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nataly862011 [7]
2 years ago
15

Sheridan Company has the following inventory data: July 1 Beginning inventory 36 units at $19 $684 7 Purchases 126 units at $20

2520 22 Purchases 18 units at $22 396 $3600 A physical count of merchandise inventory on July 30 reveals that there are 60 units on hand. Using the LIFO inventory method, the amount allocated to cost of goods sold for July is
Business
1 answer:
Alexeev081 [22]2 years ago
7 0

Answer:

$2436

Explanation:

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

total goods sold = (total inventory purchased + beginning inventory) - 60

(36 + 126 + 18) - 60

180 - 60

= 120

the 120 units sold would be taken from the inventory purchased on the 22nd and 7

(18 x 22) + [(120 - 18) x 20]

396 + 2040 = 2436

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loss at extinguishment 8,122.50 dollars

Explanation:

we should compare the amount we pay for the bonds and the book value of the bonds:

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*We are given with the value at January 1st we must adjust for the value at july 1st using effective-rate method

970,500 x 11%/2 = 53,377.5 interest expense

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3 years ago
Suppose a monopsonist hires its second worker and this hiring has a marginal factor cost of $75 per day. if the market wage is n
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5 0
3 years ago
Historical Art is a new business. During its first year of operations, credit sales were $50,000 and collections from credit sal
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