Homework Answers
Answer to Question 1:
May 18:
Cost of goods available for sale = 20 * $16.00 + 70 *
$20.00
Cost of goods available for sale = $1,720
Number of units available for sale = 20 + 70
Number of units available for sale = 90
Cost per unit = Cost of goods available for sale / Number of
units available for sale
Cost per unit = $1,720 / 90
Cost per unit = $19.1111
Cost of goods sold = Cost per unit * Number of units sold
Cost of goods sold = $19.1111 * 25
Cost of goods sold = $478
May 29:
Cost of goods available for sale = $1,720 - 25 * $19.1111 + 40 *
$22.00
Cost of goods available for sale = $2,122.2225
Number of units available for sale = 90 - 25 + 40
Number of units available for sale = 105
Cost per unit = Cost of goods available for sale / Number of
units available for sale
Cost per unit = $2,122.2225 / 105
Cost per unit = $20.2116
Cost of goods sold = Cost per unit * Number of units sold
Cost of goods sold = $20.2116 * 10
Cost of goods sold = $202
Total cost of goods sold = $478 + $202
Total cost of goods sold = $680
Answer to Question 2:
Number of units available for sale = 20 + 70 + 40
Number of units available for sale = 130
Number of units sold = 25 + 10
Number of units sold = 35
Number of units in ending inventory = 130 - 35
Number of units in ending inventory = 95
Ending inventory = 40 * $22.00 + 55 * $20.00
Ending inventory = $1,980
Add Answer to:
Use the following information for the month of May. May 1 7 18 22 29 Beginning...
1.Use the following information for the month of May: Assuming that a Moving Average perpetual inventory...
1.Use the following information for the month of May:
Assuming that a Moving Average perpetual
inventory system is used, what is Cost of Goods Sold?
Select one:
a. $1,880
b. $763
c. $700
d. $680
e. $1,920
2.
.Using the FIFO periodic inventory system, what is Ending
Inventory?
Select one:
a. $1,880
b. $1,980
c. $1,830
d. $1,760
e. $1,900
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1.Given: Net Income is: Select one: a. Understated $16 b. Understated $24 c. Overstated $6 d....
1.Given:
Net Income is:
Select one:
a. Understated $16
b. Understated $24
c. Overstated $6
d. Understated $26
e. Understated $10
2.
Case Corp. had accounts payable of $100,000 recorded in the
general ledger as of December 31, 2012. The Accounts Payable
balance included the following recorded purchases on credit:
In Case’s December 31, 2012 balance sheet, the accounts payable
should be reported in the amount of:
Select one:
a. $125,000
b. $92,000
c. $121,000
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e. $75,000
3....
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Salmone Company reported the following purchases and sales of its only product Salmone uses a criodic...
Salmone Company reported the following purchases and sales of its only product Salmone uses a criodic inventory system. Determine the cost assigned to ending inventory using LIFO Units Sold at Retail Units Acquired at Cost 330 units @ $18 310 units & $20 Date May 1 5 16 15 24 Activities Beginning Inventory Purchase Sales Purchase Sales 238 units @ $28 pairis 190 units @ $21 (8 0222308 182 units @ $29 Mullu Choice O $7,740 o $5908 O S9,140...
1.Use the following information for the month of May:
Assuming that a Moving Average perpetual
inventory system is used, what is Cost of Goods Sold?
Select one:
a. $1,880
b. $763
c. $700
d. $680
e. $1,920
2.
.Using the FIFO periodic inventory system, what is Ending
Inventory?
Select one:
a. $1,880
b. $1,980
c. $1,830
d. $1,760
e. $1,900
May 1 Beginning inventory 7 Purchases 18 Sales 22 Purchases 29 Sales 20 units @ $16 70 units @ $20...
Use the following information for the month of July for questions 33-36 ABC Inc. uses the FIFO cost method in a perpetual inventory system. Jul I Beginning inventory 20 units @ $19 per unit Purchases 7 70 units @ $20 per unit Jul Jul Sales Sales 8 50 units 25 units Jul 50 units @ $22 per unit Jul 10 Purchases Sales 40 units Jul 22 33. The cost of goods sold for the July 8 sale was (a) $950....
Use the following information for the month of July for questions 33-36 ABC Inc. uses the FIFO cost method in a perpetual inventory system. Jul 1 Beginning inventory 20 units @ $19 per unit Jul 7 Purchases Jul 8 Sales Jul 9 Sales Jul 10 Purchases Jul 22 Sales 70 units @ $20 per unit 50 units 25 units 50 units @ $22 per unit 40 units 33. The cost of goods sold for the July 8 sale was (a)...
1.Given:
Net Income is:
Select one:
a. Understated $16
b. Understated $24
c. Overstated $6
d. Understated $26
e. Understated $10
2.
Case Corp. had accounts payable of $100,000 recorded in the
general ledger as of December 31, 2012. The Accounts Payable
balance included the following recorded purchases on credit:
In Case’s December 31, 2012 balance sheet, the accounts payable
should be reported in the amount of:
Select one:
a. $125,000
b. $92,000
c. $121,000
d. $79,000
e. $75,000
3....
Salmone Company reported the following purchases and sales of its only product Salmone uses a criodic inventory system. Determine the cost assigned to ending inventory using LIFO Units Sold at Retail Units Acquired at Cost 330 units @ $18 310 units & $20 Date May 1 5 16 15 24 Activities Beginning Inventory Purchase Sales Purchase Sales 238 units @ $28 pairis 190 units @ $21 (8 0222308 182 units @ $29 Mullu Choice O $7,740 o $5908 O S9,140...
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