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Homework answers / question archive / 1)The following information relates to inventory for Shoeless Joe Inc

1)The following information relates to inventory for Shoeless Joe Inc

Accounting

1)The following information relates to inventory for Shoeless Joe Inc.
 

Date   Quantity Price
March 1 Beginning Inventory 20 $2
March 7 Purchase 15 3
March 11 Sale 25 7
March 12 Purchase 20 4

At what amount would Shoeless report ending inventory using FIFO cost flow assumptions?

2. Ace Bonding Company purchased inventory on account. The inventory costs $2,000 and is expected to sell for $3,000. How should Ace record the purchase using a perpetual inventory system?
 

A. Inventory 2,000  
       Accounts Payable   2,000
B. Cost of Goods Sold 2,000  
  Deferred Revenue 1,000  
       Sales Revenue   3,000
C. Cost of Goods Sold 2,000  
       Accounts Payable   2,000
D. Cost of Goods Sold 2,000  
  Gain 1,000  
       Accounts Payable   3,000

3. Consider the following inventory data:
 

Beginning inventory $150,000
Ending inventory 100,000
Purchases 310,000

What is the average days in inventory for the year?

152.0 days.

101.4 days.

126.7 days.

111.7 days.

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