Exercises#1,2,3,4

Exercise#1 Simone Company reported the following purchases and sales of its only product Saimone uses a perpetual inventory system. Determine the cost assigned to ending inventory using LIFO. Date Activities Units Acquired at Cost Units sold at Retail May 1 Beginning inventory 186 units @ $10 = $1,860 May 5 Purchase 256 units @ $12 = $3,072 May 10 Sales 176 units e $20 May 15 Purchase 136 units @ $13 = $1,768 May 24 Sales 126 units e $21 A) $6,700 B) $2,820 C) $2,950 D) $3,880 E) $3,760 Exercise #2 Salmone Company reported the following purchases and sales of its only product Salmone uses a periode inventory system. Determine the cost assigned to cost of goods sold using FIFO. Date Activities Units Acquired at Cost Units sold at Retail May 1 Beginning inventory 188 units @ $10 = $1,880 May 5 Purchase 258 units @ $12 = $3,096 May 10 Sales 178 units e 520 May 15 Purchase 138 units @ $13 - $1,794 May 24 Sales 128 units e s21 A) $3,296 B) $3,810 C) $3,930 D) $3,800 E) $3,426 Exercise#3 Ace Company reported the following information for the current year Sales 5 419,000 Cost of goods sold: Beginning inventory $ 145,500 Cost of goods purchased 282,000 Cost of goods available for sale 427,500 Ending inventory 153,000 Cost of goods sold 274,500 Gross profit $ 144,500 The beginning inventory balance is correct. However, the ending inventory figure was overstated by $29.000. Geen this information the correct gross profit would be A) S115,500 B) $144,500 C) $173,500 D) $128,500 E) $116,500 Exercise#4 Marquis Company uses a weighted average perpetuat inventory system and has the following purchases and sales: Date Activities Units Acquired at Cost Units sold at Retail August 2 Purchase 10 units @ $46 = $460 August 18 Purchase 15 units @ 548 - $720 August 29 Sales 12 units sold What is the amount of the cost of goods sold for this sale? (Round average cost per unit to 2 decimal places.) A) $1,180.00 B) $556.00 C) $150.50 D) $566.40 E) $720.00