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##### 7. A company had the following purchases during th...

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7. A company had the following purchases during the current year: 3-25 On December 31, there were 26 units remaining in ending inventory. These 26 units consisted of 2 from January, 4 from February, 6 from May, 4 from September, and 10 from November. Using the specific identification method, what is the cost of the ending inventory? (Points: 6) \$3,500. \$3,800. \$3,960. \$3,280. \$3,640. 8. Given the following information, determine the cost of the inventory at June 30 using the LIFO perpetual inventory method. June 1 Beginning inventory: 15 units at \$20 each. June 15 Sale of 12 units for \$50 each. June 29 Purchase of 8 at \$25 each. The cost of the ending inventory is (Points: 6) \$200. \$220. \$260. \$275. \$300. 9. Generally accepted accounting principles require that the inventory of a company be reported at: (Points: 6) Market value. Historical cost. Lower of cost or market. Replacement cost. Retail value. 10. A company's warehouse was destroyed by a tornado on March 15. The following information was the only information that was salvaged: Inventory, beginning: \$28,000 Purchases for the period: \$17,000 Sales for the period: \$55,000 Sales returns for the period: \$700 The company's average gross profit ratio is 35%. What is the estimated cost of the lost inventory? (Points: 6) \$9,705. \$25,995. \$29,250. \$44,000. \$45,000.,Just need last two questions answered please 8. Given the following information, determine the cost of the inventory at June 30 using the LIFO perpetual inventory method. June 1 Beginning inventory: 15 units at \$20 each. June 15 Sale of 12 units for \$50 each. June 29 Purchase of 8 at \$25 each. The cost of the ending inventory is (Points: 6) \$200. \$220. \$260. \$275. \$300. 9. Generally accepted accounting principles require that the inventory of a company be reported at: (Points: 6) Market value. Historical cost. Lower of cost or market. Replacement cost. Retail value. 10. A company's warehouse was destroyed by a tornado on March 15. The following information was the only information that was salvaged: Inventory, beginning: \$28,000 Purchases for the period: \$17,000 Sales for the period: \$55,000 Sales returns for the period: \$700 The company's average gross profit ratio is 35%. What is the estimated cost of the lost inventory? (Points: 6) \$9,705. \$25,995. \$29,250. \$44,000. \$45,000.,Am sorry last three 8-10

Paper#7771 | Written in 18-Jul-2015

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