Question
Use the following data for the questions <29 31>. PQR company has the following inventory records at December 31, 20x1. Beginning inventory: 90 units at
Use the following data for the questions <29 31>.
PQR company has the following inventory records at December 31, 20x1. Beginning inventory: 90 units at $9 per unit Dec. 10 purchase: 280 units at $12 per unit Dec. 22 purchase: 90 units at $13 per unit
At Dec 31, 240 units are still on hand. |
29. What is the cost of goods sold during December if PQR uses the LIFO method?
A. $2,760
B. $3,120
C. $2,610
D. None of the above.
Your answer (A, B, C, or D) |
|
Show your calculation in detail.
|
30. What is the cost of goods sold during December if PQR uses the FIFO method?
A. $2,760
B. $3,120
C. $2,970
D. None of the above.
Your answer (A, B, C, or D) |
|
Show your calculation in detail.
|
31. What is the cost of goods sold during December if PQR uses the average cost method? Round to the nearest dollar.
A. $2,786
B. $3,120
C. $2,610
D. None of the above.
Your answer (A, B, C, or D) |
|
Show your calculation in detail.
|
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