Question

ion for the month of Corporat records of Vinton Quantity 2,0006.25 Iaventorny10,000 8n20rs (8.000) 6,0005.25 (7,000) 3,000 142018Sae 182018Purchase 8250018 Sale 831/0018Ending Inventory 2 Assuming Vinton C uses a perpetual inventory system and employs the LIFO metho what is the cost of goods sold for August 2018 A 583250 B. S84583, с.ss5.050. D. S85,750 E. None of the above 26. Assuming Vinton Corporation what is the cost of goods sold for August 2018 uses a perpetual inventory system and employs the FIFO me A $83,250 B. $84,583. С $85,050. D. $85,750 E. None of the above. 2 Assuming Vinton Corporation uses a periodie inventory system and employs the average method, what is the cost of goods sold for August 2018? A. $83,250. B. $84,583. C. $85,050 D. $85,750 E. None of the above.

Answer 1

Q24.
Answerr is C. Net purchases + Ending inventory -Beginning Inventory
Q25.
Answer is A. 83250
STATEMENT SHOWING INVENTORY RECORD UNDER PERPETUAL LIFO METHOD
	RECIEPTS			COST OF GOODS SOLD			BALANCE
DATE	UNITS	RATE	AMOUNT $	UNITS	RATE	AMOUNT $	UNITS	RATE	AMOUNT $
1-Aug							2000	6.25	12500
8-Aug	10000	5.75	57500				2000	6.25	12500
							10000	5.75	57500
14-Aug				8000	5.75	46000	2000	6.25	12500
							2000	5.75	11500
18-Aug	6000	5.25	31500				2000	6.25	12500
							2000	5.75	11500
							6000	5.25	31500
25-Aug				6000	5.25	31500	2000	6.25	12500
				1000	5.75	5750	1000	5.75	5750
TOTAL	16000		89000	15000		83250	3000		18250
Q26.
Answer is D. 85750
STATEMENT SHOWING INVENTORY RECORD UNDER PERPETUAL FIFO METHOD
	RECIEPTS			COST OF GOODS SOLD			BALANCE
DATE	UNITS	RATE	AMOUNT $	UNITS	RATE	AMOUNT $	UNITS	RATE	AMOUNT $
1-Aug							2000	6.25	12500
8-Aug	10000	5.75	57500				2000	6.25	12500
							10000	5.75	57500
14-Aug				2000	6.25	12500	4000	5.75	23000
				6000	5.75	34500
18-Aug	6000	5.25	31500				4000	5.75	23000
							6000	5.25	31500
25-Aug				4000	5.75	23000
				3000	5.25	15750	3000	5.25	15750
TOTAL	16000		89000	15000		85750	3000		15750
Q27.
Answer is B. 84583
STATEMENT SHOWING INVENTORY RECORD UNDER PERIODIC WEIGHTED AVERAGE METHOD
	RECIEPTS			COST OF GOODS SOLD			BALANCE
DATE	UNITS	RATE	AMOUNT $	UNITS	RATE	AMOUNT $	UNITS	RATE	AMOUNT $
1-Aug	2000	6.25	12500
Purchasse
8-Aug	10000	5.75	57500
18-Aug	6000	5.25	31500
TOTAL	18000	5.64	101500	15000	5.64	84600	3000	5.64	16900