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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Accounting What The Numbers Mean
Authors: David Marshall, Wayne William McManus, Daniel Viele
6th Edition
0072834641, 978-0072834642
