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Question 7 <br/>Alpha Company uses the periodic inventory system and had the following inventory & sales activity for the month of May 2016: Date Activity Quantity Unit Price 5/1 Beginning Inventory 175 $10 5/5 Purchase 200 $12 5/15 Purchase 300 $15 5/25 Purchase 150 $16 Sales were 545 units at $25. Using the LIFO method, determine […]
Alpha Company uses the periodic inventory system and had the following inventory & sales activity for the month of May 2016: (Round all per unit calculations to the nearest penny.) Date Activity Quantity Unit Price May 1 Beginning Inventory 100 $10.10 May 5 Purchase 200 $11.00 May 15 Purchase 300 $13.00 May 25 Purchase 150 […]
On May 15, 2016 the Smoky Bear Company inventory storage facility was completely destroyed in a fire. Offsite accounting records reflect the normal gross profit rate is 45% of sales. Sales to the date of the fire were $1,600,000. The April 30, 2016 inventory value was $550,000. Two purchases were made during May, before the fire, for […]
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