Could someone explain the answers please. Thank you! .
The following information was taken from the records of Bob's Bibs: Market Cost Value Item Quantity per Unit per Unit A 50 $12 $ 0 B 20 20 21 C 10 10 5 Bob's reports inventory at the lower of cost or market. Bob's total writLLdown of inventory will be: a. $200. :2. $150 0. $220 0.550 Hawks Corp. Hawks Corp. is a merchandishag company that uses the periodic inventory system. Selected account balances are listed below: Sales $500,000 Purchase. 125,000 Inventory {hegjnnhng 10,000 Inventory (ending) 30,000 Dperang Expenses 15,000 Income Tax Expense ?,000 Retained Eainings {beginning} 40,000 Refer to information for Hawks Corp. Calculate the cost of goods sold for Hawks Colp. a. $145,000 c. $105,000 b. $135,000 a $100,000 Jen's Department Store is a merchandising company that uses the periodic inventory system. Sected account balances are listed below: Sales $000,000 Purchase. 100,000 Inventory {beginning} 20,000 Quick Inc. uses the periodic inventory system. June 1 On hand, 50 units {33,} $2.50 each $ 325.00 June 5 Purchased 115 units @ $2.55 each 363.25 June 14 Purchased 25 units (Li) $2.30 each 520.00 Total cost of goods available for sale $1,313.25 During June, Quick sold 130 units. If Quick uses. the FJFD inventory method, the amount assigned to the June 30 cost of goods sold would be a. $323.00 c. $935.25 h. $323.00 d. $334.25 If Quick uses the FIFO inventory method, the amount assigned to the June 30 ending inventory would he a. $323.00 c. $935.25 h. $925.00 d. $334.25 If Quick uses the 1weighted average cost inventory method, the amount assigned to the June 30\"\" cost of goods sold would he a. $331.02 c. $1,013.33 h. $932.13 d. $232.15 If Quick uses the weighted average cost inventory method, the amount assigned to the June 30\"\" ending inventory would be a. $331.02 c. $1,013.33 h. $932-13 d. $232.15 If Quick uses the LIIFIIC]I inventory method, the cost of goods sold for June would he a. $334. 25 1:. $035.25 h. $325.00 d. $323.00 If Quick uses the LIIFIIC]I inventory method, the ending inventory for June would he a. $334. 25 c. $535.25 h. $325.00 d. $328.00 Quick Inc. uses the periodic inventory system. June 1 On hand, 50 units @ $7.50 each '5 375.00 June 5 Purchased 115 units @ $7.55 each 868.25 June 14 Purchased 75 units @ $7.60 each 570.00 Total cost of goods available for sale m During June, Quick sold 130 units. If Quick uses the FIFO inventory method, the amount assigned to the June 30 cost of goods sold would be a. $828.00 c. $985.25 b. $979.00 d. $834.25 If Quick uses the FIFO inventory method, the amount assigned to the June 30 ending inventory would be a. $828.00 c. $985.25 b. $979.00 d. $834.25 If Quick uses the weighted average cost inventory method, the amount assigned to the June 30'\" cost of goods sold would be a. $831.07 c. $1,016.38 b. $982.18 d. $797.15 If Quick uses the weighted average cost inventory method, the amount assigned to the June 30\"] ending inventory would be a. $831.07 c. $1,016.38 b. $982.18 d. $797.15 If Quick uses the LIFO inventory method, the cost of goods sold for June would he a. $834.25 c. $985.25 b. $979.00 d. $828.00
