Oriole Company has the following inventory data: July 1 Beginning Inventory 45 units at $22 $990 7 Purchases 157 units at $24 3768 22 Purchases 22 units at $25 550 $5308
A physical count of merchandise inventory on July 30 reveals that there are 56 units on hand. Using the FIFO inventory method, the amount allocated to cost of goods sold for July is:.
a. $3774.
b. $3908.
c. $4054.
d. $3942.

Balances for each of the following accounts appear in an adjusted trial balance. identify each as an asset, liability, revenue, or expense. 1. accounts receivable 2. equipment 3. fees earned 4. insurance expense 5. prepaid advertising 6. prepaid rent 7. rent revenue 8. salary expense 9. salary payable 10. supplies 11. supplies expense 12. unearned rent

Which term refers to the cost that motivates an economic decision

Jordan, inc. sells fireworks. the company’s marketing director developed the following cost of goods sold budget for april, may, june, and july. april may june july budgeted cost of goods sold $62,000 $72,000 $82,000 $88,000 jordan had a beginning inventory balance of $3,000 on april 1 and a beginning balance in accounts payable of $14,600. the company desires to maintain an ending inventory balance equal to 15 percent of the next period’s cost of goods sold. jordan makes all purchases on account. the company pays 65 percent of accounts payable in the month of purchase and the remaining 35 percent in the month following purchase. required prepare an inventory purchases budget for april, may, and june. determine the amount of ending inventory jordan will report on the end-of-quarter pro forma balance sheet. prepare a schedule of cash payments for inventory for april, may, and june. determine the balance in accounts payable jordan will report on the end-of-quarter pro forma balance sheet.