Transactions for the month of July for Shelly's Bookstore were as follows:July(a)1 (balance)822Purchases30600@ $7.3$7.40700 @ $7.60250 @ $7.751,200 @Your answer is correct.Ending inventoryJulyAssume that perpetual inventory records are kept in units and dollarsSales3 350@ $9.512 900@ $9.7525 800@ $10.00Determine the ending inventory value under FIFO method. (Round answer to O decimal places, e.g. 5,275.)5,358 Your answer is correct.Determine the ending inventory value under LIFO method. (Round answer to 0 decimal places, e.g. 5,275.)Ending inventory $(c)eTextbook and Media:Your answer is incorrect.5,243Ending inventory $Attempts: unlimitedDetermine the ending inventory value under moving-average method. (Round Average cost per unit 2 decimal places, e.g. 52.75 andall other values to O decimal places, eg. 5,275.)

The impact of notable cost variations in the cost of inventory items can be mitigated with the use…

Transactions for the month of July for Shelly's Bookstore were as follows: July (a) 1 (balance) 8 22 Purchases 30 600@ $7.3 1,200@ $7.40 700 @ $7.60 250@ $7.75 Assume that perpetual inventory records are kept in units and dollars Your answer is correct. Ending inventory Sales July 3 350@ $9.5 12 900 @ $9.75 25 800@ $10.00 Determine the ending inventory value under FIFO method. (Round answer to O decimal places, e.g. 5,275.) $ 5,358

Transactions for the month of July for Shelly's Bookstore were as follows: July (a) 1 (balance) 8 22 Purchases 30 600@ $7.3 1,200@ $7.40 700 @ $7.60 250@ $7.75 Assume that perpetual inventory records are kept in units and dollars Your answer is correct. Ending inventory Sales July 3 350@ $9.5 12 900 @ $9.75 25 800@ $10.00 Determine the ending inventory value under FIFO method. (Round answer to O decimal places, e.g. 5,275.) $ 5,358

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 6MCQ: Refer to the information for Morgan Inc. above. If Morgan uses a perpetual inventory system, what is...

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Refer to the information for Morgan Inc. above. If Morgan uses a perpetual inventory system, what is the cost of ending inventory under FIFO at April 30? a. $32,500 b. $38,400 c. $63,600 d. $69,500
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