Indicate the best answer(s) for each question 8 Ace Systems, Inc. uses a perpetual inventory system. The company's beginning inventory of aparticular product and its purchases during the month of January were as follows:Beginning inventory (1 Jan.).Purchase (15 Jan.).Purchase (23 Jan.).Quantity Unit Cost Total Cost$27.50$28.00$29.00$275$420$14510155On 28 January, Ace Systems sells 18 units.ARefer to above data. Assuming that Ace Systems uses the weighted average.cost.flow.assumption, the cost of goods sold to be recorded at 28 January is:$504.$336.S.$499.dSome other amount.BRefer to above data. Assuming that Ace Systems uses the FIFO cost flowassumption, the cost of goods sold on 28 January is:$509b $341$499dSome other amount.CRefer to above data. Assuming that Ace Systems uses the LIFO cost flowassumption, the 12 units of this product in inventory at 31 January have a total costof$499$509Some other amount.a$331d

FIFO is the first in first out method of inventory which says that inventory purchased first should…

8 Ace Systems, Inc. uses a perpetual inventory system. The companx's beginning inventory of a particular product and its purchases during the month of January were as follows: Unit Cost Total Cost $27.50 $28.00 $29.00 Quantity 10 Beginning inventory (1 Jan.). Purchase (15 Jan.). Purchase (23 Jan.). $275 $420 $145 15 5 On 28 January, Ace Systems sells 18 units. A Refer to above data. Assuming that Ace Systems uses the weighted axerage.cost. flow.assumption, the cost of goods sold to be recorded at 28 January is: $504. $336. S. $499. d Some other amount. в Refer to above data. Assuming that Ace Systems uses the FIFO cost flow assumption, the cost of goods sold on 28 January is: $509 b $341 $499 d Some other amount. C Refer to above data. Assuming that Ace Systems uses the LIFO cost flow assumption, the 12 units of this product in inventory at 31 January have a total cost of $499 $509 Some other amount. a b $331 d

8 Ace Systems, Inc. uses a perpetual inventory system. The companx's beginning inventory of a particular product and its purchases during the month of January were as follows: Unit Cost Total Cost $27.50 $28.00 $29.00 Quantity 10 Beginning inventory (1 Jan.). Purchase (15 Jan.). Purchase (23 Jan.). $275 $420 $145 15 5 On 28 January, Ace Systems sells 18 units. A Refer to above data. Assuming that Ace Systems uses the weighted axerage.cost. flow.assumption, the cost of goods sold to be recorded at 28 January is: $504. $336. S. $499. d Some other amount. в Refer to above data. Assuming that Ace Systems uses the FIFO cost flow assumption, the cost of goods sold on 28 January is: $509 b $341 $499 d Some other amount. C Refer to above data. Assuming that Ace Systems uses the LIFO cost flow assumption, the 12 units of this product in inventory at 31 January have a total cost of $499 $509 Some other amount. a b $331 d

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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