The periodic inventory records of Lucas Dental Supply indicate the following for the month of April:
Apr
1 Beginning merchandise inventory 15 units @ $32 each
7 Purchase 7 units @ $34 each
18 Purchase 12 units @ $37 each
26 Purchase 10 units @ $40 each
As of April 30, Lucas counts 8 units of merchandise inventory on hand.
Compute ending merchandise inventory and cost of goods sold for Lucas using the FIFO inventory method.
What will be an ideal response
Ending Merchandise Inventory: 8 units x $40 = $320
Cost of goods available for sale:
Date
Quantity Unit
Cost Total
Cost
Apr. 1 15 units $ 32 $ 480
7 7 units $ 34 $ 238
18 12 units $ 37 $ 444
26 10 units $ 40 $ 400
Totals 44 units $ 1,562
Cost of Goods Sold:
Cost of Goods Available for Sale $ 1,562
Less: Ending Merchandise Inventor 320
Cost of Goods Sold $ 1,242
You might also like to view...
Explain the purpose of the PCAOB
Which of the following is an example of a measurement rather than a calculation?
a. FIFO inventory valuation b. Replacement cost of ending inventory c. LIFO cost of goods sold d. Historical cost depreciation
Which of the following is an example of a relationship strategy salespeople for XFormation could use?
A) Use mirroring and other subtle methods to create rapport and a good relationship with the customer so the customer ultimately buys. B) Understand all the training products they sell and how to customize a package for the customer. C) Examine how they can add value for customers so the customers will continue to contract with XFormation on a long-term basis. D) Give a presentation to the customer after planning out the objectives carefully ahead of time. E) Understand the customer's needs and what and how they need to buy.
Which of the following is true about job evaluation?
A. It is used to establish an internally aligned pay structure. B. It isolates each job's pay from its relative contribution to the organization. C. Employers design a single evaluation plan for all types of work. D. Typically, an employer evaluates all jobs in the organization at the same time. E. It is seldom developed using benchmark jobs.