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alekssr [168]
3 years ago
7

The inventory data for an item for November are: Nov. 1 Inventory 20 units at $19 4 Sale 10 units 10 Purchase 30 units at $20 17

Sale 20 units 30 Purchase 10 units at $21 Using a perpetual system, what is the cost of merchandise sold for November if the company uses FIFO?
Business
1 answer:
kolezko [41]3 years ago
8 0

Answer:

=  $490

Explanation:

<em>Under the </em><em>First-in-First-Out  </em>( FIFO ) <em>method of inventory valuation,  inventories are valued using the price of the earliest batch in stock until the batch is exhausted when the price of the next oldest batch is used and so on.</em>

Date     sale units       Workings                         Value

              10                    10 × $19                              190

               20        (10 × $19)+( 10 × $20)                  390

The cost o he merchandise = $190 + $390

                                             =  $490

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3 years ago
On January 1, a machine with a useful life of five years and a residual value of $5,000 was purchased for $25,000. What is the d
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Answer:

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Explanation:

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4 0
1 year ago
Rex became a partner with a 30% interest in the partnership profits when he invested $200,000. In 2019, the partnership generate
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Answer:

The Rex’s gross income from the partnership in 2019 and 2020 is $1,20,000 and $1,80,000 respectively

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The computation of the gross income for each year is shown below:

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