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    Chapter 6 Question PART5

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    Francesjoyze Lahora
    Zimmerman Inc. uses LIFO accounting and had inventory purchases of 200 units at $5 per unit in October. It started with 100 units valued at $4 per unit. With 80 units on hand at month end, cost of goods sold is $1,200. Nelson Corporation has inventory of item X with 300 units at $4 cost and $3.50 market value, item Y with 600 units at $2 cost and $1.50 market value, and item Z with 1,500 units at $3 cost and $4 market value as of December 31.

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    Chapter 6 Question PART5

    Uploaded by

    Francesjoyze Lahora
    28 views1 page
    Zimmerman Inc. uses LIFO accounting and had inventory purchases of 200 units at $5 per unit in October. It started with 100 units valued at $4 per unit. With 80 units on hand at month end, cost of goods sold is $1,200. Nelson Corporation has inventory of item X with 300 units at $4 cost and $3.50 market value, item Y with 600 units at $2 cost and $1.50 market value, and item Z with 1,500 units at $3 cost and $4 market value as of December 31.

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    Zimmerman Inc. uses LIFO accounting and had inventory purchases of 200 units at $5 per unit in October. It started with 100 units valued at $4 per unit. With 80 units on hand at month end, cost of goods sold is $1,200. Nelson Corporation has inventory of item X with 300 units at $4 cost and $3.50 market value, item Y with 600 units at $2 cost and $1.50 market value, and item Z with 1,500 units at $3 cost and $4 market value as of December 31.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    28 views1 page

    Chapter 6 Question PART5

    Uploaded by

    Francesjoyze Lahora
    Zimmerman Inc. uses LIFO accounting and had inventory purchases of 200 units at $5 per unit in October. It started with 100 units valued at $4 per unit. With 80 units on hand at month end, cost of goods sold is $1,200. Nelson Corporation has inventory of item X with 300 units at $4 cost and $3.50 market value, item Y with 600 units at $2 cost and $1.50 market value, and item Z with 1,500 units at $3 cost and $4 market value as of December 31.

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    © All Rights Reserved
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    Chapter 6 Question Review 4

    12. Zimmerman Inc. uses a periodic inventory system. Details for the inventory account for the month of
    October are shown below:
    Assume that on October 31, there is 80 units on hand. If the company uses LIFO, what is the value of
    cost of goods sold for October?
    a. $1,000
    b. $1,200
    c. $1,065
    d. $1,028
    13. Nelson Units Cost per unit Market value per
    Corporation sells unit
    three different
    products. The
    following
    information is
    available on
    December 31:
    Inventory Item
    X 300 $4.00 $3.50
    Y 600 $2.00 $1.50
    Z 1,500 $3.00 $4.00

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