M7-20 to 22 (Supplement 7A) Calculating Cost of Goods Sold and Ending Inventory under Perpetual FIFO, LIFO, and Weighted Average Cost [LO 7-S1]

In its first month of operations, Literacy for the Illiterate opened a new bookstore and bought merchandise in the following order:

(1) 350 units at $4 on January 1,
(2) 650 units at $6 on January 8, and
(3) 760 units at $7 on January 29.

Assuming 1,060 units are on hand at the end of the month.

Calculate the cost of goods available for sale, cost of goods sold, and ending inventory under the FIFO. Assume perpetual inventory system and sold 700 units between January 9 and January 28. (Round your intermediate calculations to 2 decimal places.)

You invest all the money you earned during your summer sales job (a total of $45,000) into the stock of a company that produces fat and carb-free cheetos. the company stock is expected to earn a 14% annual return; however, 5 years later it is only worth $20,000. turns out there wasn't as much demand for fat and carb-free cheetos as you had hoped. what is the annual rate of return on your investment?

Amarket that consists of all possible consumers regardless of their specific needs or wants is a

Verizon communications, inc., provides the following footnote relating to its leasing activities in its 10-k report. the aggregate minimum rental commitments under noncancelable leases for the periods shown at december 31, 2010, are as follows: years (dollars in millions) capital leases operatingleases 2011 $97 $1,898 2012 74 1,720 2013 70 1,471 2014 54 1,255 2015 42 1,012 thereafter 81 5,277 total minimum 418 $ 12,633 rental commitments less interest and (86) executory costs present value of 332 minimum lease payments less current (75) installments long-term obligation $257 at december 31, 2010 (a) confirm that verizon capitalized its capital leases using a rate of 7.4 %. (b) compute the present value of verizon's operating leases, assuming an 7.4% discount rate and rounding the remaining lease term to 3 decimal places. (use a financial calculator or excel to compute. do not round until your final answers. round each answer to the nearest whole number.)