Given the following information, determine the cost of the inventory at June 30 using the...
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Given the following information, determine the cost of the inventory at June 30 using the LIFO perpetual inventory method. 30 units at $20 each June 1 June 15 June 29 Beginning inventory Sale of 22 units for $50 each Purchase 22 units at $25 each The cost of the ending inventory is: Multiple Choice $710 $440 O o $750 $600 $550 Big Box Store has operated with a 30% average gross profit ratio for a number of years. It had $119,000 in sales during the second quarter of this year. If it began the quarter with $19,900 of inventory at cost and purchased $73,900 of inventory during the quarter, its estimated ending inventory by the gross profit method is: Multiple Choice $35,700. $19,900. $32,700. $24,990. O $10,500. Salmone Company reported the following purchases and sales of its only product. Salmone uses a periodic inventory system. Determine the cost assigned to cost of goods sold using FIFO. Units Sold at Retail Units Acquired at Cost 330 units @ $18 310 units @ $20 Date May 1 5 10 15 24 Activities Beginning Inventory Purchase Sales Purchase Sales 230 units @ $28 190 units @ $21 180 units @ $29 Multiple Choice $7,540 $8,260 $8,590 O $8,380 $7,750
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