Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Co. T has the following beginning inventory purchases and ending inventory: Beginning inventory 100 units at $10 each, Purchase 6/1 500 units at $15 each,

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Co. T has the following beginning inventory purchases and ending inventory: Beginning inventory 100 units at $10 each, Purchase 6/1 500 units at $15 each, Purchase 9/1 400 units @ 20 each, and ending inventory 400 units. If the average cost per unit is $16.50, using the average cost method, what is the cost of the ending inventory? O A 10000 OB. 6600 O C.4950 OD. 3300 O E. None of the above Co. B. Using the specific identification method, the following units make up the total of 400 units in ending inventory: 1/1 Beginning inventory of 100 units at $10 each, a purchase 2/28 of 200 units at $20 each and a purchase 6/15 of 100 units at$30 each. What is the total cost of the ending inventory? O A 9,000 OB. 8,000 OC. 6,000 OD. 4,000 O E. None of the above Using the average cost method, if the total cost of the goods available for sale is 25,000 and the cost of the ending inventory is 10,000, how much is the cost of goods sold? O A 25,000 O B. 20,000 O C. 15,000 OD. 10,000 O E. None of the above of the four inventory methods--FIFO, LIFO, Average cost and Specific Identification-which method means the "first item that is bought is the first item sold"? O A FIFO O B. LIFO OC. Average Cost O D. Specific Identification Co. D. Using the specific identification method, the following units make up the total of 400 units in ending inventory: 1/1 Beginning inventory of 200 units at $10 each, a purchase 2/28 of 200 units at $20 each and a purchase 6/15 of 100 units at$30 each. What is the total cost of the ending inventory? O A 9,000 OB. 8,000 OC. 6,000 OD. 4,000 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

Different types of Grading?

Answered: 1 week ago

Question

Explain the functions of financial management.

Answered: 1 week ago

Question

HOW MANY TOTAL WORLD WAR?

Answered: 1 week ago

Question

Discuss the scope of financial management.

Answered: 1 week ago