A company had inventory on November 1 of 13 units at a cost of$17 each. On November 2, they purchased 18 units at $18 each. OnNovember 6, they purchased 14 units at $20 each. On November 8, 16units were sold for $29 each. Using the LIFO perpetual inventorymethod, what was the value of the inventory on November 8 after thesale?
$543
$522
$524
$493
$509
A company had inventory on November 1 of 13 units at a cost of$17 each. On November 2, they purchased 18 units at $18 each. OnNovember 6, they purchased 14 units at $20 each. On November 8, 16units were sold for $29 each. Using the LIFO perpetual inventorymethod, what was the value of the inventory on November 8 after thesale? |
$543
$522
$524
$493
$509
For unlimited access to Homework Help, a Homework+ subscription is required.
Related questions
1. | A company had inventory on November 1 of 5 units at a cost of$20each. On November 2, they purchased 10 units at $22 each.OnNovember 6 they purchased 6 units at $25 each. On November 8,8units were sold for $55 each. Using the LIFO perpetualinventorymethod, what was the value of the inventory on November 8after thesale? |
A) $304 B) $296 C) $288 D) $280 E) $276
2. | Acme-Jones Corporation uses a weighted-averageperpetualinventory system. August 2, 10 units were purchased at $12 per unit. August 18, 15 units were purchased at $14 per unit. August 29, 12 units were sold. What was the amount of the cost of goods sold for this sale? | |
A) | $148.00. | |
B) | $150.50. | |
C) | $158.40. | |
D) | $210.00. | |
E) | $330.00. |
3. | A company has inventory of 10 units at a cost of $10 each onJune1. On June 3, they purchased 20 units at $12 each. 12 unitsare soldon June 5. Using the FIFO perpetual inventory method, whatis thecost of the 12 units that were sold? |
A) $120. B) $124. C) $128. D) $130. E) $140.
4. | Acme-Jones Company uses a weighted-average perpetualinventorysystem. August 2, 10 units were purchased at $12 per unit. August 18, 15 units were purchased at $15 per unit. August 29, 20 units were sold. August 31, 14 units were purchased at $16 per unit. What is the per-unit value of ending inventory on August 31? | |
A) | $12.00. | |
B) | $13.80. | |
C) | $15.42. | |
D) | $16.00. | |
E) | $17.74. |
Eight Company reported 1,500 units of inventory at a total cost of $15,000 as of November 1, 2018. The following transactions occurred during the month.
November 14: The company purchased 2,000 units of merchandise on account for $22,000 with terms 2/10, n30. The goods were shipped f.o.b. destination and arrived at the company's warehouse on November 18. The company paid $500 cash to a third party carrier for freight.
November 18: The company received the inventory purchased on November 14.
November 19: The company returned 300 units of merchandise purchased on November 14 for credit.
November 20: The company sold 1,400 units of merchandise on account for $28,000 with terms 2/10, n30. The goods shipped f.o.b. shipping point and arrived at the customer's warehouse on November 24.
November 22: The company paid for the merchandise purchased on November 14.
November 24: The customer confirmed receipt of the merchandise shipped on November 20.
Assume that Eight Company uses the periodic method and last-in, first-out (LIFO) cost flow assumption to account for inventory, the gross method to account for purchase discounts, and the gross method to account for sales discounts.
The journal entry on November 19 would include which of the following?
A debit to accounts payable for $3,324 |
A debit to accounts payable for $3,300 |
A credit to inventory for $3,300 |
A credit to purchases for $3,300 |