Roki Inc uses the periodic inventory system. June 1 On hand, 50 units @ $15.00 each $ 750.00 5 Purchased 115 units @ $15.10 each 1,736.50 14 Purchased 75 units @ $15.20 each 1,140.00 Total cost of goods available for sale $3,626.50 30 On hand, 90 units If Roki uses the FIFO inventory method, the amount assigned to the June 30 inventory would be
a. $1,354.00
b. $1,590.42
c. $1,594.00
d. $1,366.50
d
You might also like to view...
An auditor discovers a likely fraud during an audit but concludes that the overall effect of the fraud is not sufficiently material to affect the audit opinion. The auditor should probably:
A. discuss with the client the additional audit procedures that will be needed to identify the exact amount of the fraud. B. modify the audit program to include tests specifically designed to identify the fraud and its impact on the financial statements. C. disclose the fraud to the appropriate level of the client's management. D. disclose the fraud to appropriate authorities external to the client.
According to generally accepted accounting principles, most expenditures for intangible assets acquired from others should be treated as revenue expenditures when incurred
Indicate whether the statement is true or false
The cash budget is affected by the sales budget, the various budgets for manufacturing costs and operating expenses, and the capital expenditures budget
Indicate whether the statement is true or false
In selecting the best group of unequal-lived projects, if the projects are mutually exclusive, the length of the projects lives is not critical
Indicate whether the statement is true or false