Use the following information for Vania Inc. for the following three questions. The company uses the...
Use the following information for Vania Inc. for the following three questions. The company uses the perpetual inventory system, and recorded the following transactions in the month of October 2018.
Oct 1 On hand, 50 units @ $15 each
Oct 5 Purchased 75 units @ $18 each
Oct 10 Sold 65 units @ $32 each
Oct 14 Purchased 75 units @ $24 each
Oct 29 Sold 85 units @ $38 each
1. What is Vania Inc’s Gross Profit for October 2018 using the FIFO inventory assumption?
A. $2,450 B. $2,700 C. $2,610 D. $3,150
2. What is Vania Inc’s Cost of Ending Inventory on October 31, 2018 using the Weighted Average inventory assumption?
A. $1,040 B. $1,200 C. $1,120 D. $1,250
3. What is Vania Company’s Cost of Goods Sold for October 2018 using the LIFO inventory assumption?
A. $3,050 B. $3,150 C. $2,700 D. $2,860
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Hemming Co. reported the following current-year purchases and
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Required information [The following information applies to the
questions displayed below.]
Hemming Co. reported the following current-year purchases and
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July 30 Purchase 460 units @ $22.40 = 10,304
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