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

 

 

 

 

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