Question
1.Our company had the following balances and transactions during the current year related to merchandise inventory. Beginning merchandise inventory on January 1 100 units at
1.Our company had the following balances and transactions during the current year related to merchandise inventory.
| Beginning merchandise inventory on January 1 | 100 units at $75 per unit |
| Purchase on February 14 | 100 units at $80 per unit |
| Sale on August 21 | 150 units |
What would be the companys cost of goods sold in dollars on December 31 if the company used perpetual, last in, first out (LIFO) method?
Group of answer choices
$4,000
$3,750
$11,500
$11,750
2.Our company had the following balances and transactions during the current year related to merchandise inventory.
| Beginning merchandise inventory on January 1 | 120 units at $70 per unit |
| Purchase on February 14 | 100 units at $85 per unit |
| Sale on August 21 | 150 units |
What would be the companys ending merchandise inventory in dollars on December 31 if the company used perpetual, first in, first out (FIFO) method?
Group of answer choices
$4,900
$5,950
$10,950
$12,000
3.Our company had the following balances and transactions during the current year related to merchandise inventory.
| Beginning merchandise inventory on January 1 | 100 units at $75 per unit |
| Purchase on February 14 | 100 units at $80 per unit |
| Sale on August 21 | 150 units |
What would be the companys cost of goods sold in dollars on December 31 if the company used perpetual, first in, first out (FIFO) method?
Group of answer choices
$4,000
$3,750
$11,500
$11,750
4.Our company had the following balances and transactions during the current year related to merchandise inventory.
| Beginning merchandise inventory on January 1 | 120 units at $70 per unit |
| Purchase on February 14 | 100 units at $85 per unit |
| Sale on August 21 | 150 units |
What would be the companys ending merchandise inventory in dollars on December 31 if the company used perpetual, weighted average (WA) costing method?
Group of answer choices
$4,900
$12,000
$11,523
$5,377
5.Our company had the following balances and transactions during the current year related to merchandise inventory.
| Beginning merchandise inventory on January 1 | 100 units at $75 per unit |
| Purchase on February 14 | 100 units at $80 per unit |
| Sale on August 21 | 150 units |
What would be the companys cost of goods sold in dollars on December 31 if the company used perpetual, weighted average (WA) costing method?
Group of answer choices
$4,000
$3,750
$11,625
$11,750
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Financial Statement Fraud Strategies For Detection And Investigation
Authors: Gerard M. Zack
1st Edition
1118301552, 9781118301555
