What are the answers to these giving the information above? ...
50.1K
Verified Solution
Link Copied!
Question
Accounting
What are the answers to these giving the information above?
Transactions for the month of June were: Purchases June 1 (balance) 3,200 @ $3.00 4,300 @ 3.50 2,800 @3.80 4,700 @ 3.90 850 @ 4.80 June 2 6 9 10 18 25 Sales 1,900 @ $5.50 4,400 @ 5.50 500 @ 5.50 1,600 @ 6.00 3,100 @ 6.00 300 @ 6.00 2. Assuming that perpetual LIFO inventory Prepare ABC's income statement up to gross profit and show the balance sheet amount for inventory 3. Assuming that perpetual FIFO inventory records are kept. Prepare the income statement (up to gross profit) and show the balance sheet amount the ending inventory and COGS on a FIFO basis would be in 5) 4. Assuming that periodic weighted average inventory records are kept, the ending inventory and COGS would be in $) 5. On March 15, a fire destroyed a portion of Interlock Company's retail inventory. The inventory on hand as of January 1 totaled $3,800,000. From January 1 through the time of the fire, the company made purchases of $2,500,000, and had sales of $2,820,000. Assuming the rate of gross profitto selling price is 20%, what is the approximate value of the inventory that was destroyed if after the fire only $100,000 of inventory remained
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!
