Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Co. C has the following units of beginning inventory and purchases for the year: beginning inventory 300 units at $20 each and a 2/28 Purchase

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Co. C has the following units of beginning inventory and purchases for the year: beginning inventory 300 units at $20 each and a 2/28 Purchase 300 units at $40 each. Using the FIFO method, if the ending inventory is 200 units, what is the cost of the ending inventory? O A 12,000 OB. 8,000 OC. 6,000 OD. 4,000 O E. None of the above Co. S has the following beginning inventory, purchases and ending inventory: Beginning inventory 100 units at $10 each, Purchase 6/1 200 units at $15 each, Purchase 9/1 300 units @ 20 each, and ending inventory 400 units. How many units did Co. X sell (total sales) during the year? O A 1,000 OB. 600 OC.500 OD. 300 O E. None of the above of the four inventory methods-FIFO, LIFO, Average cost and Specific Identification-which method means the "the individual items that are in ending inventory can be identified specifically? O A FIFO O B. LIFO O C. Average Cost O D. Specific Identification Co. Z. has the following units of beginning inventory, purchases and total sales for the year: Beginning inventory 300 units at $10 each, Purchase 6/1 300 units at $15 each, Purchase 9/1 300 units @ 20 each, and total sales for the year of 400 units. How many units are in ending inventory? O A 900 OB. 500 C. 400 OD. 300 O E. None of the above Co. Y has the following beginning inventory, purchases and ending inventory: Beginning inventory 300 units at $10 each, Purchase 6/1 300 units at $15 each, Purchase 9/1 300 units @ 20 each, and ending inventory 400 units. What is the average cost per unit of the total units available for sale during the year? O A $25 O B. $20 C. $15 OD. $10 O E. None of the above

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions

Question

Define Administration?

Answered: 1 week ago