Question

USE THE FOLLOWING INFORMATION FOR QUESTIONS 23-32. The following data represent the beginning inventory and in order of occurrence the purchases and sales of Quebec, Inc. for an operating period Uns Unit Cost Units Sold Total Con 51.728 10 Beginning inventory Sale No. 1 Purchase No. 1 Sale No. 2 Purchase No. 2 Totals FIFO periodic inventory procedures, the ending inventory cost is 29. Assuming Quebec, Inc. A) 52.052 B) $2.088 C) $2,166 D) $2,220 30. Assuming Quebec, Inc. uses LIFO periodic inventory procedures, the ending inventory costi A 51.909 B) $2.088 C) $2,166 D) $2,220 31. Assuming Quebec, Inc. uses weighted average periodichnetory procedures, the ending inventory A) 52.160.30 B) $2,163.00 C) $2.166.00 D) $2,392.20 32. Assuming Quebec, Inc uses the FIFO perpetual inventory procedures, records sale No2 as an entry to cost of Goods Sold for A) $1,728 B) $1,788 C) $1,860 D) $1.896 33. The following data refer to Montgomery Company's ending invertory The Code Quantity Unit Cou n t Market Smal $152 Medium Large 200 Edra Large 216 212 the lower-of-cost ornet realizable value rule is applied to the total How much is ending inventory Inventory? A) $35, 740 B) $35.220 C) $37,380 D) $35 256

Answer 1

Answer no. 29 to 32 are as following

Ending units are = Total of purchases and beginning - sale no. 1 and 2

= (32+28+20)-(10+32) .

= 38 UNITS

Answer 29.	D) $2220
Ending Inventory Valuation using FIFO
Units left from purchases on	Units		Rate		Total
Purchase 1	18	x	60	=	1080
Purchase 2	20	x	57	=	1140
Total	38				$       2,220
Answer 30	B) 2088
Ending Inventory Valuation using FIFO
Units left from purchases on	Units		Rate		Total
Beginning inventory	32	x	54	=	1728
Purchase 1	6	x	60	=	360
Total	38				$       2,088
Answer 31	A) $2160.30
Weighed Average method
Date	Units In		Unit Cost		Total
Beginning inventory	32	x	$54.00	=	$1,728
Purchase 1	28	x	60	=	$1,680
Purchase 2	20	x	57	=	$1,140
	80				$4,548
Ending Inventory Valuation
	AMOUNT		QUANTITY		RATE
Weighted Average	$         4,548	/	80	=	$       56.85
	Units		Rate		Amount
Ending Inventory	38	x	$        56.85	=	$ 2,160.30
Answer 32	B) $1788
Cost of Goods sold for sale no. 2
Units left from purchases on	Units		Rate		Total
Beginning inventory	22	x	54	=	1188
Purchase 1	10	x	60	=	600
Total	32				$       1,788

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