Question
explains to me how I do it in Excel. 6. The beginning inventory for Collins Company consists of 600 units valued at $20 each. Three
explains to me how I do it in Excel.
6. The beginning inventory for Collins Company consists of 600 units valued at $20 each. Three purchases of 200 units each were made during the year at $21, $22, and $24 per unit, respectively. A physical count reveals 500 units on hand at December 31, which is the end of the accounting period. What is the value of the ending inventory under a periodic FIFO system?
a. $11,000
b. $11,300
c. $10,500
d. $10,636
7. The beginning inventory for Kincaid Company consists of 300 units valued at $10 each. Four purchases of 50 units each were made during the year at $11, $11.50, $13, and $14 per unit, respectively. A physical count reveals 220 units on hand at December 31, which is the end of the accounting period. What is the value of the ending inventory under a periodic LIFO system?
a. $2,409
b. $2,420
c. $2,530
d. $2,200
8. The beginning inventory for Lucas Company consists of 200 units valued at $15 each. Three purchases of 45 units each were made during the year at $15, $16, and $16.50 per unit, respectively. What is the average cost per unit using a weighted-average inventory costing system? Round the per unit cost to two decimals.
a. $15.00
b. $15.34
c. $16.50
d. $16.00
9. The beginning inventory for North Company consists of 150 units valued at $25 each. Four purchases of 50 units each were made during the year at $25.50, $26, $27, and $29 per unit, respectively. A physical count reveals 90 units on hand on December 31, which is the end of the accounting period. Assuming that the company values inventory by a periodic FIFO system, what is the cost of goods sold for the current period?
a. $6,770
b. $6,810
c. $6,595
d. $6,875
10. The beginning inventory for Goodman Appliances consists of 600 units valued at $500 each. Two purchases of 500 units each were made during the year at $525 and $550 per unit, respectively. A physical count reveals 95 units on hand on December 31, which is the end of the accounting period. Assuming that the company values inventory by a periodic LIFO system, what is the cost of goods sold for the current period?
a. $787,773
b. $790,000
c. $785,250
d. $780,000
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