Hello, I need help with the following question(s): e Chegg Study! Guided So X. C

Question

Hello, I need help with the following question(s):

e Chegg Study! Guided So X. Connect ? ? ??Secure l https://newconnect.mheducation.com/flow/connect.html xC On April 1, Griffith Publis x Exam 2 Saved Help Save & Exit Submit MC Qu. 121 A companys inventory... A company's inventory records report the following August 1 August 5 August 12 Beginning balance Purchase Purchase 22 units $12 17 units $11 21 units $12 pcinis 01:490 On August 15, it sold 44 units Using the FIFO perpetual inventory method, what is the value of the inventory at August 15 after the sale? Multiple Choice $192 $212 Mc Graw 7-29 PM O Type here to search 4) 7/2018

Explanation / Answer

15) Value of ending inventory under FIFO perpetual method :

Units of goods available for sale = 22+17+21 = 60 Units

Ending inventory unit = 60-44 = 16 Units

Value of ending inventory = 16*12 = $192

So answer is a) $192

16) Cost of goods sold under FIFO perpetual method :

Cost of goods sold = (10*22+10*38+2*27) = $654

So answer is a) $654

Related Questions

Navigate

• Browse (All)
• Browse H
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.