Question :
100.Use this inventory information for the month of May to : 1244402
100.Use this inventory information for the month of May to answer the following question.
May
1
Beginning inventory
20 units @ $76
7
Purchase
70 units @ $80
18
Sale
25 units
22
Purchase
10 units @ $88
29
Sale
40 units
Assuming that a periodic inventory system is used, what is cost of goods sold on a FIFO basis?
a.
$5,200
b.
$2,800
c.
$5,120
d.
$2,880
101.Use this inventory information for the month of May to answer the following question.
May
1
Beginning inventory
20 units @ $76
7
Purchase
70 units @ $80
18
Sale
25 units
22
Purchase
10 units @ $88
29
Sale
40 units
What is ending inventory under the specific identification method?
a.
$2,880
b.
$2,800
c.
$2,720
d.
More information is needed.
102.Use this information to answer the following question.
Beginning inventory
100 units @ $8.00
Purchase—Oct.
200 units @ $6.00
Purchase—Dec.
100 units @ $12.00
A periodic inventory system is used; ending inventory is 150 units.
What is ending inventory under the average-cost method?
a.
$900
b.
$1,200
c.
$1,050
d.
$1,350
103.Use this information to answer the following question.
Beginning inventory
100 units @ $8.00
Purchase—Oct.
200 units @ $6.00
Purchase—Dec.
100 units @ $12.00
A periodic inventory system is used; ending inventory is 144 units.
What is cost of goods sold under LIFO?
a.
$4,136
b.
$3,136
c.
$2,136
d.
$1,136
104.Use this information to answer the following question.
Beginning inventory
100 units @ $8.00
Purchase—Oct.
200 units @ $6.00
Purchase—Dec.
100 units @ $12.00
A periodic inventory system is used; ending inventory is 154 units.
What is ending inventory under FIFO?
a.
$1,424
b.
$1,324
c.
$1,524
d.
$1,624
105.Use this information to answer the following question.
Feb.
1
Inventory
200 units @ $6.00
6
Purchase
300 units @ $6.60
13
Purchase
100 units @ $7.20
20
Purchase
200 units @ $7.80
25
Purchase
40 units @ $8.40
Total sales
620 units
A periodic inventory system is used.
Using the average-cost method, the cost assigned to ending inventory is
a.
$1,584.
b.
$1,692.
c.
$1,518.
d.
$4,278.
106.Use this information to answer the following question.
Feb.
1
Inventory
200 units @ $6.00
6
Purchase
300 units @ $6.60
13
Purchase
100 units @ $7.20
20
Purchase
200 units @ $7.80
25
Purchase
40 units @ $8.40
Total sales
620 units
A periodic inventory system is used.
Using the specific identification method and assuming that 50 of the items left are from the February 13 purchase and the rest are from the February 20 purchase, the cost assigned to ending inventory is
a.
$1,686.
b.
$1,656.
c.
$1,588.
d.
$1,920.
107.Use this information to answer the following question.
Feb.
1
Inventory
200 units @ $6.00
6
Purchase
300 units @ $6.60
13
Purchase
100 units @ $7.20
20
Purchase
200 units @ $7.80
25
Purchase
40 units @ $8.40
Total sales
620 units
A periodic inventory system is used.
Using LIFO, the cost assigned to ending inventory is
a.
$4,056.
b.
$1,740.
c.
$4,464.
d.
$1,332.
108.Use this information to answer the following question.
Feb.
1
Inventory
200 units @ $6.00
6
Purchase
300 units @ $6.60
13
Purchase
100 units @ $7.20
20
Purchase
200 units @ $7.80
25
Purchase
40 units @ $8.40
Total sales
620 units
Using FIFO, the cost assigned to ending inventory is
a.
$1,332.
b.
$4,056.
c.
$4,464.
d.
$1,740.
109.Use this information to answer the following question.
Feb.
1
Inventory
200 units @ $6.00
6
Purchase
300 units @ $6.60
13
Purchase
100 units @ $7.20
20
Purchase
200 units @ $7.80
25
Purchase
40 units @ $8.40
Total sales
620 units
A periodic inventory system is used.
Using LIFO, cost of goods sold is
a.
$4,464.
b.
$1,332.
c.
$4,056.
d.
$1,740.
