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klasskru [66]
2 years ago
13

A company had the following purchases and sales during its first year of operations: Purchases Sales January: 10 units at $120 6

units February: 20 units at $125 5 units May: 15 units at $130 9 units September: 12 units at $135 8 units November: 10 units at $140 13 units On December 31, there were 26 units remaining in ending inventory. Using the Periodic LIFO inventory valuation method, what is the value of cost of goods sold? (Assume all sales were made on the last day of the month.)
Business
1 answer:
Lorico [155]2 years ago
3 0

Answer:

Ending Inventory under LIFO $3,270

Explanation:

\left[\begin{array}{cccc}Month&Purchase&Sales&Remaining\\January&10&-6&4\\February&20&-5&15\\May&15&-9&6\\September&12&-8&1\\November&10&-13&0\\Total&67&-41&26\\\end{array}\right]

First: in LIFO you always start from the bottom line

subtracting the sales figure for each period.

Notice in nomvember the sales are greater than the amount purchased, so we decrease the september units by the diference

\left[\begin{array}{cccc}Month&Units&Cost&Subtotal\\January&4&120&480\\February&15&125&1,875\\May&6&130&780\\September&1&135&135\\November&0&140&0\\Total&26&-&3,270\\\end{array}\right]

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6 0
2 years ago
Absolute v. comparative advantage activity this chart shows how many units of tractors and cotton workers can produce in the uni
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Answer: a). Spain

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c). 2.4

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b). Both the countries are producing equal units of Cotton. Thus, we can say that none of them has an absolute advantage in cotton production.

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