Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. please help with this. idc sold 100 bottles of c

Please help with this. IDC sold 100 bottles of carpet stain remover this...

50.1K

Verified Solution

Question

Accounting

Please help with this.

  1. IDC sold 100 bottles of carpet stain remover this year for $5 per bottle (it collected $500). IDC sold 40 bottles on June 1 and 60 bottles on November 2. IDC had the following carpet-cleaning supplies on hand for this year, and IDC has elected to use the LIFO method of accounting for inventory under a perpetual inventory system:

CASH METHOD ACCRUAL METHOD

FOR STAIN REMOVER

Purchase Date Bottles Total Cost
November last year 40 $168
February this year 35 136
July this year 25 115
August this year 40 200
Totals 140 $619

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

James will make sure that he will consider ______________ in working out the financial plan for...

Finance
Q

Biology 4 What are B and T cells Know the different kinds and how they...

Biology
Q

Q 17 12pts If the proton transport function of Complex III of the electron transport...

Biology
Q

solid sphere is in pure rolling motion In rolling motion a body possesses translational kinetic...

Physics
Q

33 3 0 4N Smooth 2 kg 4 kg F 24 N In the arrangement...

Physics
Q

Handball 13 Football Basketball TOTAL STUDENTS 1 How many students do not like either Handball...

Basic Math
Q

PLEASE SHOW WORK AND PROVIDE EXPLANATION An equation of a line for total mixed costs...

Accounting
Q

Chang Corporation issued $6,000,000 of 9%, ten-year convertible bonds on July 1, 2017 at 96.1...

Accounting
Q

Sahara Enterprises issued 12%, 10 year $2,500,000 bonds that pay interest annually on April 1....

Accounting
Q

A company implements an enterprise resource planning application to help improve its financial and operational...

Accounting
Q

TB MC Qu. 20-153 (Algo) Zhang Industries sells a product... Zhang Industries sells a product...

Accounting
Q

Identify the appropriate research design methods and techniques to address the business problem. Successful business...

Finance