Look on jiskha you will find your answer I promise
A. Their own, their own
Is the answer
#8 is C. Unfortunately I do not know #9.
Answer:
$94
Explanation:
The computation of the cost of the ending inventory using the FIFO method is shown below:
But before that first we have to determine the ending inventory units which is
= 7 units from A to G + 5 units from H to L + 6 units from M to R
= 18 units
And, 6 units are sold
So, the ending inventory units is 12 units
Now the ending inventory is
From last to beginning
= 6 units × $8.50 + 5 units × $7.50 + 1 units × $5.50
= $51 + $37.5 + 5.50
= $94
This is the answer but the same is not provided in the given options
Answer: $23,200 as total current asset for the period
Explanation:
Note Receivable has a value $16,000
Interest on Note = 5%
Accrued for 9 months
Yearly Interest accrued = 16,000*5%*12= 9,600
Interest for 9 months = 9600/12*9 = 7,200
Balance sheet Extract
Other Income
Int Accrued on Note Receivable $7,200
Current Asset
Note Receivable $16,000
Int Accrued on Note Receivable $7,200
Total Current Asset $23,200
