Question
Wong's Trading Cards, Inc, had the following purchases in the month of April. Wong's Trading Card Inventory Purchases Date Activity Number of Units Cost per
Wong's Trading Cards, Inc, had the following purchases in the month of April.
| Date | Activity | Number of Units | Cost per Unit | Total Cost |
|---|---|---|---|---|
| 04/01 | Purchase | 2,000 | $10 | $20,000 |
| 04/10 | Purchase | 3,000 | $12 | $36,000 |
| 04/22 | Purchase | 1,500 | $16 | 24,000 |
On April 30, Wong sells 6,000 units for $20 unit.
Note: For Question 4 there is only 6,000 units sold during April. Do not include sale information from previous questions.
What is Wong's Cost of Goods Sold (COGS) using the FIFO method of inventory valuation?
What is Wong's COGS using the LIFO method of inventory valuation?
What is Wong's Cost per Unit using the Weighted Average method of inventory valuation? (round to two decimal places)
What is Wong's COGS using the Weighted Average method of inventory valuation? (round to the nearest whole number
What is Wong's Ending Inventory after the sale using the FIFO method of inventory valuation?
What is Wong's Ending Inventory after the sale using the LIFO method of inventory valuation?
What is Wong's Ending Inventory after the sale using the Weighted Average method of inventory valuation?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored 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
Principles of Cost Accounting
Authors: Edward J. Vanderbeck
16th edition
9781133712701, 1133187862, 1133712703, 978-1133187868
