A company had inventory on November 1 of 5 units at a cost of $16 each....

A company had inventory on November 1 of 5 units at a cost of $16 each. On November 2, they purchased 13 units at $18 each. On November 6 they purchased 9 units at $21 each. On November 8, 11 units were sold for $51 each. Using the LIFO perpetual inventory method, what was the value of the inventory on November 8 after the sale?

$278
$272
$283
$315
$294

Expert Solution





Calculation of Ending Inventory: LIFO
Date	Purchases			Sales			Balance
Date	Units	PU	Total Cost	Units	PU	Total Cost	Units	PU	Total Cost
01-Nov							5.00	16.00	80.00

02-Nov	13.00	18.00	234.00				5.00	16.00	80.00
							13.00	18.00	234.00

06-Nov	9.00	21.00	189.00				5.00	16.00	80.00
							13.00	18.00	234.00
							9.00	21.00	189.00

08-Nov				9.00	21.00	189.00	5.00	16.00	80.00
				2.00	18.00	36.00	11.00	18.00	198.00

	27.00		503.00	11.00		225.00	16.00		278.00


Inventory After Nov 8
278.00

ekkarill92 answered 2 months ago

1. Grays Company has inventory of 16 units at a cost of $11 each on August...

1. Grays Company has inventory of 16 units at a cost of $11 each on August 1. On August 3, it purchased 26 units at $10 each. 18 units are sold on August 6. Using the FIFO perpetual inventory method, what amount will be reported as cost of goods sold for the 18 units that were sold? Multiple Choice $202. $196. $200. $84. $288. 2. The chief executive officer earns $20,400 per month. As of May 31, her gross pay...

QUESTION 16 Binkley had 8,000 units of inventory 3/1. Their cost is $20 each. Purchases and...

QUESTION 16 Binkley had 8,000 units of inventory 3/1. Their cost is $20 each. Purchases and sales for the month were: Date Purchases Sales March 8 6,000 units 15 4,000 units @ $22 each 22 4,000 units @ $24 each 27 4,000 units Cost of goods sold for the month using average cost in a periodic system was: A. $215,000. B. $204,000. C. $224,000. D. $209,600.

Ruxton Company had 600 units in inventory at the beginning of November, each assigned a $10...

Ruxton Company had 600 units in inventory at the beginning of November, each assigned a $10 unit cost. Ruxton also made the following purchases of inventory and sales of inventory during November. Purchases during November Sales in November Nov. 6 175 units at $11 November 4 375 units sold for $20 14 250 units at $12 8 200 units sold for $20 16 500 units at $13 17 400 units sold for $20...

Ruston Company had 600 units in inventory at the beginning of November, each assigned a $10...

Ruston Company had 600 units in inventory at the beginning of November, each assigned a $10 unit cost. Ruston also made the following purchases of inventory and sales of inventory during November. Purchases during November Nov 6 175 units at $11 Nov 14 250 units at $12 Nov 16 500 units at $13 Nov 28 325 units at $14 Sales in November Nov 4 375 units sold for $20 Nov 8 200 units sold for $20 Nov 17 400 units...

Assume Oakland.net began November with 16 units of inventory that cost a total of KD 256....

Assume Oakland.net began November with 16 units of inventory that cost a total of KD 256. During the month of November Oakland purchased and sold goods as follows: November 8: Purchase of 48 units @ KD 17 each November 14: Sale of 40 units @ KD 34 each November 22: Purchase of 32 units @ KD 19 each November 27: Sale of 48 units @ $34 each Under the FIFO inventory costing method and the perpetual inventory system, how much...

Crane Company had 450 units of “Dink” in its inventory at a cost of $4 each....

Crane Company had 450 units of “Dink” in its inventory at a cost of $4 each. It purchased, for $2350, 280 more units of “Dink”. Crane then sold 580 units at a selling price of $9 each, resulting in a gross profit of $1670. The cost flow assumption used by Crane FIFO LIFO Cannot be determined weighted average

Eight Company reported 1,500 units of inventory at a total cost of $15,000 as of November...

Eight Company reported 1,500 units of inventory at a total cost of $15,000 as of November 1, 2018. The following transactions occurred during the month. November 14: The company purchased 2,000 units of merchandise on account for $22,000 with terms 2/10, n30. The goods were shipped f.o.b. destination and arrived at the company's warehouse on November 18. The company paid $500 cash to a third party carrier for freight. November 18: The company received the inventory purchased on November 14....

On May 1, Black Bear Company had 400 units of inventory on hand, at a cost...

On May 1, Black Bear Company had 400 units of inventory on hand, at a cost of $4.00 each. The company uses a perpetual inventory system. All purchases and sales are on account. A record of inventory transactions for the month of May for the company is as follows: Purchases Sales 300@ $7.00 1,000 @ $7.00 400 @ $7.50 May 4 May 3 1,300@ $4.10 700 @ $4.40 14 16 29 500@ $4.75 18 Instructions a. Calculate the cost of...

Company Z had the beginning inventory of 500 units at $15 each. On February 1, they...

Company Z had the beginning inventory of 500 units at $15 each. On February 1, they purchased an additional 800 units at $18 each. On March 15, they sold 1000 units at $50 each. On June 1, they purchased another 600 units at $20 each. Lastly, on August 15, they sold another 500 units at $55 each. Calculate the company’s cost of goods sold using average cost. Assume the company uses the periodic method

A company has inventory of 10 units at a cost of $10 each on June 1....

A company has inventory of 10 units at a cost of $10 each on June 1. On June 3, it purchased 20 units at $12 each. 12 units are sold on June 5. Using the average-cost periodic inventory method, what is the cost of the 12 units that were sold? Select one: a. $136. b. $130. c. $204. d. $340.

Question