Purchases Cost of Merch Sold of Units Unit pricel Total Date of Units Unit price

Question

Purchases Cost of Merch Sold of Units Unit pricel Total Date of Units Unit pricel Total Inventory Balance of Units Unit price Total 150 89 11,100 50 893,700 89 3,700 1-Nov 5-Nov 11-Nov 100 89 8,900 400 92 36,800 36,800 3,700 200 9 2 18,400 200 22-Nov 300 94 28,200 92 89 92 94 89 92 94 18,400 3,700 18,400 28,200 3,700 18,400 940 30-Nov 290 94 23,200 Answer the following questions using the information in the inventory chart above. 8. What is the total dollar amount of cost of merchandise sold for November? 9. What is the total dollar amount in ending inventory at the end of November? 10. Which inventory method is used in the completion of the chart?! A. FIFO B. LIFO

Explanation / Answer

Answer = 8) Unit   Rate   Amount Cost of Goods sold = 19th November                          200 $                    92 $           18,400 30th November                          290 $                    94 $           27,260 $           45,660 Answer = Cost of Goods Sold for November = $ 45,660 Note: Total Cost of Sales of 290 X $ 94 as on 30th november is given wrong in question Answer = 9) Total inventory = Unit   Rate   Amount                            50 $                    89 $             4,450 (Wrong total in Question)                          200 $                    92 $           18,400                            10 $                    94 $                 940 $           23,790 Answer = $ 23,790 Answer = 10) Answer = Option B = LIFO

Related Questions

Navigate

• Browse (All)
• Browse P
• Subjects

---

---

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