Leaping corporation has reported beginning inventory for September 2019 of $800,000. During the month of September,...
Leaping corporation has reported beginning inventory for September 2019 of $800,000. During the month of September, leaping purchased inventory costing $600,000. Cost of goods sold reported on the income statement for September 2019 was$420,000. Leapings balance sheet as of September 30,2019 should reflect ending inventory of: A. $1,400,000 B. $980,000 C. $620,000 D. $220,000.
Homework Answers
| beginning inventory for September 2019 | $ 800,000 |
| Add: Purchases | $ 600,000 |
| Less: Cost of goods sold | $ (420,000) |
| Ending inventory | $ 980,000 |
Answer is B. $980,000
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14
Sold 10,800 units for $12.70 each.
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Sold 9,800 units for $11.70 each.
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31, 2021, balance sheet and the cost of goods sold it would report
in its August 2021 income statement using the FIFO method.
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Inventory on hand—2,700 units; cost $6.00 each.
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Purchased 13,500 units for $6.20 each.
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Sold 10,800 units for $12.70 each.
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Purchased 8,100 units for $6.30 each.
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Sold 9,800 units for $11.70 each.
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Purchased 4,700 units for $5.80 each.
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