A new firm, ABC, purchased 20,000 units of product X at PI0 per unit on January 5. It sold 15,000 units in all: 7,000 on January 6; 6,000 on January 16; and 2,000 on January 28. The inventory is priced at 40% mark up with a provision of 5% discount if paid in cash, and 3/10, n/20 on credit. How much should be the total amount of ending inventory to be reported on the January 31 B/S? a. 40,000 O b. 50,000 O c. 70,000 O d. 60,000

A new firm, ABC, purchased 20,000 units of product X at PI0 per unit on January 5. It sold 15,000 units in all: 7,000 on January 6; 6,000 on January 16; and 2,000 on January 28. The inventory is priced at 40% mark up with a provision of 5% discount if paid in cash, and 3/10, n/20 on credit. How much should be the total amount of ending inventory to be reported on the January 31 B/S? a. 40,000 O b. 50,000 O c. 70,000 O d. 60,000

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 6EA: Logo Gear purchased $2,250 worth of merchandise during the month, and its monthly income statement...

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Langstons purchased $3,100 of merchandise during the month, and its monthly income statement shows a cost of goods sold of $3,000. What was the beginning inventory if the ending inventory was $1,250?
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