A company's inventory records report the following in November of the current year: Date Activities November 1 Beginning inventory November 2 Purchase November 8 Sales Purchase Units Acquired at Cost 5 units @ $28 = $140 10 units @ $30 = $300 Units Sold at Retail 12 units @ $62 6 units @ $33 = $198 November 12 Using the LIFO perpetual inventory method, what was the amount recorded in the cost of goods sold account for the 12 units sold? Multiple Choice $378 $244 $334 $280

A company's inventory records report the following in November of the current year: Date Activities November 1 Beginning inventory November 2 Purchase November 8 Sales Purchase Units Acquired at Cost 5 units @ $28 = $140 10 units @ $30 = $300 Units Sold at Retail 12 units @ $62 6 units @ $33 = $198 November 12 Using the LIFO perpetual inventory method, what was the amount recorded in the cost of goods sold account for the 12 units sold? Multiple Choice $378 $244 $334 $280

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 11RE: Jessie Stores uses the periodic system of calculating inventory. The following information is...

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On January 1 of Year 1, Dorso Company adopted the dollar-value LIFO method of inventory costing. Dorsos December 31 ending inventory records are as follows: Year 1: Current cost, 20,000; Index, 100 Year 2: Current cost, 33,600; Index, 120 Using the dollar-value LIFO method, compute Dorsos December 31 ending inventory for Year 2.
Hurst Companys beginning inventory and purchases during the fiscal year ended December 31, 20-2, were as follows: There are 1,200 units of inventory on hand on December 31, 20-2. REQUIRED 1. Calculate the total amount to be assigned to the cost of goods sold for 20-2 and ending inventory on December 31 under each of the following periodic inventory methods: (a) FIFO (b) LIFO (c) Weighted-average (round calculations to two decimal places) 2. Assume that the market price per unit (cost to replace) of Hursts inventory on December 31 was 18. Calculate the total amount to be assigned to the ending inventory on December 31 under each of the following methods: (a) FIFO lower-of-cost-or-market (b) Weighted-average lower-of-cost-or-market 3. In addition to taking a physical inventory on December 31, Hurst decides to estimate the ending inventory and cost of goods sold. During the fiscal year ended December 31, 20-2, net sales of 100,000 were made at a normal gross profit rate of 35%. Use the gross profit method to estimate the cost of goods sold for the fiscal year ended December 31 and the inventory on December 31.
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