March 1 Beginning inventory = 29 units @ $5.90 March 3 Purchased 15 units @ 3.70 March 9 Sold 23 units @ 8.90 1)What is the cost of goods sold for Julia & Company assuming it uses LIFO?
March 1 Beginning inventory = 29 units @ $5.90 March 3 Purchased 15 units @ 3.70 March 9 Sold 23 units @ 8.90 1)What is the cost of goods sold for Julia & Company assuming it uses LIFO?
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 62E
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March 1 |
Beginning inventory = 29 units @ $5.90 |
March 3 |
Purchased 15 units @ 3.70 |
March 9 |
Sold 23 units @ 8.90 |
1)What is the cost of goods sold for Julia & Company assuming it uses LIFO?
Date | Transaction | Number of Units |
Unit Cost |
March 1 | Beginning inventory | 930 | 7.22 |
March 10 | Purchase | 550 | 7.64 |
March 16 | Purchase | 760 | 8.14 |
March 23 | Purchase | 580 | 8.54 |
2)Marvin sold 1,900 units of inventory during the month. Cost of goods sold assuming FIFO would be:
3)A company's sales equal $60,000 and cost of goods sold equals $20,000. Its beginning inventory was $1,600 and its ending inventory is $2,400. The company's inventory turnover ratio equals:
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