1. How much is the ending inventory in terms of quantity? a. 621 c. 695 b. 471 d. 74 2. How much is the Cost of Goods Sold under weighted average method? a. 3,995 c. 37,525 b. 33,530 d. 3,959 3. How much is the ending inventory FIFO method? a. 33,680 c. 33,677 b. 33,050 d. 33,530 The Pine Shop shows the following data relating to an inventory item:Quantity125Inventory, January 1Purchase, January 9Sale, January 10Purchase, January 19Sale, January 10Purchase, January 31325539521150Price52536054

FIFO Method :— Under this method, beginning inventory and old purchases is used for output or sales…

. How much is the ending inventory in terms of quantity? a. 621 c. 695 b. 471 d. 74 2. How much is the Cost of Goods Sold under weighted average method? a. 3,995 c. 37,525 b. 33,530 d. 3,959 3. How much is the ending inventory FIFO method? a. 33,680 c. 33,677 b. 33,050 d. 33,530

. How much is the ending inventory in terms of quantity? a. 621 c. 695 b. 471 d. 74 2. How much is the Cost of Goods Sold under weighted average method? a. 3,995 c. 37,525 b. 33,530 d. 3,959 3. How much is the ending inventory FIFO method? a. 33,680 c. 33,677 b. 33,050 d. 33,530

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Inventory Accounting

Inventory accounting is that branch of accounting that helps in determining the specific value of assets at different stages of production and development.

Question

1. How much is the ending inventory in terms of quantity?

a. 621 c. 695
b. 471 d. 74

2. How much is the Cost of Goods Sold under weighted average method?

a. 3,995 c. 37,525
b. 33,530 d. 3,959

3. How much is the ending inventory FIFO method?

a. 33,680 c. 33,677
b. 33,050 d. 33,530

The Pine Shop shows the following data relating to an inventory item:
Quantity
125
Inventory, January 1
Purchase, January 9
Sale, January 10
Purchase, January 19
Sale, January 10
Purchase, January 31
325
53
95
21
150
Price
52
53
60
54

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Assume the beginning inventory as of January 1 consisted of 500 units that were purchased for $8.25 each. During the month, three new purchases were made. The first purchase consisted of 700 units costing $8.50 each, the second purchase had 800 units costing $9.00 each, and the third purchase had 600 units costing $9.50 each. At the end of the month, ending inventory shows 700 units. Compute the cost of goods sold and the ending inventory for the company using each of the following methods. Also determine the gross margin if the total sales revenue is $43,000. a. Specific identification: Of the units sold, 300 were from the beginning inventory, 600 from the first purchase, 700 from the second purchase, and 300 from the third purchase. Cost of goods sold 24 Ending inventory 24 Gross profit $ b. First-in, first-out (FIFO) Cost of goods sold $ Ending inventory Gross profit $ c. Weighted-average (round the unit price) Cost of goods sold 24 Ending inventory $ Gross profit $ d. Last-in,…
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