191. A company uses the inventory system, and the following information is available. All purchases and sales are on credit. The selling price for the merchandise is $11 per unit.
Units
Unit
Cost
$3
Total
$ 90
6/01
Inventory Balance...................
30
6/06
Purchase.........................
70
4
280
6/11
45
5
225
6/16
50
6
300
Goods available.....................
195
$895
6/12
Sale.............................
100
6/20
60
Goods sold........................
160
6/31
35
Required:Determine the cost of the ending inventory and the cost of goods sold for June using the LIFO method.
192. A company made the following merchandise purchases and sales during the month of May:
May 1
Purchased
380 units at
$15 each
May 5
270 units at
$17 each
May 10
Sold
400 units at
$50 each
May 20
300 units at
$22 each
May 25
There was no beginning inventory. If the company uses the weighted average periodic method, what would be the cost of the ending inventory?
193. A company made the following merchandise purchases and sales during the month of May:
There was no beginning inventory. If the company uses the LIFO periodic inventory method, what would be the cost of the ending inventory?
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