Notice: Payments for answers will end 4/10/2017. Click for more info.
You have new items in your feed. Click to view.
Question and answer
Q: Shandy Shutters has the following inventory information. Nov. 1 Inventory 15 units @ $8.00 8 Purchase 60 units @ $8.60 17
Purchase 30 units @ $8.40 25 Purchase 45 units @ $8.80 A physical count of merchandise inventory on November 30 reveals that there are 50 units on hand. Assume a periodic inventory system is used. Ending inventory under LIFO is $846. $438. $421. $863
A: The answer is $856, you must have a typo error: First you need goods available for sale - in units and in dollars. The goods add up to 150 and the cost is $1,284 (double check my math). [ You get the cost by multiplying the units x the purchase price and then adding the totals. So if we spent 1,284 on 150 units then the average cost would be $8.56 per unit. There are 50 units left so ending
inventory would be 50 x 8.56 = $428. Cost of goods sold is cost of goods available (1,284) less the ending inventory of 428 = 856 source: yahoo ]
Expert answered|sharpies|Points 5312|
Question
Asked 11/24/2011 4:59:04 PM
0 Answers/Comments
Get an answer
New answers
Rating

There are no new answers.

Comments

There are no comments.

Add an answer or comment
Log in or sign up first.
26,393,908 questions answered
Weegy Stuff
S
P
P
L
P
P
P
Points 101 [Total 1837] Ratings 3 Comments 71 Invitations 0 Offline
S
Points 57 [Total 68] Ratings 4 Comments 17 Invitations 0 Online
S
Points 30 [Total 30] Ratings 3 Comments 0 Invitations 0 Offline
S
Points 16 [Total 16] Ratings 0 Comments 6 Invitations 1 Offline
S
L
Points 15 [Total 112] Ratings 0 Comments 15 Invitations 0 Offline
S
Points 10 [Total 10] Ratings 1 Comments 0 Invitations 0 Offline
S
Points 10 [Total 10] Ratings 1 Comments 0 Invitations 0 Offline
S
Points 10 [Total 10] Ratings 1 Comments 0 Invitations 0 Offline
S
Points 10 [Total 10] Ratings 1 Comments 0 Invitations 0 Offline
S
Points 5 [Total 5] Ratings 0 Comments 5 Invitations 0 Offline
* Excludes moderators and previous
winners (Include)
Home | Contact | Blog | About | Terms | Privacy | © Purple Inc.