Question

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75. Beginning inventory is $40,000. Purchases of inventory during the year are $200,000. Ending inventory $100,000. What is cost of goods sold? A. $340,000. B. $240,000. C. $260,000 D. S140,000 16. Inventory records for Dunbar Incorporated revealed the following: Date Transaction Number of Units 400 500 Unit Cost $18.00 22.50 Total Cost $7.200.00 $11,250.00 eginning inventory Apr. 20 Purchase Dunbar sold 700 units of inventory during the month. Cost of goods sold assuming FIFO would be: A. $14,850. B. S12,600. C. $13,950. D. $15,750. 17. Inventory records for Dunbar Incorporated revealed the following: Date Apr. 1 Apr. 20 Transaction Beginning inventory Purchase Number of Units 400 500 Unit Cost $18.00 22.50 Total Cost $7,200.00 $11,250.00 Dunbar sold 700 units of inventory during the month. Cost of goods sold assuming LIFO would be: A. $13,950. B. $15,750. C. $12,600. D. $14,850. 18. Inventory records for Dunbar Incorporated revealed the following: Date Apr. 1 Apr. 20 Transaction Beginning inventory Purchase Number of Units 400 500 Unit Cost $18.00 22.50 Total Cost $7,200.00 $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 3. $4,100 $4,050 $3,600

Answer 1

15. Cost of Goods Sold = Beginning inventory + Purchases - Ending inventory = 40,000+200,000-100,000 = 140,000 Option D

16. Cost of Goods Sold under Fifo = (400*18)+(700-400)*22.50 = 13,950 Option C

17. Cost of Goods Sold under lifo = (500*22.50)+(200*18) = 14850 Option D

18. Unit cost = (7200+11250)/(400+500) = 20.5 Ending inventory = (900-700)*20.5 = 4100 Option B