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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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What is the right answer in the options?
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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