The 200X records of Thompson Company showed a beginning inventory of $6,000, cost of goods sold of $14,000, and ending inventory of $8,000. The cost of purchases for 200X was:$12,000$10,000$ 9,000$16,000 Question 2Post Company began the current month with $10,000 in inventory, then purchased inventory at a cost of $35,000. The inventory at the end of the month was $20,000. The cost of goods sold would be:$30,000$35,000$15,000$25,000 Question 3Following is the inventory activity for July:Beginning Balance 10 sweaters @ $12 each1-JulPurchased 5 sweaters at $14 each8-JulPurchased 8 sweaters at $17 each17-JulPurchased 6 sweaters at $20 each24-JulSold 12 sweaters for $30 eachWhat is the ending inventory $ amount using the FIFO method?$298$224$261 Question 4Following is the inventory activity for July: Beginning Balance 10 sweaters @ $12 each1-JulPurchased 5 sweaters at $14 each8-JulPurchased 8 sweaters at $17 each17-JulPurchased 6 sweaters at $20 each24-JulSold 12 sweaters for $30 each what is the ending inventory $ amount using the LIFO method?$298$224$261
The 200X records of Thompson Company showed a beginning inventory of $6,000, cost of goods sold of $14,000, and ending inventory of $8,000. The cost of purchases for 200X was:$12,000$10,000$ 9,000$16,000
Question 2Post Company began the current month with $10,000 in inventory, then purchased inventory at a cost of $35,000. The inventory at the end of the month was $20,000. The cost of goods sold would be:$30,000$35,000$15,000$25,000
Question 3Following is the inventory activity for July:Beginning Balance 10 sweaters @ $12 each1-JulPurchased 5 sweaters at $14 each8-JulPurchased 8 sweaters at $17 each17-JulPurchased 6 sweaters at $20 each24-JulSold 12 sweaters for $30 eachWhat is the ending inventory $ amount using the FIFO method?$298$224$261
Question 4Following is the inventory activity for July: Beginning Balance 10 sweaters @ $12 each1-JulPurchased 5 sweaters at $14 each8-JulPurchased 8 sweaters at $17 each17-JulPurchased 6 sweaters at $20 each24-JulSold 12 sweaters for $30 each what is the ending inventory $ amount using the LIFO method?$298$224$261
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
