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 6, Wong sells 1,000 units for $20 unit.
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 COGS using the Weighted Average method of inventory valuation? Round your ending answer to whole number (no cents)
What is Wong's Ending Inventory after the sale using the LIFO method of inventory valuation?
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Financial Accounting An Introduction
Authors: Mr Barry Elliott, Mr Augustine Benedict
2nd Edition
0273737651, 9780273737650
