Question and answer
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
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.
Questions asked by the same visitor
Logan Company made a purchase of merchandise on credit from Claude Corporation on August 3, for $6,000, terms 2/10, n/45. On August 10, Logan makes the appropriate payment to Claude. The entry on August 10 for Logan Company is Accounts Payable 6,000 Purchase Returns and Allowances 120 Cash 5,880 Accounts Payable 6,000 Merchandise Inventory 120 Cash 5,880 Accounts Payable ...
Weegy: A deposit of $7,000 at 8.5% for 120 days will be $7,196 including the interest. (More)
Question
Expert Answered
Updated 11/18/2011 10:18:39 PM
1 Answer/Comment
The entry on August 10 for Logan Company is: Accounts Payable 6,000 debit, Purchase Returns and Allowances 120 credit, Cash 5,880 credit.
Added 11/18/2011 10:18:42 PM
Logan Company made a purchase of merchandise on credit from Claude Corporation on August 3, for $6,000, terms 2/10, n/45. On August 10, Logan makes the appropriate payment to Claude. The entry on August 10 for Logan Company is Accounts Payable 6,000 Purchase Returns and Allowances 120 Cash 5,880 Accounts Payable 6,000 Merchandise Inventory 120 Cash 5,880 Accounts Payable ...
Weegy: A deposit of $7,000 at 8.5% for 120 days will be $7,196 including the interest. (More)
Question
Updated 11/18/2011 10:16:34 PM
1 Answer/Comment
The entry on August 10 for Logan Company is: Accounts Payable 6,000 debit, Purchase Returns and Allowances 120 credit, Cash 5,880 credit.
Added 11/18/2011 10:16:45 PM
Net sales is sales less 1) sales returns and allowances. 2) sales discounts and sales returns and allowances. 3)sales returns. 4)sales discounts
Weegy: 2. Net sales are sales minus discounts, returns and allowances. (More)
Question
Expert Answered
Asked 11/21/2011 2:28:02 PM
0 Answers/Comments
Logan Company made a purchase of merchandise on credit from Claude Corporation on August 3, for $6,000, terms 2/10, n/45. On August 10, Logan makes the appropriate payment to Claude. The entry on August 10 for Logan Company is Accounts Payable 6,000 Purchase Returns and Allowances 120 Cash 5,880 Accounts Payable 6,000 Merchandise Inventory 120 Cash 5,880 Accounts Payable ...
Weegy: Accounts Payable $6000, Merchandise Inventory $120 and Cash $5,880. (More)
Question
Expert Answered
Updated 11/21/2011 7:33:39 PM
1 Answer/Comment
The entry on August 10th is: Accounts Payable 6,000, Purchase Returns and Allowances 120, Cash 5,880. The allowance of $120 represents the 2% discount for paying the balance within 10 days, as set out in the terms 2/10, n/45.
Added 11/21/2011 7:33:39 PM
17,107,436 questions answered
Popular Conversations
What color is rain?
Weegy: The rain does not have a color it is water. If you notice water sometimes has a blue tint because it is a ...
8/22/2014 9:13:22 AM| 3 Answers
Define scientific law
Weegy: A scientific law is a statement based on repeated experimental observations that describes some aspect of the ...
8/21/2014 9:05:32 AM| 2 Answers
Which of the following projections would be best for a map of the ...
Weegy: Please indicate the choices.
8/21/2014 12:39:54 PM| 2 Answers
how do i get points
8/21/2014 1:19:30 PM| 2 Answers
The problem with letting all employees use graphics manipulation ...
Weegy: ALL OF THE ABOVE. The problem with letting all employees use graphics manipulation software is that it is : ...
8/21/2014 1:48:12 PM| 2 Answers
What is the sum of 2/5 and 2/4?
8/21/2014 3:26:40 PM| 2 Answers
15÷6 2/3=?
Weegy: Set it up as a proportion: 6/15=2/x Cross multiply: 2*15=6*x 30=6x Solve for x: x=5 So, 6/15=2/5 ...
8/21/2014 3:22:52 PM| 2 Answers
A republic is a form of government in which the people
Weegy: According to Wikipedia, a republic is a form of government. User: A direct democracy is also known as a
8/21/2014 4:39:27 PM| 2 Answers
Weegy Stuff
S
R
L
1
1
P
C
1
P
1
1
L
P
C
P
C
1
P
C
L
P
C
1
P
C
P
C
Points 1859 [Total 23459]| Ratings 2| Comments 1839| Invitations 0|Offline
S
L
1
L
Points 1465 [Total 5441]| Ratings 5| Comments 1415| Invitations 0|Online
S
L
C
P
C
1
L
L
Points 1405 [Total 15019]| Ratings 7| Comments 1335| Invitations 0|Offline
S
L
1
1
1
1
L
1
Points 1309 [Total 9016]| Ratings 2| Comments 1289| Invitations 0|Offline
S
L
P
C
L
P
C
P
C
L
P
C
P
C
P
C
Points 1128 [Total 16155]| Ratings 2| Comments 1108| Invitations 0|Offline
S
L
P
C
P
C
1
L
P
C
L
P
C
P
C
P
C
P
C
Points 840 [Total 18411]| Ratings 0| Comments 840| Invitations 0|Offline
S
1
L
L
Points 458 [Total 5022]| Ratings 0| Comments 458| Invitations 0|Offline
S
1
L
1
L
P
P
L
Points 407 [Total 11068]| Ratings 1| Comments 397| Invitations 0|Offline
S
Points 302 [Total 302]| Ratings 1| Comments 272| Invitations 2|Offline
S
Points 217 [Total 228]| Ratings 3| Comments 157| Invitations 3|Offline
Home | Contact | Blog | About | Terms | Privacy | Social | ©2014 Purple Inc.