Question
18. Blue Inc. Utilizes a Periodic LIFO inventory method. They make the following purchases and sales. August 3rd: Purchases 100 units at $20 per unit
18. Blue Inc. Utilizes a Periodic LIFO inventory method. They make the following purchases and sales.
August 3rd: Purchases 100 units at $20 per unit
August 10th: Purchases 150 units at $25 per unit
August 15th: Sells 125 units at $45 per unit
August 23rd: Purchases 50 units at $35 per unit
August 30th: Sells 75 units at $55 per unit
What is the value of Blue Inc. inventory at the end of August assuming they started with no inventory?
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$2,000
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$3,000
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$8,000
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$2,500
Question 2
19. Red Corp. utilizes a periodic FIFO inventory method. They make the following purchases and sales
January 7th: Purchases 3,000 units at $50 per unit
January 10th: Sells 100 units at $75 per unit
January 15th: Purchases 175 units at $60 per unit
January 22nd: Sells 250 Units at $85 per unit
January 26th: Sells 50 units at $95 per unit
What was COGS for Red Corp during the month of january assuming they started with no inventory?
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$4,500
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$ 21,000
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$21,750
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$33,500
Question 3
20. Orange LLC. utilizes a periodic weighted average inventory method. They make the following purchases and sales
May 2nd: Purchases 100 units at $15 per unit
May 7th: Sells 75 units at $35 per unit
May 12th: Purchases 125 units at $25 per unit
May 25th: Sells 75 units at $45 per unit
What was Orange LLC. COGS for the month of may assuming they did not have any initial inventory?
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$2,569.44
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$ 4,111.11
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$ 4,625.00
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$3.083.33
Question 4
22. Pink Co. purchases 40 units of inventory at $50 per unit. After having the inventory on hand for a period of time, they find the Net Realizable value of each unit to be $65 . What will Pink Co. record for the total value of the inventory?
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$600
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$ 2,000
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$ 3,250
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$2,600
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Accounting Theory
Authors: Ahmed Raihi-Belkaoui
5th Edition
1844800296, 978-1844800292
