Question

12. Inventory records for Dunbar Incorporated revealed the following Number of Unit 100 Date Transaction A l leginning inventory Apr 20 Purchase Unit Coul SIR >0 Total Cou S7,200.00 51125000 D harsold 700 units of inventory during the month Cost of goods sold assuming FIFO would be ASSO B. 512.000 C.513.950 D. 515.750 13. Inventory records for Dunbar Incorporated revealed the following Date JA I Apr. 20 Transaction Beginning inventory Number of Units 100 Unit Cost $18.00 Total Cost 57,200.00 Purchase 22.50 SI1.250.00 Dunbar sold 700 units of inventory during the month Cost of goods sold assuming LIFO would be A. $13.950 B. SI5,750 CS12,600 D. SI NSO 14. Inventory records for Dunbar Incorporated revealed the following Number of Units Unit Cost Total Cost Date April Apr. 20 Transaction Beginning inventory Purchase 400 SIRO S7200.00 22.50 11.250.00 Dunbar sold 700 units of inventory during the month. Ending inventory assuming weighted average cost would be (round weighted average unit cost to four decimals and final answer to the nearest whole dollar) A. $4,500 B. 54,100 C. $4,050 D. 53,000

Answer 1

12) Cost of goods sold under FIFO = (400*18+300*22.50) = 13950

So answer is c) $13950

13) Cost of goods sold under LIFO = (500*22.50+200*18) = 14850

So answer is d) $14850

14) Cost per unit = (11250+7200)/900 = 20.50

Ending inventory = (900-700)*20.50 = 4100

So answer is b) $4100