Question
Question 1: MacFarland Inc.s January 1 inventory consisted of 10 units @ $91 each. MacFarland shows the following data for 20X1: Date Purchases Sales February
Question 1:
MacFarland Inc.s January 1 inventory consisted of 10 units @ $91 each. MacFarland shows the following data for 20X1:
Date | Purchases | Sales |
February 2 | 15 units @ $106 each |
|
March 3 |
| 20 units @ $150/unit |
May 12 | 20 units @ $115 each |
|
June 22 | 10 units @ $119 each |
|
Sept. 13 |
| 23 units @ $150/unit |
If MacFarland uses the perpetual method and moving-average costing, what is the value of its ending inventory on December 31?
a) $1,368
b) $1,420
c) $1,293
d) $1,260
$1,330
Question 2)
GTI Company uses a perpetual inventory system. It entered into the following purchase and sale transactions for April:
Date | Activity | Units acquired at cost | Units sold at retail |
April 1 | beginning inventory | 20 units @ $3,000/unit | |
April 5 | purchase | 30 units @ $3,500/unit | |
April 9 | sale | 35 units @ $12,000/unit | |
April 18 | purchase | 5 units @ $4,500/unit | |
April 25 | purchase | 10 units @ $4,800/unit | |
April 29 | sale | 25 units @ $14,000/unit | |
TOTALS | 65 units | 60 units |
Compute the ending inventory for the month using LIFO:
$215,500 | ||
$24,000 | ||
$15,000 | ||
$220,500 | ||
$211,500 | ||
$20,000 |
Question 3)
ClickCo begins operations in 20X1 uses the periodic method and LIFO costing, and purchases merchandise as follows
20X1 | Units | Unit cost |
March | 450 | $3.00 |
August | 650 | $3.50 |
20X2 |
|
|
February | 550 | $4.00 |
October | 250 | $5.00 |
If ClickCo sells 850 units in 20X1 and again in 20X2, ending inventory on the 20X2 balance sheet will be:
$800
$700
$0
$600
$1,000
Please solve all of these I don't have any remaining questions which I can post here, and I am already failing the course. I will surely upvote you.
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