Save Question 22 (3 points) Perch Company reported the following purchases and s

Question

Save Question 22 (3 points) Perch Company reported the following purchases and sales for its only product. Perch uses a perpetual inventory system. Determine the cost assigned to cost of goods sold using LIFO. lave 150 pmitsS10.00 0 Sales 100 units 1) $2,260 2) $3,180 3) $1,860 4) $3,580 Save Question 23 (3 points) Use the following information for Razor Company to compute inventory turnover for 2011. 2011 2010 Eading 1) 8.33 2) 5.00 3) 495 4) 4.54 Save B Question 24 (3 points) The sales journal is used for recording

Explanation / Answer

22) Cost of goods sold under LIFO perpetual method = (140*12+100*13+50*12) = 3580

so answer is 4) $3580

23) Inventory turnover :

Average inventory = (77700+79380)/2 = 78540

Inventory turnover = 388500/78540 = 4.95

so answer is 3) 4.95

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