cases of tennis balls listed at $130 per case and for which To 18 given a 15% volume discount. YiCo sells 70% of the cases for cash. The cost of the unsold merchandise is... a. $15,600 b. $31,200 c. $26,520 d. $77,350 11. JaCo uses the periodic method and records merchandise purchases at net. Its 20X4 ending inventory is $69,000. During 20X5, JaCo purchases merchandise for $878,000, with freight-in of $11,000. Purchase returns are $17,000, purchase discounts lost are $4,000, and the cost of merchandise on hand at year end is $91,000. At year end, JaCo records the following entry: 91,000 17,000 850,000 a. Ending Inventory Purchase Returns Cost of Goods Sold Purchases Freight-In Beginning Inventory 878,000 11,000 69,000 b. Ending Inventory Purchase Returns Cost of Goods Sold Purchase Discounts Lost Purchases Freight-In Beginning Inventory 91,000 17,000 846,000 4,000 878,000 11,000 69,000 91,000 17,000 854,000 c. Ending Inventory Purchase Returns Cost of Goods Sold Purchases Freight-In Beginning Inventory Purchase Discounts Lost 878,000 11,000 69,000 4,000 69,000 17,000 894,000 d. Beginning Inventory Purchase Returns Cost of Goods Sold Purchases Freight-In Ending Inventory 878,000 11,000 91,000 12. NuCo uses the periodic method an es the periodic method and has the following account balances Beginning Inventory, $4,000; Purchases, 4 000 Purchase Returns, $17,00u; beginning Inventory $ 193,000; Freight-In, $11,000; and Account 192000: Freight-In, $11,000; and Accounts Payable, $23,000. What are NuCo's net purchases? a. $187,000 b. $191,000 c. $183,000 d. $210,000 13. WeCo has the following account balances: Purchase Returns, $19,000: Purchases, $812,000; Purchase Discounts, $8,000; Beginning Inventory. bobo $21,000; Freight-In, $30,000; and Ending Inventory, $37,000. WeCo's cost of goods sold is... O ina. $769,000 b. $783,000 c. $815,000 d. $799,000 14. JiCo uses the periodic method. Its beginning inventory is $43,000, purchases are $321,000, F.O.B. destination, purchase returns are $17,000, and freight is $9,000. The balance in JiCo's ledger Purchases account is... a. $330,000 b. $317,000 c. $321,000 d. $304,000 15. VaCo, which uses the periodic method, is preparing its year-end journal entry to record cost of goods sold. It debits all of the following accounts except ... a. Cost of Goods Sold b. Beginning Inventory c. Purchase Discounts d. None of the above 16. SeCo begins operations in 20X6 and uses the periodic method a handise purchases weighted-average costing. SeCo has the following merchandise purch uring 20X6: 700 units in March 1 100 units in July $6, and 2,200 units in October @ $7. A physical count units. Calculate the cost of goods sold. ical count of ending inventory finds 1,000 a. $6,200 b $7.000 c. $18.600 d. $24,000 17. FoCo uses the periodic m the 2,500 units in FoCo's 2023 following owing merchandise purchases during 20X4: 1,70 3,500 units in June 19 and 2,300 in October of the 1,200 units in ending inventory. ethod and weighted average costing. The cost of n FoCo's 20X3 ending inventory is $32,500. FoCo has the es during 20X4: 1.700 units in May @ $14; 300 in October @ $21. Calculate the cost a $20,532 b. $16,632 632 c. $22,176 c. $22,176 d. $40 d. $25,200 18. LiCo uses the periodic method and weighted average costing. On December 31, 20X7. LiCo's inventory consists of 1,800 units costing $5 each. In January, 20X8. LiCo purchases 4,000 units @ $9, of