ABC Co. uses a perpetual inventory system and uses the FIFO cost flow assumption. During the month, it had two sales.
Calculate the dollar value of its cost of goods sold for the first sale made on Jan. 10.
Jan 1 Beginning Inventory 8 @ $12 = $96
Jan 5 Purchase 12 @ $15 = $180
Jan 10 Sale 11 units x $50 each
Jan 25 Purchase 10 @ $18 = $180
Jan 30 Sale 3 units x $55 each
a) $148.50 b) $151.80 c) $167.20 d) $110
Answers (1)
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “ABC Co. uses a perpetual inventory system and uses the FIFO cost flow assumption. During the month, it had two sales. Calculate the dollar ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
Yellow-dog contracts A. give workers the right to be represented by a union. B. give a non-union worker the right to enjoy union benefits without paying union dues. C. give firms the right to hire replacement labor when the union strikes. D.
Answers (1)
Stock A has an expected return of 15 percent and the standard deviation of its returns is 20 percent. Stock B has an expected return of 10 percent and the standard deviation of its returns is 30 percent.
Answers (1)
A business has spent $50 million dollars on development of a new laptop. It must spend an additional $20 million to bring the finished computer to market. What must the value of the investment be for it to make sense for the business? a.
Answers (1)
A primary disadvantage of the corporate form of organization is: a. Corporation may continue its operations without disruption despite retirement of individual stockholders. b. Unlimited personal liability for business debts. c.
Answers (1)
What is an example of a health hazard? moldy floorboards loose railings high hot water temperatures blocked doorways
Answers (1)
New Questions in Business
As of January 1 of the current year, Grackle Company had accounts receivable of $50,000. The sales for January, February, and March were $120,000, $140,000, and $150,000, respectively. Of each month's sales, 20% are for cash.
Answers (1)
ABC Co. uses a perpetual inventory system and uses the FIFO cost flow assumption. During the month, it had two sales. Calculate the dollar value of its cost of goods sold for the first sale made on Jan. 10.
Answers (1)
Which one of the following an example of direct foreign investment? A. a U. S bank granting a loan to a Guatemalan firm. B. A U. S government foreign aid grant to Bangladesh. C. The purchase of debt issued by the Panamanian government. D.
Answers (1)
Assume there are currently five firms producing and selling fertilizer in the South American market. Also assume that the product is differentiated and barriers to entry are high in the industry, making this market an oligopoly.
Answers (1)
An increase in the supply of money in an economy could be caused by (choose all that apply) : a. an increase in the discount rate. b. a decrease in the discount rate. c. an increase in the required reserve ratio. d.
Answers (1)