Question
Peeke Company uses the periodic method of accounting. Peeke Company has the following inventory information summarizing activity during November: Beginning Inventory 100 units @ $30.00
Peeke Company uses the periodic method of accounting. Peeke Company has the following inventory information summarizing activity during November:
Beginning Inventory | 100 units @ $30.00 per unit |
Purchase #1 | 60 units @ $35.00 per unit |
Purchase #2 | 40 units @ $40.00 per unit |
Ending Inventory (physical count) | 30 units |
What is the COGAS (cost of good available for sale) for November?
HINT: Remember, COGAS is sum of COGS and cost of ending inventory. This is the same regardless of if you are using FIFO, LIFO or Weighted Average, so you pick whichever one you'd like. It is the allocation of COGAS between COGS and EI that varies depending on the method employed.
A. | $3800 | |
B. | $9000 | |
C. | $17000 | |
D. | $6700 |
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