FINANCIAL ACCOUNTING Chapter Inventory (3 multiple choice questions)

3)On March 1, Miles Ltd. had $24402 in inventory. During the month, the company purchased inventory worth $191467. An inventory count on March 31 revealed inventory on hand of $20399. Assuming Miles uses a periodic inventory system, what is the cost of goods available for sale for the month of March? Select one: a. $215869 b. $195470 c. $24402 d. $236268

answer: b?

4)Mika Enterprises uses a perpetual inventory system. The company had the following inventory and purchases for the month of March:

Mar. 1 Beginning Inventory 35 @ $19.82 Mar. 8 Purchase 103 @ $25.19 Mar. 16 Sale 44 @ $29.82

Calculate the cost of goods sold for the year assuming the company uses a FIFO cost flow system.

Select one: a. $1312 b. $1108 c. $920 d. $2368

answer: c?

5)An entity has the following inventory transactions for an item of inventory:

Opening Inventory 113 units @ 10 $1130

Purchase 1 212 units @ 13 $2756 Sale 1 57 units

What is cost of goods sold assuming the entity uses the periodic weighted average method? Select one: a. $570 b. $741 c. $682 d. $656