# Using this information periodic fifo cost of goods

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Chapter 8 / Exercise 8-5
Financial Accounting: The Impact on Decision Makers
Norton/Porter
Expert Verified
Using this information, periodic FIFO cost of goods sold is? \$33012.RZM Store sells jeans. During January 2014, its inventory records for one brand of designer jeans were as follows:QuantityPrice perpairTotalBeginning Inventory10pairs\$20=\$200January 6 Purchase4 pairs\$25=\$100January 10 Sale5 pairsN/AJanuary 15 Purchase7 pairs\$30=\$210January 20 Sale10pairsN/AJanuary 25 Purchase 4 pairs\$30=\$120The cost of goods sold using the periodic average cost method is? \$37813.Johnson Fashion Inc. sells socks. During January 2014, its inventory records for one particular brand of socks were as follows:QuantityPrice per pairTotalBeginning Inventory6 pairs\$18 = \$108January 6 Purchase3 pairs\$16= \$48January 10 Sale5 pairsN/AJanuary 15 Purchase8 pairs\$15= \$120January 20 Sale10 pairsN/AJanuary 25 Purchase 4 pairs\$22= \$88Using this information, perpetual LIFO cost of goods sold is? \$24014.The total cost of inventory reported on the balance sheet does not include the various costs to obtain the goods (e.g. customs duties), prepare them for sale (e.g., assembling fees), and place them in the desired location (e.g., delivery fees).
15.Candy Co. purchased a machine on January 1, 2011, for \$300,000. At the time of purchase, the machine was estimated to have a life of 8 years and a residual value of \$10,000. In 2015, The company determined that the machine had a total useful life of 10 years (another 6 years left) and aresidual value of \$20,000. If the company uses the straight-line method of depreciation, what will bethe depreciation expense for the machine in 2015?
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Chapter 8 / Exercise 8-5
Financial Accounting: The Impact on Decision Makers
Norton/Porter
Expert Verified
16.TWW Company owns a machine that was bought on January 1, 2011, for \$376,000. The machine was estimated to have a useful life of five years and a salvage value of \$24,000. Stiller uses the sum-of-the-years'-digits method of depreciation. How much depreciation expense should the company claim for year 2013?
17.Bren Company purchased a patent for \$36,000. The patent is expected to have a finite life of 10 years even though its legal life is 17 years. The amortization for the first year is: