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Use the following information for the next two questions: on Entity A's inventory of Product X is as follows: Transaction Date Balance forwarded Quantity Unit Cost June 1 8 Sale 1,400 P24 400 Purchase 14 800 18 Sale P35 900 24 Purchase 700 29 Sale P30 600 a What amounts of ending inventory (EI) and cost of goods sold (ED are reported under each of the following cost formulas? FIFO periodic FIFO perpetual EI COGS EI СOGS 31,500 51,100 32,000 а. 50,600 b. 32,000 50,600 31,500 51,100 52,800 C. 29,800 52,800 29,800 d. 31,500 51,100 31,500 51,100

Use the following information for the next two questions: on Entity A's inventory of Product X is as follows: Transaction Date Balance forwarded Quantity Unit Cost June 1 8 Sale 1,400 P24 400 Purchase 14 800 18 Sale P35 900 24 Purchase 700 29 Sale P30 600 a What amounts of ending inventory (EI) and cost of goods sold (ED are reported under each of the following cost formulas? FIFO periodic FIFO perpetual EI COGS EI СOGS 31,500 51,100 32,000 а. 50,600 b. 32,000 50,600 31,500 51,100 52,800 C. 29,800 52,800 29,800 d. 31,500 51,100 31,500 51,100

FINANCIAL ACCOUNTING
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 information for the next two questions: Information on Entity A's inventory of Product X is as follows: Entity A's inventory of Product X is as follows: Information on Date Transaction Quantity Balance forwarded , Unit Cost June 1 8 Sale 1,400 P24 400 Purchase 14 800 18 Sale Purchase P35 900 24 Sale 700 P30 29 600 h What amounts of ending inventory (EI) and cost of goods sold (EI) are reported under each of the following cost formulas? FIFO periodic FIFO perpetual EI COGS EI COGS 31,500 51,100 32,000 a. 50,600 b. 32,000 50,600 31,500 29,800 51,100 C. 29,800 52,800 52,800 d. 31,500 51,100 31,500 51,100 10. What amounts of ending inventory (EI) and cost of goods sold (EI) are reported under each of the following cost formulas? Weighted average – Periodic Weighted average - Perpetual EI COGS EI COGS a. 28,480 b. 29,377 53,223 54,120 60,240 22,360 53,223 29,377 26,880 C. 24,480 d. 22,360 54,120 55,720 60,240 26,880 55,720
Transcribed Image Text:Use the following information for the next two questions: Information on Entity A's inventory of Product X is as follows: Entity A's inventory of Product X is as follows: Information on Date Transaction Quantity Balance forwarded , Unit Cost June 1 8 Sale 1,400 P24 400 Purchase 14 800 18 Sale Purchase P35 900 24 Sale 700 P30 29 600 h What amounts of ending inventory (EI) and cost of goods sold (EI) are reported under each of the following cost formulas? FIFO periodic FIFO perpetual EI COGS EI COGS 31,500 51,100 32,000 a. 50,600 b. 32,000 50,600 31,500 29,800 51,100 C. 29,800 52,800 52,800 d. 31,500 51,100 31,500 51,100 10. What amounts of ending inventory (EI) and cost of goods sold (EI) are reported under each of the following cost formulas? Weighted average – Periodic Weighted average - Perpetual EI COGS EI COGS a. 28,480 b. 29,377 53,223 54,120 60,240 22,360 53,223 29,377 26,880 C. 24,480 d. 22,360 54,120 55,720 60,240 26,880 55,720
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