The following information relates to inventory for Shoeless Joe Inc.Date QuantityPriceMarch1Beginning Inventory20$2 March7Purchase15 3 March11Sale30 7 March12Purchase15 6 At what amount would Shoeless report cost of goods sold using the weighted-average cost flow assumption?
A. $73.
B. $70.
C. $105.
D. $110.
Answer: C
You might also like to view...
On January 2, 2016, Lawn Master Construction, Inc issued $500,000, 10-year bonds for $574,540 . The bonds pay interest on June 30 and December 31 . The face rate is 8% and the market rate is 6%. What is the carrying value of the bonds at the end of ten years before the final maturity payment is made?
a. $574,540 b. $525,000 c. $500,000 d. $425,460
During the month of March, Harley's Computer Services made purchases on account totaling $43,500. Also during the month of March, Harley was paid $8,000 by a customer for services to be provided in the future and paid $36,900 of cash on its accounts payable balance. If the balance in the accounts payable account at the beginning of March was $77,300, what is the balance in accounts payable at the end of March?
A. $4,900. B. $83,900. C. $75,900. D. $91,900. E. $6,600.
Broadly speaking, the application of ethical principles to business situations is referred to as:
a. Everyday low pricing b. Corporate social responsibility c. Business ethics d. Total quality management
When recording the sale of a product, which account is increased?
A. Inventory B. Notes Payable C. Accounts Receivable D. None of the choices are correct