The following lots of a particular commodity were available for sale during the year: Beginning inventory 10 units at $30 First purchase 25 units at $32 Second purchase 30 units at $34 Third purchase 10 units at $35 The firm uses the periodic system and there are 20 units of the commodity on hand at the end of the year. What is the amount of inventory at the end of the year according to the
last-in, first-out method?
A) $655
B) $620
C) $690
D) $659
B
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Which method of inventory costing is not acceptable for financial accounting purposes?
a. Specific Identification b. FIFO c. LIFO d. Replacement Cost
When Clipper Mail Order Co receives telephone and fax orders, the billing department prepares an invoice. The invoice is mailed immediately. A copy of the invoice serves as a shipping notice. The shipping department removes inventory from the warehouse
and prepares the shipment. When the order is complete, the goods are shipped. The clerk checks the customer's credit before recording the sale in the general journal and the account receivable subsidiary ledger. The receptionist opens the mail and lists all payments. The receptionist also handles all customer complaints and prepares sales return forms for defective merchandise. The cashier records all cash receipts in the general journal and makes the appropriate entry in the accounts receivable subsidiary ledger. The cashier prepares the daily bank deposit. Describe at least four internal control weaknesses at Clipper Mail Order Co
The internal document prepared to notify the appropriate persons that goods ordered have been received, describing the quantities and condition of the goods is the:
A. Purchase order. B. Purchase requisition. C. Invoice. D. Invoice approval. E. Receiving report.
Services are currently the fastest growing sector of the American economy
Indicate whether the statement is true or false