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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