which it returns 700 units in March. It purchases 4,400 units in October @ $7, of which it returns 500 units in December. The weighted-average cost per unit of goods available for sale during 20X8 is ... a. $7.92 b. $7.33 c. $6.47 d. $6.79 19. TuCo begins operations in 20X1 and uses the perpetual method and moving average costing. On January 4, TuCo buys 1,200 units of merchandise @ $3. On January 8, it sells 300 units. On January 11, it buys 1,100 units @ $4, and on January 30, it sells 600 units. On January 30, what does TuCo record as the cost of goods sold? a. $2,430 b. $2,130 c . $2,400 d. $1,800 20. XoCo, which begins business in May and uses the perpetual method and moving average costing, shows the following data: Purchases Sales 1,000 @ $ 7 400 @ $11 May 4 May 11 May 14 May 19 May 21 1,400 @ $ 8 2,000 @ $10 1,500 @ $15 The balance in XoCo's inventory account on May 31 is ... a. $22,125 b. $20,833 c. $21.705 d. $23.875 21. MaCo begins operations in 20X1 and uses the perindie method and Fir costing. In March, 20X1, MaCo buys 700 units @ $4: in July, it buys 2,700 units $6, and in November, it buys 1,600 units @ $8. The cost of the 1.900 units in MaCo's December 31 ending inventory is ... a. $10,000 b. $15,200 c. $14,600 d. $7,600 othod and FIFO costing. JoCo's December 31, 22. JoCo uses the periodic method and FIFO costing. I Avo inventory consists of 400 units bought in November 20X911 90X3. JoCo made the following purchases: 1,800 units @ $14 in x 2.200 units @ $17 in July; and 2,300 units @ $13 in October The Nanember 31, 20X3 inventory consists of 1,300 units. JoCo's 20X3 cost of goods sold is... a. $80,000 b. $79,900 c. $80,800 d. $78,700 23. NiCo begins operations in 20X4, makes all sales on account, uses the perpetual method and FIFO costing, and shows the following data: Sales Purchases 700 @ $ 7 400 @ $15 February 4 May 11 July 14 September 19 bu December 21 1,100 @ $ 8 3,000 @ $10 1,500 @ $18 On December 21, what entries does NiCo record? 27,000 27,000 a. Accounts Receivable Sales Cost of Goods Sold Inventory 15,000 15,000 27,000 27,000 b. Accounts Receivable Sales Cost of Goods Sold Inventory 9,200 9,200 27,000 c. Accounts Receivable Sales 27,000 11,900 11,900 27,000 27,000 Cost of Goods Sold Inventory d. Accounts Receivable Sales Cost of Goods Sold Inventory 12,000 12,000 24. TeCo uses the perpetual method and FIFO costing. TeCo's December 31, 20X5 inventory consists of 800 units @ $7. In 20X6, TeCo's merchandise purchases and sales are as follows: Sales 2,000 @ $25 Purchases February 24 1,700 @ $ 9 June 11 August 17 2,100 @ $11 September 1 October 193,000 @ $14 November 29 1,600 @ $28 2,700 @ $30 TeCo's December 31, 20X6 ending inventory is ... a. $18,200 b. $12,600 c. $11,700 d. $10,100 25. Paco begins business in 20X3, uses the periodic method and LIFO costing and makes the following merchandise purchases: January 14 1,300 @ $50 March 11 2,800 a $55 August 23 1,700 @ $58 November 1 1,200 @ $60 If PaCo's December 31, 20X3 inventory contains 1,500 units, its ending inventory is .. a. $89,400 b. $76,000 c. $90,000 d. $75,000 206 26. MiCo opens for business in 20X3 and uses the periodic method and LIFO costing. On December 31, 20X3, there are 900 units of merchandise in MiCo's inventory @ $11. MiCo's 20X4 merchandise purchases are as follows: February 4 March 10 July 7 October 21 1,200 @ $14 2,000 @ $15 3,300 @ $18 4,200 @ $20 If MiCo's December 