Question

Rally Wheels Company had the following balances and transactions during 2018 Beginning Merchandise Inventory as of January 1,
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Answer #1

Available for sale

Cost of goods sold

Ending inventory

Date

Description

Units

Unit cost

Units

Unit cost

Total cost

Units

Unit cost

Total cost

Jan. 1

Beginning inventory

180 73 13,140

March 10

Sale

60 73 4,380 120 73 8,760
June 10 540 78 120 73 8,760
540 78 42,120

Oct. 30

sale

150 78 11,700 120 73 8,760
390 78 30,420

Cost of ending inventory = 8,760 + 30,420

= $39,180

Correction option is (D)

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