Question : 21. Portey CompanyPortey uses a perpetual inventory system and had the : 1224926

 

 

21. Portey CompanyPortey uses a perpetual inventory system and had the following inventory transactions for the month of June. 

June

1

On hand, 100 units at $9.00 each

$   900.00

 

4

Purchased 120 units at $9.10 each

1,092.00

 

5

 

Sold 150 units

 

 

10

Purchased 100 units at $9.5 each

950.00

 

24

 

Sold 60 units

 

 

 

Total cost of goods available for sale

2,942.00

 

30

On hand, 110 units

 

 

 

 

 

 

Refer to the information provided for Portey. If Portey uses the weighted average inventory costing method, ending inventory at June 30th is: A. $1,015.00.B. $1,010.27.C. $1,041.00.D. $1,024.82.

 

22. Portey CompanyPortey uses a perpetual inventory system and had the following inventory transactions for the month of June. 

June

1

On hand, 100 units at $9.00 each

$   900.00

 

4

Purchased 120 units at $9.10 each

1,092.00

 

5

 

Sold 150 units

 

 

10

Purchased 100 units at $9.5 each

950.00

 

24

 

Sold 60 units

 

 

 

Total cost of goods available for sale

2,942.00

 

30

On hand, 110 units

 

 

 

 

 

 

Refer to the information provided for Portey. If Portey uses the weighted average inventory costing method, cost of goods sold for the month of June is: A. $1,935.00.B. $1,917.18.C. $1,901.00.D. $1,930.69.

 

23. Tickets4U.comTickets4U.com uses a perpetual inventory system with a weighted average inventory costing method. The following information is available for the month of April. 

April

1

On hand, 30 units at $5.00 each

$150

 

8

Purchased 40 units at $5.35 each

214

 

15

 

Sold 50 units

 

 

22

Purchased 40 units at $5.20 each

208

 

30

On hand, 60 units

 

 

 

 

 

 

Refer to the information provided for Tickets4U.com. Calculate the cost of goods sold for the units sold on April 15th. A. $245B. $255C. $260D. $270

 

24. Tickets4U.comTickets4U.com uses a perpetual inventory system with a weighted average inventory costing method. The following information is available for the month of April. 

April

1

On hand, 30 units at $5.00 each

$150

 

8

Purchased 40 units at $5.35 each

214

 

15

 

Sold 50 units

 

 

22

Purchased 40 units at $5.20 each

208

 

30

On hand, 60 units

 

 

 

 

 

 

Refer to the information provided for Tickets4U.com. Calculate the cost of ending inventory on April 30th. A. $302B. $312C. $317D. $327

 

25. Wilsonwear CorporationWilsonwear uses a perpetual inventory system. The following information is available for the month of March. 

Mar.

1

On hand, 25 units at $2 each

$     50

 

4

Sold 20 units for $10 each

200

 

22

Purchased 130 units at $4 each

520

 

26

Sold 120 units for $10 each

1,200

 

 

 

 

Refer to the information provided for Wilsonwear Corporation. If Wilsonwear uses the FIFO inventory costing method, how much is cost of goods sold for March? A. $510B. $520C. $540D. $1,400

 

26. Wilsonwear CorporationWilsonwear uses a perpetual inventory system. The following information is available for the month of March. 

Mar.

1

On hand, 25 units at $2 each

$     50

 

4

Sold 20 units for $10 each

200

 

22

Purchased 130 units at $4 each

520

 

26

Sold 120 units for $10 each

1,200

 

 

 

 

Refer to the information provided for Wilsonwear Corporation. If Wilsonwear uses the FIFO inventory costing method, how much is ending inventory at March 31st? A. $30B. $50C. $60D. $150

 

27. Wilsonwear CorporationWilsonwear uses a perpetual inventory system. The following information is available for the month of March. 

Mar.

1

On hand, 25 units at $2 each

$     50

 

4

Sold 20 units for $10 each

200

 

22

Purchased 130 units at $4 each

520

 

26

Sold 120 units for $10 each

1,200

 

 

 

 

Refer to the information provided for Wilsonwear Corporation. If Wilsonwear uses the LIFO inventory costing method, how much is cost of goods sold for the month of March? A. $510B. $520C. $540D. $1,400

 

28. Which method of inventory costing is not acceptable for financial accounting purposes? A. Specific identificationB. FIFOC. LIFOD. Retail cost

 

29. Which inventory costing method results in the highest inventory balance during a period of rising purchase prices? A. Weighted average costB. FIFOC. LIFOD. Both FIFO and LIFO result in the same inventory balance.

 

30. During a period of increasing purchase prices, which inventory costing method will yield the lowest cost of goods sold? A. Any method in which the company uses a periodic system.B. FIFOC. LIFOD. Weighted average cost

 

 

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