REFERENCE: Ref.08_13 Gregor,Inc. ,Uses the LIFO Cost-Flow Assumption to Value Inventory.Inventory for Inventory.Inventory

question 102

Essay

REFERENCE: Ref.08_13
Gregor,Inc. ,uses the LIFO cost-flow assumption to value inventory.Inventory for Gregor on January 1,2008 was 100 units at a LIFO cost of $25 per unit.During the first quarter of 2008,200 units were purchased costing an average of $40 per unit,and sales of 265 units at a retail price of $50 per unit were made.
-Assuming Gregor expects to replace the units of beginning inventory sold before the year-end at a cost of $41,what is the amount of cost of goods sold for the quarter ended March 31,2008?

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Definitions:

Internal Control

Policies and procedures implemented by a firm to ensure the integrity of financial and accounting information, promote accountability, and prevent fraud.

Bank Reconciliation

The process of verifying and reconciling the balance of a bank account with the corresponding financial records of a company or individual.

Internal Controls

Processes put in place by a company to ensure the integrity of financial and accounting information, promote accountability, and prevent fraud.

NSF Check

A check that cannot be processed due to insufficient funds in the account it's drawn against; stands for "Non-Sufficient Funds."