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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
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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8 Ace Systems, Inc. uses a perpetual inventory system. The company's beginning inventory of a particular 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 $145 10 15 5 On 28 January, Ace Systems sells 18 units. A Refer 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. d Some other amount. B 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 $331 d
Transcribed Image Text:8 Ace Systems, Inc. uses a perpetual inventory system. The company's beginning inventory of a particular 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 $145 10 15 5 On 28 January, Ace Systems sells 18 units. A Refer 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. d Some other amount. B 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 $331 d
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