Brocken Co. has the following data related to an item of inventory: Inventory, May 1 3,000 units @ £4.20 Purchase, May 7 10,500 units @ £4.40 Purchase, May 16 2,100 units @£4.50 Inventory, May 31 4,900 units The value assigned to cost of goods sold if Brocken uses FIFO is
Brocken Co. has the following data related to an item of inventory: Inventory, May 1 3,000 units @ £4.20 Purchase, May 7 10,500 units @ £4.40 Purchase, May 16 2,100 units @£4.50 Inventory, May 31 4,900 units The value assigned to cost of goods sold if Brocken uses FIFO is
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:tion 4
Brocken Co. has the following data related to an item of inventory:
et
ered
Inventory, May 1
3,000 units @ £4.20
ed out of
Purchase, May 7
10,500 units @ £4.40
Purchase, May 16
2,100 units @ f4.50
lag question
Inventory, May 31
4,900 units
The value assigned to cost of goods sold if Brocken uses FIFO is
Select one:
a. f68,280.
b. f20,520.
C. £46,480.
d. £21,770.
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Transcribed Image Text:uestion 5
Bellingham Inc. took a physical inventory at the end of the year and calculated that
ot yet
nswered
f1,750,000 of goods were on hand. Bellingham determined that f15,000 of goods
were in transit. The goods were shipped f.o.b. destination and were received by
Tarked out of
00
Bellingham two days after the inventory count. The company also had f175,000 of
goods out on consignment. What amount should Bellingham report for inventory on its
statement of financial position?
P Flag question
Select one:
a. £1,925,000.
b. £1,940,000.
C. f1,590,000.
d. f1,560,000.
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