Question
ABC Inc. sells socks. During February 2016, its inventory records for one brand of its socks were as follows: Quantity Price per pair Total Beginning
ABC Inc. sells socks. During February 2016, its inventory records for one brand of its socks were as follows:
Quantity | Price per pair | Total | |
---|---|---|---|
Beginning Inventory | 10 pairs | $20.00 | = $200 |
February 6 Purchase | 4 pairs | $25.00 | = $100 |
February 10 Purchase | 5 pairs | $27.40 | = $137 |
February 15 Sale | 7 pairs | N/A |
See information above. Using this information, determine ending inventory under the weighted-average method. Assume the company used a periodic inventory costing system.
Select one:
a. $297
b. $276
c. $161
d. $252
Based on the information below and considering that this company paid $100,000 in cash to its suppliers during the year, what is the company's cost of goods sold for 2015? Assume that the only source of Accounts Payable is the purchase of inventory on credit.
1/1/2015 | 12/31/2015 | |
---|---|---|
Inventory | $122,400 | $122,600 |
Accounts payable | $54,000 | $0 |
Select one:
a. $45,800
b. $200
c. None of these
d. $54,200
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started