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Pie
3 years ago
11

Lemon company purchased 100 units for $20 each on January 31. It purchased 200 units for $30 each on February 28. It sold 200 un

its for $50 each from March 1 through December 31. If the company uses the first-in, first-out inventory costing method, what is the amount of Cost of Goods Sold on the income statement for the year ending December 31?
A. ​$6,350.
B. ​$4,350.
C. ​$1,600.
D. ​$4,750.
Business
1 answer:
Natali [406]3 years ago
4 0

Answer:

Find detailed explanations below

Explanation:

Under the first-in-first-out inventory valuation method, the earlier stocks are sold first and the latest stocks remain in inventory.

In essence, the 200 units sold comprise of 100 units purchased on January 31  at $20 each  and 100 units from purchases made on February 28 at $30 each as computed below

Cost of goods sold=(100*$20)+(100*$30)

Cost of goods sold=$5,000(the options are wrong)

The correct question for the options is provided below:

A company purchased 80 units for​ $20 each on January 31. It purchased 190 units for​ $25 each on February 28. It sold 190 units for​ $80 each from March 1 through December 31. If the company uses the​ first-in, first-out inventory costing​ method, what is the amount of Cost of Goods Sold on the income statement for the year ending December​ 31? (Assume that the company uses a perpetual inventory​ system.)

A.

​$6,350

B.

​$4,350

C.

​$1,600

D.

​$4,750

Cost of goods sold=(80*$20)+(110*$25)

Cost of goods sold=$4,350

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<h3>What makes Total Cost?</h3>

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<h3>Components of Total Cost </h3>

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Lewis Company traded machinery with a book value of $950,000 and a fair value of $900,000. It received in exchange from Timmons
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Answer:

Lewis should recognize a gain on the exchane of $13,636

Explanation:

In order to calculate the amount of gain or loss should Lewis recognize on the exchange, first we have to determine the amount of gain with the followig formula:

Gain=Total value of the machine received-Book value of machine exchanged

     =(cash received+fair value of machine received)- $950,000

     =($100,000+$1,000,000)-$950,000

     =$ 150,000

Next, In order to calculate the amount of gain or loss should Lewis recognize on the exchange we have to use the following formula:

recognize gain or loss=( <u>      cash received       )</u>× gain

                    cash received+fair value of equipment received

                                   =  (<u>    $ 100,000     </u>)× 150,000

                                  $100,000+$1,000,000

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3 years ago
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2 years ago
Read 2 more answers
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Answer:

Adjusted Balance as per bank statement = $15,095

Adjusted Balance as per book = $15,095

Explanation:

given data

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to find out

What is the adjusted balance on the bank reconciliation

solution

first we get here Adjusted Balance as per bank statement that is express as

Adjusted Balance as per bank statement = Balance per bank + Deposit in transit Outstanding checks     .......................1

put here value

Adjusted Balance as per bank statement = $16,750 + $2,195 - $3,850

Adjusted Balance as per bank statement = $15,095

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Adjusted Balance as per book  will be here as

Adjusted Balance as per book = Balance per company record - Bank Service charges - NSF checks     ......................2

put here value

Adjusted Balance as per book = $16,125 - $80 - $950

so

Adjusted Balance as per book = $15,095

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2 years ago
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