Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please help me asap A company purchased 300 units for $40 each on January 31. It purchased 140 units for $50 each on February 28.

please help me asap image text in transcribed
image text in transcribed
image text in transcribed
A company purchased 300 units for $40 each on January 31. It purchased 140 units for $50 each on February 28. It sold 200 units for $65 each from March 1 through December 31. If the company uses the last - in, first-out inventory costing method, what is the amount of Cost of Goods Sold on the income statement for the year ending December 31? (Assume that the company uses a perpetual inventory system.) O A. $9,400 OB. $12,000 OC. $7,000 OD. $19,000 IF de A company purchased 500 units for $50 each on January 31. It purchased 150 units for $35 each on February 28. It sold a total of 150 units for $80 each from March 1 through December 31. If the company uses the weighted - average inventory costing method, calculate the cost of ending inventory on December 31. (Assume that the company uses a perpetual inventory system. Round any intermediate calculations two decimal places, and your final answer to the nearest dollar.) O A $6,980 B. $30,250 C. $23.270 OD. $21.250 A company purchased 500 units for $20 each on January 31. It purchased 650 units for $26 each on February 28. It sold a total of 640 units for $40 each from March 1 through December 31. What is the cost of ending inventory on December 31 if the company uses the first - in, first-out (FIFO) inventory costing method? (Assume that the company uses a perpetual inventory system.) A. $13,260 B. $10,200 C. $1,960 OD. $8,240

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Management Accounting Information for Decision-Making and Strategy Execution

Authors: Anthony A. Atkinson, Robert S. Kaplan, Ella Mae Matsumura, S. Mark Young

6th Edition

137024975, 978-0137024971

More Books

Students also viewed these Accounting questions