Question
Peoples Printer Co. sells printers and uses a perpetual inventory approach. The PX4015 Brand is one of the printers it sells and this brand had
Peoples Printer Co. sells printers and uses a perpetual 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 9 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. | $1,374 | |
| 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. | $2,844 |
What is the gross profit for the year ended December 31 if the LIFO cost flow assumption is used?
| a. | $896 | |
| b. | $956 | |
| c. | $976 | |
| 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. | $1,394 | |
| d. | $2,824 |
What is the ending inventory as of December 31 if the FIFO cost flow assumption is used?
| a. | $1,394 | |
| b. | $1,314 | |
| c. | $1,374 | |
| d. | $2,824 |
What is the gross profit for the year ended December 31 if the FIFO cost flow assumption is used?
| a. | $976 | |
| b. | $896 | |
| c. | $956 | |
| d. | $944 |
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Principles Of Auditing And Other Assurance Services
Authors: Ray Whittington, Kurt Pany
17th Edition
0077304454, 978-0077304454
