

Answer:

Cash provided by operating activities =$28,700.

Explanation:

Look at attachment for step by step guide.

8 0
3 years ago
Other questions:
  • Why is the digital divide so determined by class?
    15·1 answer
  • One of the roles that a small business manager may emphasize over a counterpart in a large organization is:
    7·1 answer
  • Given the following cost and activity observations for Bounty Company's utilities, use the high-low method to determine Bounty's
    11·1 answer
  • An entrepreneur can best be characterized as someone who
    7·2 answers
  • ___________ replace the typical magnetic strip on a credit or debit card with a microprocessor. smart cards
    7·1 answer
  • On July 4, Cullumber's Restaurant accepts a Visa card for a $1,350 dinner bill. Visa charges a 2% service fee. Prepare the entry
    14·1 answer
  • A small neighborhood comprised of 10 homes has a problem with break-ins and find the local police to be effective. They are cons
    5·1 answer
  • Scientific managment principals are out dated today business managment. comment on​
    10·1 answer
  • Anybody do FLVS? If so do you think its boring that you don't see anybody and you can't interact. :|
    8·1 answer
  • Which of the following are ways in which most neo-Freudian theorists differ from Freud, according to the text
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!