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3 years ago

Given the following information, determine the cost of goods sold at December 31 using the LIFO periodic inventory method:

Business

1 answer:

Nikolay [14]3 years ago

5 0

Answer:

COGS= $297

Explanation:

Giving the following information:

December 2: 5 units were purchased at $7 per unit.

December 9: 10 units were purchased at $9.40 per unit.

December 11: 12 units were sold at $35 per unit.

December 15: 20 units were purchased at $10.15 per unit.

December 22: 18 units were sold at $35 per unit.

<u>First, we need to calculate the number of units sold:</u>

Number of units sold= 12 + 18= 30

Now, under the LIFO (last-in, first-out) method, the cost of goods sold is calculated using the cost of <u>the lasts units incorporated into inventory</u>:

COGS= 20*10.15 + 10*9.4

COGS= $297

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3 years ago

How is the relationship between unitss in the money system in the u.s. similar to the metric system

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Answer:

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3 years ago

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Answer:

b.fiscal policy became less expansionary

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3 years ago

The Foundational 15 [LO10-1, LO10-2] [The following information applies to the questions displayed below.] Westerville Company r

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3 years ago

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Answer:

9.61%

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Computation for the weighted-average interest rate

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Total $5,396,700 $518,790

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Let plug in the formula

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3 years ago