Question
A company supplies cleaning supplies to restaurants. At the beginning of October, the business had 8,200 boxes of cleaning supplies that cost RM20 per box.
A company supplies cleaning supplies to restaurants. At the beginning of October, the business had 8,200 boxes of cleaning supplies that cost RM20 per box.
During October, the following transactions took place:
October 10 Sold 5,500 boxes at RM 50 per box
October 15 Purchased 5,000 boxes at RM 25 per box
October 20 Sold 6,000 boxes at RM 50 per box
October 25 Purchased 5,000 boxes at RM30 per box
What is the cost of sales on October 20 when the company uses the first in, first out (FIFO) method of costing inventories?
What is the cost of sales on October 20 when the company uses the last in, first out (LIFO) method of costing inventories?
What is the cost of sales on October 20 when the company uses the weighted average cost (AVCO) method of costing inventories?
What is the closing inventory on October 31 when the company uses the first in, first out (FIFO) method of costing inventories?
What is the closing inventory on October 31 when the company uses the last in, first out (LIFO) method of costing inventories?
What is the closing inventory on October 31 when the company uses the weighted average (AVCO) method of costing inventories?
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Fundamentals of Cost Accounting
Authors: William Lanen, Shannon Anderson, Michael Maher
3rd Edition
9780078025525, 9780077517359, 77517350, 978-0077398194
