Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. montana great outdoors had the following inventory

Montana Great Outdoors had the following inventory in fiscal 2012. The company uses the FIFO...

70.2K

Verified Solution

Question

Accounting

Montana Great Outdoors had the following inventory in fiscal 2012. The company uses the FIFO method of accounting for inventory.

Beginning inventory, August 1, 2011: 140 units at $19.50.

Purchase 300 units at $19.00

Purchase 50 units at $20

Purchase 120 units at $20.30

Ending inventory, July 31, 2012, 130 units

The companies cost of goods sold for fiscal 2012 is:

a. $9,230

b. $2,636

c. $9,331

d. $11,866

e. None of the above

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: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Consider ABC, where a = 4, c= 8, andWhat are the measures of the missing...

Calculus
Q

38. Shortly after fertilization has occurred, the ovum undergoes a number of mitotic divisions that transforms it...

Medical Sciences
Q

Are protozoans presenting contractile vacuoles (also called pulsatile vacuoles) more commonly found in fresh or in...

Biology
Q

what are the Impacts of COVID 19 on PESTLE on Asia countries, and what are actions...

General Management
Q

5 To which number set s does the following number belong Multiple answers may be...

Basic Math
Q

5 Consider the angle 120 a 5 pts Sketch the angle Don t forget to...

Basic Math
Q

A spring is being stretched by a weight d t centimeters and it is in...

Calculus
Q

f en 30 cm 4 39 10km2 A 182 CM 18cm A dikd rtgenmin kec...

Algebra
Q

Find the zeros and give the multiplicity of each for f x x x 4...

Algebra
Q

What is the tax rate for an S corporation that pays tax on built-in gains?...

Accounting
Q

Sales$ 120,000$ 105,000$ 95,000$ 80,000Cost of Goods Sold$ 71,000$62,500$ 53,000$ 45,000Gross Profit49.000$42,500$ 42,000$ 35,000Net Income$...

Accounting
Q

Determine the Direct and Indirect exchange rates of any two currencies on the two dates...

Accounting