Question
Raleigh Co. has the following products in its ending inventory. Compute the lower of cost or market total for inventory applied separately to each product.
Raleigh Co. has the following products in its ending inventory. Compute the lower of cost or market total for inventory applied separately to each product.
Product | Quantity | Cost per unit | Market per unit | ||||
Jelly | 150 | $ | 2.00 | 2.15 | |||
Jam | 370 | $ | 2.65 | 2.50 | |||
Marmalade | 260 | $ | 3.10 | 3.05 | |||
Multiple Choice
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$2,040.50.
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$2,086.50.
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$2,018.00.
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$2,109.00.
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$2,053.50.
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A company has the following purchases and sales during February. Using the FIFO periodic inventory method, what is the cost of the 12 units that are sold?
Date Activities Units Acquired at Cost Units Sold at Retail Feb. 1 Beginning inventory 10 units @ $10 = $ 100 Feb. 3 Purchase 20 units @ $12 = $ 240 Feb. 5 Sales 12 units sold Multiple Choice
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$120
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$124
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$128
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$130
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$140
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A flood destroyed a companys warehouse contents on September 12. The following information was the only information that was salvaged:
- Inventory, beginning: $29,200
- Purchases for the period: $18,200
- Sales for the period: $56,200
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The company's average gross profit ratio is 28%. What is the estimated cost of the lost inventory using the gross profit method?
Multiple Choice
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$7,526.40.
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$31,893.60.
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$34,128.00.
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$47,400.00.
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$46,400.00.
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Salmone Company reported the following purchases and sales of its only product. Salmone uses a perpetual inventory system. Determine the cost assigned to the ending inventory using FIFO.
Date Activities Units Acquired at Cost Units Sold at Retail May 1 Beginning inventory 162 units @ $10 = $ 1,620 May 5 Purchase 232 units @ $12 = $ 2,784 May 10 Sales 152 units @ $20 May 15 Purchase 112 units @ $13 = $ 1,456 May 24 Sales 102 units @ $21 Multiple Choice
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$3,136
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$2,724
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$3,006
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$2,746
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$3,016
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Salmone Company reported the following purchases and sales of its only product. Salmone uses a perpetual inventory system. Determine the cost assigned to cost of goods sold using FIFO.
Date Activities Units Acquired at Cost Units Sold at Retail May 1 Beginning inventory 180 units @ $10 = $ 1,800 May 5 Purchase 250 units @ $12 = $ 3,000 May 10 Sales 170 units @ $20 May 15 Purchase 130 units @ $13 = $ 1,690 May 24 Sales 120 units @ $21 Multiple Choice
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$3,370
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$3,120
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$3,240
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$2,980
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$6,490
- Sales returns for the period: $820
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