Explain the ending inventory on may, Accounting Basics

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Explain the ending inventory on may

Vaughn company sells fishing poles for 35$ each and uses the perpetual inventory system. The following information is available for the month of May: May 1 beginning inventory 20 units @ 5$: May 10 purchase 20 units @ 8$: May 15 sales 25 units: May 18 Purchase 10 units@ 9$: May 21 23 units A) using LIFO prepare the journal entries

1A) What is the ending inventory on May 30th in units and Dollars? B) Using FIFO: What is the inventory on May 30th in units and dollars?

1B) What is the Gross profit?

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Accounting Basics: Explain the ending inventory on may

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Accounting Basics: Explain the ending inventory on may

Reference No:- TGS0711331

Have a Question? (oR Write a Review)

Recent Questions Asked Accounting Basics

Q : Find how far block moves from initial position from impact

Q : The variable expenses per unit

Q : How much sales are required to earn a target net income

Q : Find magnitude of the rocket-s velocity and acceleration

Q : Explain the ending inventory on may

Q : .compute how much the buyer saved by strategy

Q : Why the bad debt expense would the company record

Q : Calculate the percentage of credit sales method

Q : Assume that both buyer and seller use a perpetual

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Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: Explain the ending inventory on may

Reference No:- TGS0711331

Recent Questions Asked Accounting Basics

Q : Find how far block moves from initial position from impact

Q : The variable expenses per unit

Q : How much sales are required to earn a target net income

Q : Find magnitude of the rocket-s velocity and acceleration

Q : Explain the ending inventory on may

Q : .compute how much the buyer saved by strategy

Q : Why the bad debt expense would the company record

Q : Calculate the percentage of credit sales method

Q : Assume that both buyer and seller use a perpetual

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