Question

Each answer choice is an answer to one of the Q’s

b. 28,000.00 14.58 2,101.00 30,000.00 1,000.00 These answers choices can be an answer choice for Q24,Q29, and Q30 F Purchase End InvAmount Jan Mar April Nov GAS 14.00 490.00 WAVG $ 13.00 1,040.00 FIFO $ 15.00 900.00 LIFO Q18 Q20 Q22 Q19 021 Q23 35 50 $ 17.00 Q24 850.00 1,179.00 1,860.00 1,420.00 1,997.16 1,282.84 Retail Method Gross Profit Method cost cost Cost ratio Q25 Profit margin 35% 29,000.0 165,000.0 194,000.0 36,000.0 8,900.0 44,900.0 Begin Inv. 0 63,000.00 Begin Inv.0 292,000.00 355,000.00 Q26 $275,000.00 Purchase Purchase 0 GAS GAS S 26,000.0 CGS /Sale Ending Inv CGS/Sale Ending Inv Q29 Q30 Q27 Q28 0.5465 43,718.31 150,281.69 80,0OO 16,900.00

Answer 1

Answers

• All working forms part of the answer
• Summary for all answers

Questions	Answer
Q18	1282.84
Q19	1997.16
Q20	1420
Q21	1860
Q22	1179
Q23	2101
Q24	14.58
Q25	0.5465
Q26	150281.69
Q27	43718.31
Q28	80000
Q29	16900
Q30	28000

• Answer to #Q24 = $ 14.58 Option ‘b’

Cost of Goods available for sale
Units	Cost/unit	COG for sale
35	$                14.00	$                            490.00
80	$                13.00	$                        1,040.00
60	$                15.00	$                            900.00
50	$                17.00	$                            850.00
225	$              14.58 = answer	$                        3,280.00

• Answer to #Q18 and #Q19

--Working

Weighted Average (Periodic)	Units	Cost per unit	Total
Beginning Inventory	0	$           -	$                    -
Purchases:
	35	$    14.00	$           490.00
	80	$    13.00	$       1,040.00
	60	$    15.00	$           900.00
	50	$    17.00	$           850.00
Total Purchases	225		$       3,280.00
Goods Available for Sales	225		$       3,280.00
Weighted Average cost per unit		$    14.58
Cost of Goods Sold	137	$    14.58	$       1,997.16 = Answer #19
Ending Inventory	88	$    14.58	$       1,282.84 = Answer #18

--Answer #18 = $ 1282.84 = Option ‘e’
--Answer #19 = $ 1997.16 = Option ‘d’

• Answer to #Q20 and #Q21

Working

FIFO	Cost of Goods available for sale			Cost of Goods Sold			Ending Inventory
	Units	Cost/unit	COG for sale	Units sold	Cost/unit	COGS	Units	Cost/unit	Ending inventory
Beginning Inventory	0	$                       -	$                                     -	0	$                -	$                        -	0	$               -	$                         -
Purchases:
	35	$                14.00	$                            490.00	35	$         14.00	$              490.00	0	$        14.00	$                         -
	80	$                13.00	$                        1,040.00	80	$         13.00	$           1,040.00	0	$        13.00	$                         -
	60	$                15.00	$                            900.00	22	$         15.00	$              330.00	38	$        15.00	$                570.00
	50	$                17.00	$                            850.00		$         17.00	$                        -	50	$        17.00	$                850.00
TOTAL	225		$                        3,280.00	137		$           1,860.00 = Answer #21	88		$            1,420.00 = Answer #20

--Answer #20 = $1420.00 Option ‘c’
--Answer #21 = $ 1860.00 Option ‘b’

• Answer to #Q22 and #Q23
  Working

LIFO	Cost of Goods available for sale			Cost of Goods Sold			Ending Inventory
	Units	Cost/unit	COG for sale	Units sold	Cost/unit	COGS	Units	Cost/unit	Ending inventory
Beginning Inventory	0	$                       -	$                                     -	0	$                -	$                        -	0	$               -	$                         -
Purchases:	0	$                       -	$                                     -
	35	$                14.00	$                            490.00	0	$         14.00	$                        -	35	$        14.00	$                490.00
	80	$                13.00	$                        1,040.00	27	$         13.00	$              351.00	53	$        13.00	$                689.00
	60	$                15.00	$                            900.00	60	$         15.00	$              900.00	0	$        15.00	$                         -
	50	$               17.00	$                            850.00	50	$         17.00	$              850.00	0	$        17.00	$                         -
TOTAL	225		$                        3,280.00	137		$           2,101.00 = Answer #23	88		$            1,179.00 = Answer #22

--Answer #22 = $1179 Option ‘a’
--Answer #23 = $ 2101 Option ‘c’

• Answer to Q25 = 0.5465 Option ‘a’
  Cost ratio = GAS at cost/ GAS at Retail price
  = 194000 / 355000
  = 0.5465
• Answer to #Q28 = $ 80000 Option ‘d’
  Ending Inv at retail price = $ 355000 – 275000 = $ 80000
• Answer to #Q27 = 43,718.31 = Option ‘b’
  Ending Inv at Cost = 80000 x (194000/355000)
  = 43718.31
• Answer to #Q26 = $ 150,281.69 Option ‘c’
  = 194000 – 43718.31
  = $ 150,281.69
• Answer to #Q29 = $ 16900 = Option ‘e’
  = 26000 – (26000 x 35%)
  = 26000 – 9100
  = $ 16,900
• Answer to #Q30 = $ 28000 = Option ‘a’
  = $ 44900 GAS - $ 16900
  = $ 28000