QUESTION 14

A company purchased merchandise to be resold at increasing costs during the year 2017. The purchases were made at the following costs...

January 1,2017 (carried over from 2016) 20 units at $10

January 25,2017 purchase 40 units at $11

June 20,2017 purchase 40 units at $12

October 10,2017 purchase 50 units at $13 The company sold 10 items at the end of each month

Assuming the perpetual moving-average cost flow assumption, what is the company's cost of goods sold for the 120 items sold in 2017?

1. $1,386
2. $1,416
3. $1,410
4. $1,460

Question 19

Net Purchases is Gross Purchases minus Purchase Returns and Allowances and____.

Question 20

The difference between the Cost of Goods Available and the Cost of Goods Sold is___.

Question 21(2 points)

The inventory system that does NOT update the Inventory account automatically at the time of each purchase or sales is the _______________ method/system.