Question
1. Our company uses the periodic inventory system and the following data are for 2012 Units Unit Cost Totals January 1 Beginning Inventory 10 $5
1. Our company uses the periodic inventory system and the following data are for 2012
|
|
| Units | Unit Cost | Totals |
| January 1 | Beginning Inventory | 10 | $5 | $ 50 |
| March 9 | Purchase | 40 | $6 | 240 |
| August 11 | Purchase | 30 | $7 | 210 |
|
|
| 80 |
| $500 |
| December 31 | Physical inventory count: | 20 units on hand | ||
What is the value of ending inventory for 2012 if the weighted average method is used?
$380
$375
$125
$120
2. Our company uses the periodic inventory system and the following data are for 2012:
|
|
| Units | Unit Cost | Totals |
| January 1 | Beginning Inventory | 10 | $5 | $ 50 |
| March 9 | Purchase | 40 | $6 | 240 |
| August 11 | Purchase | 30 | $7 | 210 |
|
|
| 80 |
| $500 |
| December 31 | Physical inventory count: | 20 units on hand | ||
What is the value of ending inventory for 2012 if the FIFO method is used?
$110
$140
$360
$390
3. Our company uses the periodic inventory system and the following data are for 2012:
|
|
| Units | Unit Cost | Totals |
| January 1 | Beginning Inventory | 10 | $5 | $ 50 |
| March 9 | Purchase | 40 | $6 | 240 |
| August 11 | Purchase | 30 | $7 | 210 |
|
|
| 80 |
| $500 |
| December 31 | Physical inventory count: | 20 units on hand | ||
What is the value of ending inventory for 2012 if the LIFO method is used?
$110
$140
$360
$390
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Survey of Accounting
Authors: Carl S Warren
6th edition
978-113318912, 1133189121, 978-1133189121
