Question
14. The purchase history for inventory Item A is as follows: Date Transaction Type Qty Cost 03/01/20XX Purchase Item A 20 $2.00 03/15/20XX Purchase Item
14. The purchase history for inventory Item A is as follows: Date Transaction Type Qty Cost 03/01/20XX Purchase Item A 20 $2.00 03/15/20XX Purchase Item A 10 $2.75 03/31/20XX Purchase Item A 25 $2.50 Assuming the 2/28/20XX inventory balance for Item A was 0, what is the Cost of Goods Sold for 15 units of Item A sold on 03/20/20XX using the FIFO inventory cost method? A. $37.50 B. $30.00 C. $36.25 D. $35.45
19. The inventory transactions for Item A are as follows: Date Transaction Type Qty Cost 03/01/20XX Purchase Item A 20 $2.00 03/15/20XX Purchase Item A 10 $2.75 03/20/20XX Sold Item A 15 03/31/20XX Purchase Item A 25 $2.50 Assuming the 2/28/20XX inventory balance for Item A was zero, what is the inventory balance as of 04/01/20XX using the FIFO inventory cost method? A. $100.00 B. $93.75 C. $94.55 D. $92.50
12. You offered a discount to a customer who is purchasing a group of items. How do you record this bundle inventory sale in QBO? A. Change the base price on each item. B. Change the billable expense markup to 0%. C. Enter a discount for the entire transaction. D. Manually adjust inventory for bundle sales.
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