The following information relates to March transactions for the Toy Factory, a company which uses LIFO...
The following information relates to March transactions for the
Toy Factory, a company which uses LIFO and a perpetual inventory
system.
March 1 Beginning inventory 75 toys at $30/toy
March 10 Purchase 50 toys at $35/toy
March 15 Sale 90 toys
March 27 Purchase 80 toys at $36/toy
At what cost were the 90 toys sold on March 15?
83.5% of the 90 toys at $30 and 16.5% of the 90 toys at $35
All at $35
We need to know the closing balance from the previous month to calculate the answer
44.5% of the 90 toys at $30 and 55.5% of the 90 toys at $35
All at $30
Homework Answers
Answer is : 44% of the toys sold at $30 and 55% of the toys sold at $35
In 90 units sold on March 15 consists of
50 units sold from March 10 @$35
And remaining 40 units sold @$30 from March 1 beginning inventory
_____×_____
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The following information relates to March transactions for the
Toy Factory, a company which uses LIFO...
Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March.
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Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March.
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