A company just began business and made the following four inventory purchases in June: $ 990 1,344 1,368 1,062 $4.764 June 150 units June 10 200 units 200 units 150 units June 15 June 28 A physical count of merchandise inventory on June 30 reveals that there are 200 units on hand. Using the average-cost method, the value assigned to the ending inventory on June 30 (rounded to whole dollars) is O a. $1,361. O b. $1,320. O c. $1,416. d. $1,344.

A company just began business and made the following four inventory purchases in June: $ 990 1,344 1,368 1,062 $4.764 June 150 units June 10 200 units 200 units 150 units June 15 June 28 A physical count of merchandise inventory on June 30 reveals that there are 200 units on hand. Using the average-cost method, the value assigned to the ending inventory on June 30 (rounded to whole dollars) is O a. $1,361. O b. $1,320. O c. $1,416. d. $1,344.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Cheyenne Corp. has the following inventory data: July 1 Beginning inventory 48 units at $19 $912 7 Purchases 168 units at $20 3360 22 Purchases 24 units at $22 528 $4800 A physical count of merchandise inventory on July 30 reveals that there are 80 units on hand. Using the LIFO inventory method, the amount allocated to cost of goods sold for July is $3248. O $1648. $3152. O $1552.
A company just began business and made the following four inventory purchases in June: June 1 180 units $1440 June 10 240 units 2400 June 15 240 units 2880 June 28 180 units 2520 $9240 A physical count of merchandise inventory on June 30 reveals that there are 240 units on hand. Using the average-cost method, the amount allocated to the ending inventory on June 30 is
Whisperings has the following inventory data: Nov. 1 Inventory 28 units @ $5.50 each 8 Purchase 110 units @ $5.95 each 17 Purchase 55 units @ $5.80 each 25 Purchase 83 units @ $6.10 each A physical count of merchandise inventory on November 30 reveals that there are 92 units on hand. Cost of goods sold under LIFO is
Skysong, Inc. just began business and made the following four inventory purchases in June: June 1 123 units $810 June 10 164 units 1104 June 15 164 units 1120 June 28 123 units 870 $3904 A physical count of merchandise inventory on June 30 reveals that there are 164 units on hand. Using the FIFO inventory method, the amount allocated to ending inventory for June is $1086. $1160. $1080. $1150.
A company just starting business made the following four inventory purchases in June: Unit Unit Cost Total Cost June 1 150 units 5.2 June 10 200 units 5.85 June 15 200 units 6.4 June 28 150 units 6.6 A physical count of merchandise inventory on June 30 show that 200 units on hand. Using the Average Method of inventory, the value of the Cost of Goods Sold on June 30 is: Select one: О а. 2.200. b. 4,200. О с. 3,200 d. 3,000 e. 4,000
Muscat Co. just starting business made the following four inventory purchases in June: Unit Unit Cost Total Cost June 1 150 units 5.2 June 10 200 units 5.85 June 15 200 units 6.4 June 28 150 units 6.6 A physical count of inventory on June 30 shows that 200 units on hand. Using the FLFO of inventory, the cost of goods sold on June 30 is: Select one: a. 2,073…
Baker Bakery Company just began business and made the following four inventory purchases in June: June 1 150 units $ 1,040 June 10 200 units 1,560 June 15 200 units 1,680 June 28 150 units 1,320 $ 5,600 A physical count of merchandise inventory on June 30 reveals that there are 210 units on hand. Using the FIFO inventory method, the amount allocated to ending inventory for June is Answers: $1,456 $1,508 $1,824 $1,848
A company just starting business uses a periodic inventory system. A physical count of merchandise inventory on June 30th reveals that there are 320 units on hand. The company made the following three inventory purchases in June: # of units Unit cost Total costs June 1 150 $10 $1,500 June 10 200 $9 $1,800 June 15 250 $8 $2,000 Using the FIFO inventory method, the amount allocated to Cost of Goods Sold for June 30 is _________. a. $ 2,670 b. $ 3,030 c. $ 2,070 d. $ 2,630
A company just starting a business made the following four inventory purchases in June: Date Number of units purchased Total cost June 1 190 units $ 450 June 10 150 units 600 June 15 150 units 700 June 28 100 units 610 $2360 A physical count of merchandise inventory on June 30 reveals that there are 220 units on hand. Using the average-cost method, the amount allocated to the ending inventory on June 30 is $750. $1484. $570. $880.
Herdev
Swifty Corporation just began business and made the following four inventory purchases in June: June 1 123 units $738 June 10 164 units 1148 June 15 164 units 1312 June 28 123 units 1107 $4305 A physical count of merchandise inventory on June 30 reveals that there are 156 units on hand. Using the average cost method, the amount allocated to the ending inventory on June 30 is $1371. $1093. $1248. O $1170.
Lewis Enterprises began business on April 1 and made the following four inventory purchases in April: April1 April 9 April 15 April 26 Totals: Units Purchased 150 units 200 units 250 units 400 units 1,000 units Unit Cost $5.20 $5.85 $6.40 $6.60 Total Cost $780 1.170 1,600 2,640 $6,190 A physical count of inventory on April 30 reveals that there are 650 units on hand. Use the Average Cost method to calculate April's cost of Cost of Goods Sold. (Round your average cost per unit to two decimal places. Include two decimals in your answer even if your answer is a whole number. For example, if your answer is 1,500, enter 1,500.00. Do NOT include a $ sign.) (See your Unit 4 notes, page 5)