Question
Our company had the following balances and transactions during the current year related to merchandise inventory. Beginning merchandise inventory on January 1 100 units at
Our company had the following balances and transactions during the current year related to merchandise inventory.
| Beginning merchandise inventory on January 1 | 100 units at $75 per unit |
| Purchase on February 14 | 100 units at $80 per unit |
| Sale on August 21 | 150 units |
What would be the companys cost of goods sold in dollars on December 31 if the company used perpetual, last in, first out (LIFO) method?
a) $4,000
b) $3,750
c) $11,500
d) $11,750
Our company had the following balances and transactions during the current year related to merchandise inventory.
| Beginning merchandise inventory on January 1 | 100 units at $75 per unit |
| Purchase on February 14 | 100 units at $80 per unit |
| Sale on August 21 | 150 units |
What would be the companys ending merchandise inventory in dollars on December 31 if the company used perpetual, first in, first out (FIFO) method?
a) $4,000
b) $3,750
c) $11,500
d) $11,750
Our company had the following balances and transactions during the current year related to merchandise inventory.
| Beginning merchandise inventory on January 1 | 120 units at $70 per unit |
| Purchase on February 14 | 100 units at $85 per unit |
| Sale on August 21 | 120 units |
What would be the companys cost of goods sold in dollars on December 31 if the company used perpetual, first in, first out (FIFO) method?
a) $9,900
b) $8,500
c) $8,400
d) $7,000
Our company had the following balances and transactions during the current year related to merchandise inventory.
| Beginning merchandise inventory on January 1 | 120 units at $70 per unit |
| Purchase on February 14 | 100 units at $85 per unit |
| Sale on August 21 | 120 units |
What would be the companys ending merchandise inventory in dollars on December 31 if the company used perpetual, weighted average (WA) costing method?
a) $9,900
b) $7,000
c) $9,218
d) $7,682
Our company had the following balances and transactions during the current year related to merchandise inventory.
| Beginning merchandise inventory on January 1 | 100 units at $75 per unit |
| Purchase on February 14 | 100 units at $80 per unit |
| Sale on August 21 | 150 units |
What would be the companys cost of goods sold in dollars on December 31 if the company used perpetual, weighted average (WA) costing method?
a) $4,000
b) $3,750
c) $11,625
d) $11,750
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Financial Accounting
Authors: Robert F. Meigs, Jan R. Williams, Susan F Haka, Mark S. Bettner
10th Edition
0072316373, 978-0072316377
