Moore Supermarket began the year with 300 boxes of oat flake cereal with a unit cost of $1.89. During the year the following additional purchases were made:May 1200 boxes @ $2.10 eachJune 1400 boxes @ $2.20 eachAugust 1250 boxes @ $2.40 eachAt the end of the year, Moore had 475 boxes of oat flakes on the shelf and in the back room. Assuming LIFO, calculate (A) cost of ending inventory and (B) cost of goods sold.
What will be an ideal response?
A. $934.50; B. $1,532.50
A. (300 × $1.89) + (175 × $2.10) = $934.50; B. (200 × $2.10 + 400 × $2.20 + 250 × $2.40 + 300 × $1.89) = $2,467; $2,467 - $934.50 = $1,532.50.
You might also like to view...
Capital budgeting uses both financial and non-financial criteria when evaluating projects
Indicate whether the statement is true or false
What is the minimum hourly wage stipulated by the Fair Labor Standards Act in 2009?
A) $15.25 B) $2.25 C) $7.25 D) $12.25
The Flash Fund owns 4,000 of GM and 8,000 shares of Microsoft. GM's price is $20 and Microsoft's is $25. If the fund has 5,000 shares outstanding, its NAV per share is
A) $90.00. B) $93.33. C) $66.00. D) $56.00.
The notion of ________, an ethical system, is similar to Adam Smith's concept of the invisible hand in business.
A. egoism B. utilitarianism C. humanitarianism D. relativism E. universalism