During the year, ABC Inc determined ending inventory and COGS under FIFO cost flow and periodic inventory method. Other information available is as follows: Beginning inventory Purchase, January 12 Purchase, August 25 Unit Unit Cost 100 200 150 $5 $6 $7 Ending inventory 200 What is the value of ending inventory: Select one: a. 1350 b. 2700 c.1450 d. 1400 20C SI During the year, ABC Inc determined ending inventory and COGS under FIFO cost flow and periodic inventory method. Other information available is as follows: Unit Unit Cost Beginning inventory 100 $5 Purchase, January 12 200 $6 Purchase, August 25 150 $7 Ending inventory 200 What is the value of COGS: Select one: a. 1400 b. 2750 c. 1450 d. 1350 ABC Co. uses net method for discounts of inventory. ABC Co. has the following transactions in May 2021: May 1, Purchased inventory on credit terms 1/10 n,30 for 10000 May 9 Return 50% of inventory purchased on May 1, it was defective. Which one is the correct journal entry for May 92 Select one: a. Debit A/P 5000 credit inventory 5000 b. Debit A/P 5000. Credit Cash 5000 Debit A/P 4500, Credit Inventory 4500 d. Debit Cash 4500, Credit A/P 4500 ABC Co has the following information regarding Accounts Receivables by December 31, 2021: Accounts Receivable $ 52000 Allowance for Doubtful Accounts $ 5000 How much is the net realizable value? Select one: a. 47000 b. 57000 C.52000 d. 5000 ABC Co. uses half year convetion method for depreciation. The company purchased an equipment in December, 2021 that costs $75,000 with a useful life of 10 years and an estimated salvage value of $5,000. How much is the depreciation expense for 2021 (assume that there is no more depreciable asset)? Select one: . a. 7000 b. 5000 7500 d. 3500 ABC Co uses perpetual inventory system and Average Cost Method. The company's information for December 2021 is as follows: December 1- Beginning inventory value is $ 800 in total for 20 units of inventory. December 7- Sold 10 units $50 each. December 12- Purchased 15 units at the cost of $42 each. December 17- Sold 8 units $50 each December 23-Sold 4 units $50 each. December 27- Purchased 8 units at the cost of $44 each. December 30- Sold 10 units $50 each What is the total value of ending inventory by end of December, 2021? (FYI: round the value to the nearest 10) Select one: a. 465 b. 887 c.700 d. 536 ABC Co uses perpetual inventory system and Average Cost Method. The company's information for December 2021 is as follows: December 1- Beginning inventory value is $ 800 in total for 20 units of inventory. December 7- Sold 10 units $50 each. December 12- Purchased 15 units at the cost of $42 each. December 17- Sold 8 units $50 each. December 23-Sold 4 units $50 each. December 27- Purchased 8 units at the cost of $44 each. December 30- Sold 10 units $50 each. What amount should be recorded to COGS for the sale transaction on December 17? Select one: a. 164,80 b. 630 C.431,20 d. 329,60
