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please answer the following 3 questions. The Deluxe Company sells toothbrushes. The following information has been extracted from the records of Deluxe. Jan 1: Beginning
please answer the following 3 questions.
The Deluxe Company sells toothbrushes. The following information has been extracted from the records of Deluxe. Jan 1: Beginning inventory = 10,000 units @ $2 each Jan 10: Buy 10,000 units @ $3 Jan 15: Sell 5,000 units @ $5 Jan 30: Buy 4,000 units @ $4 If Deluxe uses the FIFO cost flow assumption and the perpetual method for inventory, the cost of goods sold for January, is Multiple Choice O $25,000 $10,000 O $20.000 O $15,000 None of the other alternatives are correct Hammer Co. is in the business of buying hammers at wholesale prices and reselling them at retail prices. The following information for the month of February was collected by Hammer Co.'s Purchase and Sales departments: Unit cost/sales price Units 300 $15 Date Feb 4 9 12 17 26 Transactions Beginning inventory Purchase Sale Purchase Sale 100 320 150 100 18 27 20 30 If the company uses a LIFO periodic Inventory system, what was the cost of the inventory on hand after the February 26th sale and the cost of Goods Sold for the whole month of February? Multiple Choice Inventory on Hand $2,200 Cost Goods Sold $7.100 None of the other alternatives are correct O Inventory on Hand $1,950 Cost of Goods Sold $7100 O O Inventory on Hand $2,200 Cost of Goods Sold $7,350 O Inventory on Hand $1,950 Cost of Goods Sold $7,350 The following information relates to March transactions for the Toy Factory, a company which uses LIFO and a perpetual inventory system. March 1 March 10 March 15 March 22 Beginning inventory Purchase Sale Purchase 75 toys at $30/toy 50 toys at $35/toy 90 toys B0 toys at $36/toy What is the per unit cost of the 90 toys sold on March 15? Multiple Choice O 44.5% of the 90 toys at $30 and 55.5% of the 90 toys at $35 O O 83.5% of the 90 toys at $30 and 16.5% of the 90 toys at $35 O All at $30 o O All at $35 O We need to know the closing balance from the previous month to calculate theStep by Step Solution
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