Aiello, Inc. had the following inventory in its fiscal year. The company uses the FIFO method of accounting for inventor
Posted: Sun Jul 03, 2022 3:55 pm
- Aiello Inc Had The Following Inventory In Its Fiscal Year The Company Uses The Fifo Method Of Accounting For Inventor 1 (19.15 KiB) Viewed 12 times
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A company reported cost of goods sold of $826,800 for the year. During the year, inventory increased from a $180,000 beginning balance to a $216,000 ending balance, and accounts payable increased from a $56,400 beginning balance to a $66,000 ending balance. How much cash was paid for merchandise purchased during the year? Select one: a. $800,400 b. $862,800 c. $853,200 d. $826,800 e. None of these are correct Check
Aiello, Inc. had the following inventory in its fiscal year. The company uses the LIFO method of accounting for inventory. Beginning Inventory, January 1: 130 units @ $15.00 Purchase 200 units @ $18.00 Purchase units @ $13.50 50 110 units @ $15.75 Purchase Ending Inventory, December 31: 120 units The company's cost of goods sold for its fiscal year is: Select one: O a. $5,305.75 b. $1,800.00 c. $6,157.50 d. $6,090.00 e. None of these are correct.