Question
Sheldon Company had 2,000 units of inventory costing $10,000 in beginning inventory at July 1 st . During July, Sheldon Co. engaged in the following
Sheldon Company had 2,000 units of inventory costing $10,000 in beginning inventory at July 1st. During July, Sheldon Co. engaged in the following transactions:
July 3rd - The company paid cash to purchase 1,000 units of inventory for $6,500. July 10th - The company paid cash to purchase 1,200 units of inventory for $8,400.
July 24th The company paid cash to purchase 250 units of inventory for $2,125.
Throughout July, the company sold inventory 3,700 units of inventory for $44,400 cash.
20. What is the total cost of goods available for sale?
| a. | $ 27,025 | |
| b. | $ 17,375 | |
| c. | $ 44,400 | |
| d. | $ 17,025 |
21Under a FIFO valuation method, what is the dollar value of Sheldon Co.s cost of goods sold in July?
| a. | $44,400 | |
| b. | $8,750 | |
| c. | $21,400 | |
| d. | $23,275
|
22Under a FIFO valuation method, what is the dollar value of Sheldon Co.s ending inventory balance at July 31st?
| a. | $5,625 | |
| b. | $3,750 | |
| c. | $17,375 | |
| d. | $8,750 |
23Under a LIFO valuation method, what is the dollar value of Sheldon Co.s cost of goods sold for July?
| a. | $44,400 | |
| b. | $21,400 | |
| c. | $18,275 | |
| d. | $23,275 |
24Under a LIFO valuation method, what is the dollar value of Sheldon Co.s ending inventory balance at July 31st?
| a. | $17,375 | |
| b. | $23,275 | |
| c. | $3,750 | |
| d. | $5,625 |
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Public Sector Accounting Auditing And Control In South Eastern Europe
Authors: Vesna Vašiček, Gorana Roje
1st Edition
303003352X, 978-3030033521
