Jersey Shore Shirts is a new sweatshirt store located in Ocean City, New Jersey. Below...
90.2K
Verified Solution
Link Copied!
Question
Accounting
Jersey Shore Shirts is a new sweatshirt store located in Ocean City, New Jersey. Below are inventory purchases and sales including costs. Using this information calculate both the ENDING INVENTORY balance on the Balance Sheet and the COGS on the Income Statement using LIFO.
January 01: no beginning inventory
January 02: Purchase inventory: 100 items for $100 each
January 24: Purchase inventory: 100 items for $200 each
March 02: Sold inventory: 50 items
March 16: Purchase inventory: 100 items for $300 each
March 30: Sold inventory: 150 items
Question 24 options:
| Ending Inventory: $50,000; COGS: $10,000 | |
| Ending Inventory: $21,000; COGS: $39,000 | |
| Ending Inventory: $10,000; COGS: $50,000 | |
| Ending Inventory: $39,000; COGS: $21,000 |
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.