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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
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Ryan attends a seminar on environmental conservation, and afterward decides to contribute to the conservation of the environment
Nostrana [21]

Answer: 1) Planting trees around him 2) Using bio and solar powered appliances

Explanation:

They are many ways to conserve the environment. Conserving the environment helps the earth and nature to grow better. Amongst all Ryan would have learnt from the training, here are some things he would do when he's back;

- Planting of trees; this helps preserve and purify the air around, reducing cabon monoxide as the plant takes it in, then gives oxygen.

- Use bio and solar powered appliances; fuel(petrol) has had a long run in the industry for energy, although it has it's advantages but it's disadvantages is more as it's the major contributor to the depreciation of the environment based on lots of toxic element it emits to the society

6 0
2 years ago
On April 12, Hong Company agrees to accept a 60-day, 10%, $9,000 note from Indigo Company to extend the due date on an overdue a
emmainna [20.7K]

Answer:

The journal entry to be recorded for the payment of the note on date of maturity is shown below:

Explanation:

The journal entry to be recorded for the payment of the note on date of maturity is as follows:

Notes Payable A/c..........................Dr  $9,000

Interest expense A/c......................Dr  $148

            Cash A/c..........................................Cr  $9,148

Being payment of the note payable is reported on the maturity date

As on the day of the payment, the cash is going out of the business which means assets is decreasing and any decrease in assets is credited. Therefore, the cash account is credited. And the notes payable is paid so the notes payable account is debited and interest expense account will also be debited.

Working Note:

Interest expense = $9,000 × 10%  × 60/ 365

Interest expense = $148

3 0
3 years ago
You want to buy some used textbooks from an online auction but you see they don't accept credit cards. You don't want to send th
Nataly [62]

Answer:

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Dmitrij [34]

Answer:

$19,462

Explanation:

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= $19,462

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3 years ago
Which examples demonstrate common Therapeutic Services workplaces and employers? Check all that apply. Reiko owns and operates h
AleksAgata [21]

Any career in the therapeutic services pathway is someone that is working hands on with a patient and is working to improve the overall health status of the patient.

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