Question
A company purchased merchandise to be resold at increasing costs during the year 2019. The purchases were made at the following costs... January 1, 2019
A company purchased merchandise to be resold at increasing costs during the year 2019. The purchases were made at the following costs... January 1, 2019 (carried over from 2018) 20 units at $10
January 25, 2019 purchase 40 units at $11
June 20, 2019 purchase 40 units at $12
October 10, 2019 purchase 50 units at $13 The company sold 10 items at the end of each month.
Question 13: What are the number of units and the cost of the goods available for sale? __________ units $__________ cost of goods available for sale
Question 14: Assuming the LIFO periodic cost flow assumption, what will be the company's cost of goods sold for the 120 items sold in 2019? a. $1,380 b. $1,386 c. $1,400 d. $1,460
Question 15: Assuming the periodic weighted-average cost flow assumption, what is the company's cost of goods sold for the 120 items sold in 2019? a. 1,386 b. $1,410 c. $1,416 d. $1,460
Question 16: Assuming the LIFO perpetual cost flow assumption, what will be the company's cost of goods sold if 10 units were sold on the last day of each month during the year 2019? a. $1,386 b. $1,410 c. $1,416 d. $1,460
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