Marigold has the following inventory data: July 1 Beginning inventory 31 units at $16 $496 7...

Marigold has the following inventory data:

July 1	Beginning inventory	31 units at $16	$496
7	Purchases	109 units at $16	1744
22	Purchases	16 units at $17	272
			$2512

A physical count of merchandise inventory on July 30 reveals that there are 39 units on hand. Using the LIFO inventory method, the amount allocated to ending inventory for July is

Expert Solution

If it is helpful, please rate the answer and if any doubt arises let me know

Amount allocated to ending inventory for July = $624


LIFO	Cost of goods available for sale	Cost of goods sold		Ending Inventory
Beginning Inventory	31	$ 16	$ 496	-	$ 16	$ -	31	$ 16	$ 496
Purchases:
Jul-07	109	$ 16	$ 1,744	101	$ 16	$ 1,616	8	$ 16	$ 128
Jul-22	16	$ 17	$ 272	16	$ 17	$ 272	-	$ 17	$ -
	156		$ 2,512	117		$ 1,888	39		$ 624

ekkarill92 answered 2 years ago

Ayayai Corp. has the following inventory data: July 1 Beginning inventory 28 units at $18 $504...

Ayayai Corp. has the following inventory data: July 1 Beginning inventory 28 units at $18 $504 7 Purchases 99 units at $19 1881 22 Purchases 14 units at $21 294 $2679 A physical count of merchandise inventory on July 30 reveals that there are 45 units on hand. Using the LIFO inventory method, the amount allocated to ending inventory for July is $827. $810. $855. $945.

Tamarisk, Inc. has the following inventory data: July 1 Beginning Inventory 42 units at $21 $882...

Tamarisk, Inc. has the following inventory data: July 1 Beginning Inventory 42 units at $21 $882 7 Purchases 146 units at $22 3212 22 Purchases 21 units at $23 483 $4577 A physical count of merchandise inventory on July 30 reveals that there are 52 units on hand. Using the FIFO inventory method, the amount allocated to cost of goods sold for July is a.$3412. b.$3381. c.$3475. d.$3308.

Blossom has the following inventory data: July 1 Beginning inventory 35 units at $71 5 Purchases...

Blossom has the following inventory data: July 1 Beginning inventory 35 units at $71 5 Purchases 212 units at $66 14 Sale 142 units 21 Purchases 106 units at $68 30 Sale 99 units Assuming that a perpetual inventory system is used, what is the ending inventory on a LIFO basis for July? $7869 $7569 $7581 $7617

Oriole has the following inventory data: July 1 Beginning inventory 34 units at $67 5 Purchases...

Oriole has the following inventory data: July 1 Beginning inventory 34 units at $67 5 Purchases 202 units at $63 14 Sale 134 units 21 Purchases 101 units at $65 30 Sale 94 units Assuming that a perpetual inventory system is used, what is ending inventory (rounded) under the average cost method for July? (Round intermediate calculations to 3 decimal places, e.g. 12.531.) a. $6319 b. $7007 c. $7075 d. $7051

Trumpeting Trumpets has the following inventory data: July 1 Beginning inventory 62 units at $149 5...

Trumpeting Trumpets has the following inventory data: July 1 Beginning inventory 62 units at $149 5 Purchases 372 units at $139 14 Sale 248 units 21 Purchases 186 units at $143 30 Sale 174 units Assuming that a periodic inventory system is used, what is the cost of goods sold on a FIFO basis?

Windsor, Inc. has the following inventory data: July 1 Beginning inventory 26 units at $5.20 5...

Windsor, Inc. has the following inventory data: July 1 Beginning inventory 26 units at $5.20 5 Purchases 103 units at $5.70 14 Sale 69 units 21 Purchases 52 units at $6.20 30 Sale 48 units Assuming that a perpetual inventory system is used, what is the value of ending inventory on a LIFO basis for July?

Snug-As-A-Bug Blankets has the following inventory data: July 1 Beginning inventory 23.0 units at $47.0 5...

Snug-As-A-Bug Blankets has the following inventory data: July 1 Beginning inventory 23.0 units at $47.0 5 Purchases 140.0 units at $44.0 14 Sale 94.0 units 21 Purchases 70.0 units at $45.0 30 Sale 66.0 units Assuming that a perpetual inventory system is used, what is the ending inventory on a LIFO basis for July?

Marigold Corp. had a beginning inventory of 110 units of Product RST at a cost of...

Marigold Corp. had a beginning inventory of 110 units of Product RST at a cost of $7 per unit. During the year, purchases were: Feb. 20 660 units at $8 Aug. 12 430 units at $10 May 5 530 units at $9 Dec. 8 110 units at $11 Marigold uses a periodic inventory system. Sales totaled 1,560 units. What are the ending inventory and cost of goods sold in FIFO LIFO AVERAGE-COST.

Beginning inventory, purchases, and sales for Item ER27 are as follows: July 1 Inventory 42 units...

Beginning inventory, purchases, and sales for Item ER27 are as follows: July 1 Inventory 42 units @ $22 9 Sale 34 units 13 Purchase 40 units @ $24 28 Sale 16 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on July 28 and (b) the inventory on July 31. a. Cost of merchandise sold on July 28 $ b. Inventory on July 31 Beginning inventory, purchases, and sales...

Beginning inventory, purchases, and sales for Meta-B1 are as follows: July 1 Inventory 100 units at...

Beginning inventory, purchases, and sales for Meta-B1 are as follows: July 1 Inventory 100 units at $400 12 Sale 70 units 23 Purchase 120 units at $450 26 Sale 110 units a. Assuming a perpetual inventory system and using the weighted average method, determine the weighted average unit cost after the July 23 purchase. $per unit b. Assuming a perpetual inventory system and using the weighted average method, determine the cost of the merchandise sold on July 26. $ c....

Question