Given the following entries of the inventories, solect the correct answer among the alternatives provided (FIFO and WAC on the 05.01.2022) PURCHASE O1.01.2022 200 units $ 50,00 cost per unit SALE 02.01.2022 300 units $ 150,00 selling price PURCHASE 03.01.2022 600 units $ 60,00 cost per unit SALE 04.01.2022 200 units $ 170,00 selling price Select one: O a. REMAINING INVENTORY: 300 units WAC FIFO 300 O b. REMAINING INVENTORY: 1300 units Average cost: £ 57,50 WAC: E 18,000 FIFO: E17,250 O C. REMAINING INVENTORY: 300 units Average cost: E 57,50 WAC: E 17,200 FIFO: E 18,000 Od. REMAINING INVENTORY: 300 units Average cost: £ 57,50 FIFO: E 18,000 WAC E17,250

Given the following entries of the inventories, solect the correct answer among the alternatives provided (FIFO and WAC on the 05.01.2022) PURCHASE O1.01.2022 200 units $ 50,00 cost per unit SALE 02.01.2022 300 units $ 150,00 selling price PURCHASE 03.01.2022 600 units $ 60,00 cost per unit SALE 04.01.2022 200 units $ 170,00 selling price Select one: O a. REMAINING INVENTORY: 300 units WAC FIFO 300 O b. REMAINING INVENTORY: 1300 units Average cost: £ 57,50 WAC: E 18,000 FIFO: E17,250 O C. REMAINING INVENTORY: 300 units Average cost: E 57,50 WAC: E 17,200 FIFO: E 18,000 Od. REMAINING INVENTORY: 300 units Average cost: £ 57,50 FIFO: E 18,000 WAC E17,250

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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Use the following purchase and sales log to answer the questions tha tfollow. Units Returned Discount Freight per unit Price per unit Beg. Inv. Transaction 20 units @ $5 $5 per unit 1/5 Purchase 70 5 2% $0.05 $6.91 units @ $7 per unit 1/10 Purchase 100 7 3% $0.05 $7.81 units @ $8 per unit 1/12 Sold 150 units for $18 per unit 1/19 $0.05 $9.05 Purchase 50 3 units @ $9 per unit 1/25 Sold 50 units @ $19 per unit Assume the company counted 22 units in its inventory at the end of the month. Calcualte LIFO COGS at 1/12.
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 7) Given the following data, what is cost of goods sold as determined under the FIF0 method? 7) Sales revenue 350 units at $35 per unit Beginning inventory 120 units at $15 per unit Purchases 400 units at $20 per unit A) $4,600 B) $7,000 C) $6,400 D) $5,250
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# of Units Unit Cost ($) Total Cost ($) 1/1 Beg. Inventory 100 2 200 1/20 Purchase 300 4 1,200 7/25 Purchase 50 3 150 10/20 Purchase 250 5 1,250 Available for sale 700 units $2,800 Sales for the year were 550 units for $5,000 in total. Required: Answer 1. (a) through (i) and 2. (1) through (3). 1. Base on the above information, calculate (round to the nearest cent): The cost of the ending inventory for the following methods: FIFO (a) LIFO (b) Weighted Average (c) The cost of merchandise sold for the following methods: FIFO (d) LIFO (e) Weighted Average (f)
220 units at $50 each answer only last two subparts with proper formulas thanks
Cost Selling price Costs to sell Product 1 2 3 $ Required: What unit values should Han use for each of its products when applying the lower of cost or net realizable value (LCNRV) rule to ending inventory? Cost Product 1 $ 20 40 20✔ $ 90 ✓ 50 ✓ 6 NRV Product 2 $ 90 120 40 34✔✔ $ X 60✔ Product 3 $ 50 70 10 Per Unit Inventory Value 20✔ X 50 ✓
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