Question
Peoples Printer Co. sells printers and uses a periodic inventory approach. The PX4015 Brand is one of the printers it sells and this brand had
Peoples Printer Co. sells printers and uses a periodic inventory approach. The PX4015 Brand is one of the printers it sells and this brand had the following beginning inventory, purchase, and sales history for the current year:
Number of Cost per Total
Printers Printer Cost
January 1 inventory 9 $146.00 $1,314.00
July 16 purchases 14 $151.00 $2,114.00
December 8 purchases 5 $158.00 $790.00
Available for sale 28 $4,218.00
July 20 sales 19
December 31 inventory 9
The selling price of the printer was $200.
What is the cost of goods sold for the year ended December 31 if the LIFO cost flow assumption is used?
| a. | $2,824 | |
| b. | $2,844 | |
| c. | $1,314 | |
| d. | $2,904 |
What is the ending inventory as of December 31 if the LIFO cost flow assumption is used?
| a. | $1,394 | |
| b. | $1,314 | |
| c. | $1,374 | |
| d. | $2,904 |
What is the gross profit for the year ended December 31 if the LIFO cost flow assumption is used?
| a. | $896 | |
| b. | $976
| |
| c. | $956 | |
| d. | $944 |
What is the cost of goods sold for the year ended December 31 if the FIFO cost flow assumption is used?
| a. | $2,904 | |
| b. | $2,844 | |
| c. | $2,824 | |
| d. | $1,394 |
What is the ending inventory as of December 31 if the FIFO cost flow assumption is used?
| a. | $1,314 | |
| b. | $1,374 | |
| c. | $2,824 | |
| d. | $1,394 |
What is the gross profit for the year ended December 31 if the FIFO cost flow assumption is used?
| a. | $896 | |
| b. | $956 | |
| c. | $976 | |
| d. | $944 |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started