Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. help me calculating the ones that i got wrong and

Help me calculating the ones that i got wrong and explain me how you got...

70.2K

Verified Solution

Question

Accounting

Help me calculating the ones that i got wrong and explain me how you got the result
Salt and Mineral (SAM) began 2024 with 360 units of its one product. These units were purchased near the end of 2023 for $25 each. During the month of January, 180 units were purchased on January 8 for $28 each and another 360 units were purchased on January 19 for $30 each. Sales of 140 units and 260 units were made on January 10 and January 25, respectively. There were 500 units on hand at the end of the month. SAM uses a periodic inventory system.
Required:
Calculate ending inventory and cost of goods sold for January using FIFO.
image

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

Which congruence shortcut proves that the two triangles are congruent Angle side angle Side angle...

Geometry
Q

For the following question, please explain specifically what it is you're doing for each step/where your...

Chemistry
Q

Does population genetics recent discoveries reshape our ideas of race? And does this show that race...

Biology
Q

Your friend keeps telling you that fatty acids are broken down to sugar in the body...

Medical Sciences
Q

The property appraisal district for Marin County has just installed new software to track residential market...

Economics
Q

The bonds between nucleotides on the same strand is Olonic Hydorgen O Van der waal...

Biology
Q

a 30 b 60 c 45 d 90 26 A horizontal oriented tube AB of...

Physics
Q

In the diagram below we have C T 76 and CTB 42 C A S...

Basic Math
Q

Evaluate the integral 6 1 6 t t dt

Calculus
Q

Tina's initial investment on Project A is P100,000. Its estimated useful life is 20 years....

Accounting
Q

Jacobsen Corporation prepares its financial statements applying U.S. GAAP. During its 2016 fiscal year, the...

Accounting
Q

The following is a probability distribution for returns on two securities A and M: ...

Finance