Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. 52. a company had the following purchases and sale

52. A company had the following purchases and sales during its first year of operations:...

80.2K

Verified Solution

Question

Accounting

52. A company had the following purchases and sales during its first year of operations:

Purchases Sales
January: 23 units at $205 17 units
February: 33 units at $210 17 units
May: 28 units at $215 21 units
September: 25 units at $220 20 units
November: 23 units at $225 25 units

On December 31, there were 32 units remaining in ending inventory. Using the Perpetual LIFO inventory valuation method, what is the cost of the ending inventory? (Assume all sales were made on the last day of the month.)

54. Salmone Company reported the following purchases and sales of its only product. Salmone uses a periodic inventory system. Determine the cost assigned to the ending inventory using FIFO.

Date Activities Units Acquired at Cost Units Sold at Retail
May 1 Beginning Inventory 260 units @ $11
5 Purchase 275 units @ $13
10 Sales 195 units @ $21
15 Purchase 155 units @ $14
24 Sales 145 units @ $22

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Design a differential amplifier using three 2N3904 transistors. Use the third transistor as acurrent source device....

Electrical Engineering
Q

Business The annual average natural gas price (in dollars per million BTUs) can be approximated by the...

Basic Math
Q

4. Spartan Inc. (a US based MNC) is planning to open a subsidiary in Switzerland to...

Accounting
Q

A plane flies 1 3 hours at 150 mph on a bearing of 40 It...

Geometry
Q

4 1 2 2 X

Geometry
Q

Give the reference angle for the following angle 285 Give just the number without the...

Basic Math
Q

27 f u 2 u 3 du 29 31 4 2 x x w 2...

Calculus
Q

Graph Label identify at least four points with integer coordinates on the graph 19 f...

Algebra
Q

The following information is available for Trinkle Company for the month of June: 1. The...

Accounting
Q

2. The company's employees earned wages of $64,000. Withholdings from those wages for taxes were:...

Accounting
Q

On April 1, ABC has an Accounts Receivable balance of $190,000. During the month, credit...

Accounting
Q

Following is the adjusted trial balance, with accounts in alphabetical order, for TRN Magazine as...

Accounting