Question :
101. A company had inventory of 5 units at a cost : 1256861
101. A company had inventory of 5 units at a cost of $20 each on November 1. On November 2, they purchased 10 units at $22 each. On November 6, they purchased 6 units at $25 each. On November 8, they sold 18 units for $54 each. Using the LIFO perpetual inventory method, what was the cost of the 18 units sold?
A. $395
B. $410
C. $450
D. $510
E. $520
102. A company markets a climbing kit and uses the perpetual inventory system to account for its merchandise. The beginning balance of the inventory and its transactions during
January were as follows:
January 1:
Beginning balance of 18 units at $13 each.
January 12:
Purchased 30 units at $14 each.
January 19:
Sold 24 units at $30 selling price each.
January 20:
Purchased 24 units at $17 each.
January 27:
Sold 27 units at $30 selling price each.
If the ending inventory is reported at $276, which inventory method was used?
A. LIFO method
B. FIFO method
C. Weighted-average method
D. Specific identification method
E. Retail inventory method
103. A company uses a weighted-average perpetual inventory system.
August 2: 10 units were purchased at $12 per unit.
August 18: 15 units were purchased at $15 per unit.
August 29: 20 units were sold.
August 31: 14 units were purchased at $16 per unit.
What is the per-unit value of ending inventory on August 31?
A. $12.00
B. $13.80
C. $15.42
D. $16.00
E. $17.74
104. Given the following events, what is the per-unit value of ending inventory on November 30 if this company uses a weighted-average perpetual inventory system?
November 1: 5 units were purchased at $6 per unit.
November 12: 10 units were purchased at $7.50 per unit.
November 14: 7 units were sold for $14 per unit.
November 24: 12 units were purchased at $10 per unit.
A. $6.00
B. $7.00
C. $8.80
D. $13.00
E. $21.80
105. Given the following information, determine the cost of ending inventory at June 30 using the LIFO perpetual inventory method. Assume this is the first month of the company’s operations.
June 1: 15 units were purchased at $20 per unit.
June 15: 12 units were sold.
June 29: 8 units were purchased for $25 per unit.
A. $200
B. $220
C. $260
D. $275
E. $300
106. Given the following information, determine the cost of ending inventory at December 31 using the weighted-average perpetual inventory method. Assume this is the first month of the company’s operations.
December 2: 5 units were purchased at $7 per unit.
December 9: 10 units were purchased at $9.40 per unit.
December 12: 2 units were sold.
A. $17.20
B. $111.80
C. $129.00
D. $94.00
E. $8.60
107. Given the following information, determine the cost of ending inventory at December 31 using the FIFO perpetual inventory method.
December 2: 5 units were purchased at $7 per unit.
December 9: 10 units were purchased at $9.40 per unit.
December 11: 12 units were sold at $35 per unit.
December 15: 20 units were purchased at $10.15 per unit.
December 22: 18 units were sold at $35 per unit.
A. $51.75
B. $83.22
C. $41.30
D. $94.00
E. $50.75
108. Given the following information, determine the cost of ending inventory at December 31 using the LIFO perpetual inventory method.
December 2: 5 units were purchased at $7 per unit.
December 9: 10 units were purchased at $9.40 per unit.
December 11: 12 units were sold at $35 per unit.
December 15: 20 units were purchased at $10.15 per unit.
December 22: 18 units were sold at $35 per unit.
A. $51.75
B. $83.22
C. $41.30
D. $94.00
E. $50.75
109. Given the following information, determine the cost of ending inventory at December 31 using the weighted-average perpetual inventory method.
December 2: 5 units were purchased at $7 per unit.
December 9: 10 units were purchased at $9.40 per unit.
December 11: 12 units were sold at $35 per unit.
December 15: 20 units were purchased at $10.15 per unit.
December 22: 18 units were sold at $35 per unit.
A. $51.75
B. $83.22
C. $41.30
D. $49.75
E. $50.75
110. Given the following information, determine the cost of goods sold for December 31 using the FIFO perpetual inventory method.
December 2: 5 units were purchased at $7 per unit.
December 9: 10 units were purchased at $9.40 per unit.
December 11: 12 units were sold at $35 per unit.
December 15: 20 units were purchased at $10.15 per unit.
December 22: 18 units were sold at $35 per unit.
A. $282.15
B. $332.10
C. $281.25
D. $290.70
E. $210.30