31, 20X4 physical count shows 1,500 units in ending inventory, then ending inventory on MiCo's balance sheet will be... a. $21,300 b. $30,000 c. $18,300 d. $21,900 27. CuCo, which begins business in 20X8, uses the periodic method and LIFO costing. CuCo's 20X8 merchandise purchases are as follows: SIE January 3 April 16 September 25 December 4 2,200 @ $5 1,800 @$8 3,000 @ $6 1,100 @ $9 If CuCo's December 31, 20X8 ending inventory is 300 units, its 20X8 cost of goods sold is ... a. $51,800 b. $50,600 c. $49,900 d. $52,100 28. KoCo begins operations in 20X1 and uses the periodic method. In March, 20X1, KoCo buys 700 units @ $4; in July, it buys 2,700 units @ $6; and in November, it buys 1,600 units @ $8. Using LIFO, what is the cost of the 1,900 units in ending inventory? c. $14,600 d. $7,600 a. $10,000 b. $15,200 29. siCo begins operations in 20X2 and uses the periodic method. SiCo's December 31, 20X2 ending inventory consists of 400 units bought in January, 20X2 @ $11. Its December 31, 20X3 ending inventory consists of 1,300 units. During January, 20X3, SiCo buys 1,800 units @ $14; in July, it buys 2,200 units @ $17; and in October, it buys 2,300 units @ $13. If SiCo uses LIFO, its 20X3 costs of goods sold is... a. $80,000 b. $79,900 c. $80,800 d. $78,700 Use the following information for problems #30-33. LuCo begins operations in 20X4 and uses the periodic method and LIFO costing. Its merchandise purchases are as follows: March July September November 20X4 300 @ $4 500 @ $5 200 @ $7 400 @ $6 20X5 600 @ $ 8 900 @ $12 100 @ $ 9 700 @ $10 20X6 900 @ $11 600 @ $14 700 @ $13 100 @ $16 30. If LuCo sells 900 units in 20X4, its December 31, 20X4 ending inventory of 500 units is... a. $2,000 b. $3,000 c. $2,200 d. $3,100 31. If, instead, LuCo's has 200 units in its December 31, 20X4 ending inventory and 500 units in its December 31, 20X5 ending inventory, then its December 31, 20X5 inventory is .. a. $3,200 b. $4,000 c. $5,000 d. $2,200 32. Assume, instead, that LuCo's December 31, 20X4 ending inventory is 300 units; its December 31, 20X5 ending inventory is 200 units (which is lower than it 20x5 beginning inventory); and its December 31, 20X6 ending inventory is 700 units. What is LuCo's December 31, 20X6 inventory? a $7,700 b. $4,400 c. $5,600 d. $6,300 23. Assume, instead, that LuCo's December 31, 20X4 ending that LuCo's December 31, 20X4 ending inventory is 300 units: its December 31, 20X5 ending inventory is 800 units; and its December 31, 20X6 ending inventory is 600 units (which is lower than its 90X6 beginning inventory). What is LuCo's December 31, 20X6 ending inventory? a. $6,600 b. $4,800 c. $4,400 d. $3,600 34. When WeCo begins operations in 20X4, it chooses the periodic method and LIFO costing. Within a given year's LIFO layer, it uses weighted average costing. During 20X4, WeCo makes the following merchandise purchases: May 30 June 24 October 11 December 4 400 @ $4 800 @$5 900 @ $7 1,400 @ $6 If the December 31, 20X4 ending inventory is 1,000 units, and the De- cember 31, 20X5 ending inventory is 300 units, what is the 20X5 ending inventory? a. $1,200 b. $1,380 c. $1,740 d. $1,800 Use the following information for problems #35-40. HuCo begins operations in 20X4, uses the periodic method and makes the following merchandise purchases: Total units Unit cost Total cost April $ 6 $5,400 September 9,100 1,300 20X4 900 20X5 March November $8,800 5,000 $ 8 10 1,100 500