Wednesday
April 23, 2014

Homework Help: Accounting

Posted by Kai on Monday, April 8, 2013 at 8:57pm.

The Divine Merchandising Corporation began March operations with merchandise inventory of 6 units, each of which cost $27. During March, Divine Merchandising made the following purchases: (1) March 4, 12 units @ $28 per unit, (2) March 15, 18 units @ $30 per unit, (3) March 26, 14 units @ $32 per unit. During March the Divine Merchandising Company sold the following units at a sales price of $48 per unit: March 6, 11 units, March 20, 17 units, and March 28, 12 units. Operating expenses in March were $640. The Company estimates its income taxes expense will be approximately 35% of income before taxes.Using the FIFO inventory method, determine the inventory dollar amount on March 1.
Answer

a) $288

b) $162

c) $180

d) $192

e) $168

I'm not sure how to get the beginning inv please help thanks.

Answer this Question

First Name:
School Subject:
Answer:

Related Questions

Accounting urgent - Prepare the journal entries to record the following ...
Accounting - I need help with this problem. Could someone possibly explain to me...
intermediate 111 - Wilson Corporation began operations in January 2008, and ...
history - How did ghandi salt march illustrate his philosophy of civil ...
accounting - A company purchased $4,000 worth of merchandise. Transportation ...
accounting - Hutton Company uses a sales journal, a purchases journal, a cash ...
accounting - Write the journal entries to record the following transactions. A) ...
accounting - John's specialty store uses a perpetual inveentory system. the ...
accounting - The following transactions occurred during March 2009 for the ...
intro to accounting - Target Corporation is currently seeking additional capital...

Search
Members