Singleton Company's perpetual inventory records included the following information:Date?Number of units and unit costTotal CostJanuary 1Beginning inventory240 units @ $9$2,160?March 4Purchase190 units @ $12$2,280?September 28Purchase430 units @ $11$4,730?Number of units sold during the year: 640If Singleton uses the FIFO cost flow method, its cost of goods sold would be $6,750 -110.
Answer the following statement true (T) or false (F)
False
The first-in, first-out (FIFO) cost flow method requires that the cost of the items purchased first be assigned to cost of goods sold.
Cost of goods sold = (240 units × $9 per unit) + (190 × $12 per unit) + (210 × $11 per unit) = $6,750
You might also like to view...
Which of the following illustrates a difference between the Federal Reserve and the Federal Deposit Insurance Corporation??
A. ?The Fed supervises most of the largest banks; whereas the Federal Deposit Insurance Corporation has mostly very small banks under its supervision. B. ?The Fed supervises state banks that do are not the members of the Federal Reserve System; whereas the Federal Deposit Insurance Corporation supervises all financial holding companies. C. ?The Fed supervises national banks that are not in Financial Holding Companies or bank holding companies; whereas the Federal Deposit Insurance Corporation supervises bank holding companies. D. ?The Fed supervises credit unions; whereas the Federal Deposit Insurance Corporation supervises thrift institutions.
Rotter Garder Inc. is a large-scale paint manufacturer known for its wide range of decorative paint products and industrial coatings. In addition to making paints, the company also owns and operates the retail stores that sell its products. This is an example of a(n) ________ vertical marketing system.
A) administered B) contractual C) referent D) corporate E) regulated
The partnership's net loss for the first year is $50,000. Nancy's capital balance is $98,000 and Betty's capital balance is $9000 at the end of the year. Calculate the share of profit (loss) to be allocated to Nancy.
Nancy and Betty enter into a partnership agreement whereby they undertake to share profits according to the following rules: (a) Nancy and Betty will receive salaries of $14,500 and $22,500 respectively as the first allocation. (b) The next allocation is based on 20% of each partner's capital balances. (c) Any remaining profit or loss is to be allocated completely to Betty. A) $34,100 B) $(19,600) C) $14,500 D) $(84,100)
The affective steps of AIDA are ________.
A. desire and attention B. aspiration and action C. attention and interest D. decision and action E. interest and desire