Question
A. Topeka Merchandising Company uses a perpetual inventory system. During the month of August, it had the following purchase and sales transactions. Date Activities Units
A.
Topeka Merchandising Company uses a perpetual inventory system. During the month of August, it had the following purchase and sales transactions.
| Date | Activities | Units Acquired At Cost | Units Sold at Retail |
| 8/1 | Beginning inventory | 100 units @$10/unit |
|
| 8/5 | Purchase | 40 units @$12/unit |
|
| 8/10 | Sales |
| 60 units @$30/unit |
| 8/15 | Purchase | 70 units@$13/unit |
|
| 8/25 | Sales |
| 50 units @$35/unit |
|
| Totals | 210 units | 110 units |
Calculate the Costs of Goods Sold for the month of August, if Topeka Merchandising Company uses FIFO cost methodology. Report in Dollars.
B.
Topeka Merchandising Company uses a perpetual inventory system. During the month of August, it had the following purchase and sales transactions.
| Date | Activities | Units Acquired At Cost | Units Sold at Retail |
| 8/1 | Beginning inventory | 100 units @$10/unit |
|
| 8/5 | Purchase | 40 units @$12/unit |
|
| 8/10 | Sales |
| 60 units @$30/unit |
| 8/15 | Purchase | 70 units@$13/unit |
|
| 8/25 | Sales |
| 50 units @$35/unit |
|
| Totals | 210 units | 110 units |
Calculate the Ending Inventory Balance, as of August 31, if Topeka Merchandising Company uses FIFO cost methodology. Report in Dollars.
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Advanced Accounting
Authors: Joe Hoyle, Thomas Schaefer, Timothy Doupnik
10th edition
0-07-794127-6, 978-0-07-79412, 978-0077431808
