Question
At the beginning of August, Feeder & Co. had 20 cars worth $ 400,000. On August 2nd they have bought 12 more cars for $
At the beginning of August, Feeder & Co. had 20 cars worth $ 400,000. On August 2nd they have bought 12 more cars for $ 360,000 and on Aug 25th 26 cars (16 from beginning inventory and 10 from purchases made in August) are sold for $ 728,000. The value of closing inventory as per FIFO and Weighted Average method resectively are
a | Given information is not sufficient to calculate this |
b | $ 180,000 as per FIFO and $ 140,000 as per Weighted Average method |
c | $ 140,000 as per FIFO and $ 180,000 as per Weighted Average method |
d | $ 180,000 as per FIFO and $ 180,000 as per Weighted Average method |
At the beginning of August, Feeder & Co. had 20 cars worth $ 400,000. On August 2nd they have bought 12 more cars for $ 360,000 and on Aug 25th 26 cars are sold for $ 728,000. Cost of goods sold that would be recognized in Profit or Loss statement would be (using FIFO and Weighted Average method respectively)
a | $ 400,000 as per FIFO and $ 360,000 as per Weighted Avg. method |
b | $ 580,000 as per FIFO and $ 617,500 as per Weighted Avg. method |
c | $ 400,000 as per FIFO and $ 180,000 as per Weighted Avg. method |
d | $ 617,000 as per FIFO and $ 580,500 as per Weighted Avg. method |
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