business

posted by .

At the end of January, Mineral Labs had inventory of 725 units, which cost $10 per unit to produce. During February the company produced 650 units at a cost of $14 per unit. If the firm sold 1,000 units in February, what was the cost of goods sold?

a. Assume LIFO inventory accounting.
b. Assume FIFO inventory accounting.

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

  1. Accounting

    Hanson Corp uses a process costing system. Materials are added at the start of the process. Beginning inventory for January consisted of 1,900 units (40% complete for conversion) with a cost of $15,000. 10,900 units were started and …
  2. accounting

    "Harris Company manufactures and sells a single product. A partically completed schedule of the company's total and per unit cost over the relevant range of 30,000 to 50,000 per units produced and sold are: United produced and Sold: …
  3. accounting

    Eddings Company had a beginning inventory of 400 units of Product XNA at a cost of $8.00 per unit. During the year, purchases were: Feb. 20 600 units at $9 Aug. 12 300 units at $11 May 5 500 units at $10 Dec. 8 200 units at $12 Eddings …
  4. math

    Eddings Company had a beginning inventory of 400 units of Product XNA at a cost of $8.00 per unit. During the year, purchases were: Feb. 20 600 units at $9 May 5 500 units at $10 Aug. 12 300 units at $11 Dec. 8 200 units at $12 Eddings …
  5. Financial management

    On December 31 of last year, Wolfson Corporation had in inventory 400 units of its product, which cost $21 per unit to produce. During January, the company produced 800 units at a cost of $24 per unit. Assuming that Wolfson Corporation …
  6. business

    On December 31 of last year, Wolfson Corporation had in inventory 400 units of its products, which cost $21 per unit to produce. During January, the company produced 800 units at a cost of $24 per unit. Assuming that Wolfson Corporation …
  7. Math

    Merchandise inventory purchases for a firm for a three month period are: January :2,000 units @ $12 per unit; February 1,800 @ $14 per unit; march 2,600 units @15 per unit. What is the mean unit cost of merchandise inventory?
  8. Accounting

    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 …
  9. statistics

    Merchandise inventory purchases for a firm for a three-month period are: January: 2,000 units @ $12 per unit; February: 1,800 @ $14 per unit; March 2,600 units @ 15 per unit. What is the mean unit cost of merchandise inventory?
  10. Math

    In 2014, the Whaddock Company purchased 1,560,000 units from its supplier at a cost of $250.00 per unit. Whaddock sold 1,525,000 units of its product in 2014 at a price of $350.00 per unit. Whaddock began 2014 with 425,000 units in …

More Similar Questions