Norris Co. purchase and sales data is as follows: Units Cost per UnitAug.1Inventory 50 $25 7Sale 38 18Purchase 25 $30 24Sale ? 29Purchase 60 $32The August 24th sale is provided as a slider to vary the quantity sold as follows: 4.If 30 units are sold on August 24th under LIFO, what is the total cost of this sale? $ _________5.If 20 units are sold on August 24th under FIFO, what is the total cost of this sale? $ ____________6.The Cost of Merchandise Sold under FIFO is the Cost of Merchandise Sold under LIFO for all of the unit amounts on the first slider_______(GREATER THAN/LESS THAN/EQUAL TO).7.The Merchandise Inventory under FIFO is the Merchandise Inventory under LIFO for all of the unit amounts on the first slider_______(GREATER/LESS/EQUAL).8.The sum of Cost of Merchandise Sold and Merchandise Inventory for FIFO is ______(GREATER/LESS/EQUAL) the sum of Cost of Merchandise Sold and Merchandise Inventory under LIFO for all of the unit amounts on the first slider.THANK YOU

Answered: 4. If 30 units are sold on August 24th…

Name: Norris Co. purchase and sales data is as follows: Units Cost per Un
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Description: Norris Co. purchase and sales data is as follows: Units Cost per UnitAug.1Inventory 50 $25 7Sale 38 18Purchase 25 $30 24Sale ? 29Purchase 60 $32The August 24th sale is provided as a slider to vary the quantity sold as follows: 4.If 30 units ar

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Cost per Unit

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter20: Accounting For Inventory

Section: Chapter Questions

Problem 1MP

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Norris Co. purchase and sales data is as follows:

The August 24^th sale is provided as a slider to vary the quantity sold as follows:

4.	If 30 units are sold on August 24th under LIFO, what is the total cost of this sale?
	$ _________

5.	If 20 units are sold on August 24th under FIFO, what is the total cost of this sale?
	$ ____________

6.	The Cost of Merchandise Sold under FIFO is the Cost of Merchandise Sold under LIFO for all of the unit amounts on the first slider_______(GREATER THAN/LESS THAN/EQUAL TO).

7.	The Merchandise Inventory under FIFO is the Merchandise Inventory under LIFO for all of the unit amounts on the first slider_______(GREATER/LESS/EQUAL).

8.	The sum of Cost of Merchandise Sold and Merchandise Inventory for FIFO is ______(GREATER/LESS/EQUAL) the sum of Cost of Merchandise Sold and Merchandise Inventory under LIFO for all of the unit amounts on the first slider.

THANK YOU

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