A firm has beginning inventory of 280 units at a cost of $10 each. Production during...
A firm has beginning inventory of 280 units at a cost of $10 each. Production during the period was 660 units at $14 each. If sales were 370 units, what is the cost of goods sold (assume FIFO)?
-
$3,860
-
$4,260
-
$4,360
-
$4,060
Homework Answers
Cost of goods sold contains the sale of opening inventory of 280 units and the remaining 90 units (370 - 280) from the current production
Cost of goods sold = 280 *10 + 90 * 14 = 4060
Correct choice : D
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A firm has beginning inventory of 280 units at a cost of $10
each. Production during...
A firm has beginning inventory of 340 units at a cost of $9 each. Production during...
A firm has beginning inventory of 340 units at a cost of $9 each. Production during the period was 700 units at $16 each. If sales were 750 units, what is the cost of goods sold (assume FIFO)? a) $9,920 b) $9,820 c) $9,620 d) $9,420
Date Activities Units Acquired at Cost Units sold at Retail Jan. 1 Beginning inventory 190 units...
Date Activities Units Acquired at Cost Units sold at Retail Jan. 1 Beginning inventory 190 units @ $ 7.00 = $ 1,330 Jan. 10 Sales 150 units @ $ 16.00 Jan. 20 Purchase 110 units @ $ 6.00 = 660 Jan. 25 Sales 130 units @ $ 16.00 Jan. 30 Purchase 280 units @ $ 5.50 = 1,540 Totals 580 units $ 3,530 280 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 300...
Sales during the year were 860 units. Beginning inventory was 290 units at a cost of...
Sales during the year were 860 units. Beginning inventory was 290 units at a cost of $4 per unit. Purchase 1 was 430 units at $5 per unit. Purchase 2 was 670 units at $6 per unit. Required: a. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using FIFO method. b. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using LIFO method
Glasgow Enterprises started the period with 60 units in beginning inventory that cost $2.20 each. During...
Glasgow Enterprises
started the period with 60 units in beginning inventory that cost
$2.20 each. During the period, the company purchased inventory
items as follows. Glasgow sold 290 units after purchase 3 for
$10.40 each.
Purchase
No. of Items
Cost
1
270
$
2.70
2
185
$
2.80
3
55
$
3.20
Glasgow's cost of
goods sold under FIFO would be:
Multiple Choice
$638.
$834.
$928.
Glasgow Enterprises started the period with 60 units in beginning inventory that cost $2.20...
Sales during the year were 700 units. Beginning inventory was 400 units at a cost of...
Sales during the year were 700 units. Beginning inventory was 400 units at a cost of $10 per unit. Purchase 1 was 500 units at $12 per unit. Purchase 2 was 300 units at $14 per unit. Required: a. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using FIFO method. (Enter all values as a positive value.) Periodic FIFO Cost of Goods Sold Cost of Goods Available for Sale Cost of Goods #...
Vaughn Manufacturing had a beginning inventory of 125 units of Product RST at a cost of...
Vaughn Manufacturing had a beginning inventory of 125 units of Product RST at a cost of $9 per unit. During the year, purchases were: Feb. 20 May 5 660 units at $10 520 units at $11 Aug. 12 Dec. 8 470 units at $12 125 units at $13 Vaughn uses a periodic inventory system. Sales totaled 1,510 units. Determine the cost of goods available for sale. The cost of goods available for sales Calculate Average Cost. (Round answer to 3...
Glasgow Enterprises started the period with 80 units in beginning inventory that cost $2.00 each. During...
Glasgow Enterprises started the period with 80 units in beginning inventory that cost $2.00 each. During the period, the company purchased Inventory Items as follows. Glasgow sold 230 units after purchase 3 for $10.00 each Purchase No. of Items 210 Cost $2.50 82.60 53.00 155 Glasgow's cost of goods sold under FIFO would be Multiple Choice Ο φ620 Ο οοο. Ο Ο οιοο. Ο
Oriole Company had a beginning inventory of 115 units of Product RST at a cost of...
Oriole Company had a beginning inventory of 115 units of Product RST at a cost of $7 per unit. During the year, purchases were: Feb. 20 660 units at $8 Aug. 12 430 units at $10 May 5 520 units at $9 Dec. 8 115 units at $11 Oriole uses a periodic inventory system. Sales totaled 1,600 units. Determine the cost of goods available for sale. The cost of goods available for sale $ Calculate Average Cost. (Round answer to...
The beginning inventory was 440 units at a cost of $10 per unit. Goods available for...
The beginning inventory was 440 units at a cost of $10 per unit. Goods available for sale during the year were 1,720 units at a total cost of $19,020. In May 740 units were purchased at a total cost of $8,140. The only other purchase transaction occurred during October. Ending ibventory was 760 units. Required: a. Calculate the number of units purchased in October and the cost per unit purchased in October. Purchased in October Number of units Cost per...
Sales during the year were 500 units. Beginning inventory was 250 units at a cost of...
Sales during the year were 500 units. Beginning inventory was 250 units at a cost of $5 per unit. Purchase 1 was 400 units at $6 per unit. Purchase 2 was 200 units at $7 per unit. Cost of goods sold under the FIFO cost flow assumption (using a periodic inventory system) was: $3,650 $2,750 $3,200 $2,300
Glasgow Enterprises
started the period with 60 units in beginning inventory that cost
$2.20 each. During the period, the company purchased inventory
items as follows. Glasgow sold 290 units after purchase 3 for
$10.40 each.
Purchase
No. of Items
Cost
1
270
$
2.70
2
185
$
2.80
3
55
$
3.20
Glasgow's cost of
goods sold under FIFO would be:
Multiple Choice
$638.
$834.
$928.
Glasgow Enterprises started the period with 60 units in beginning inventory that cost $2.20...
Sales during the year were 700 units. Beginning inventory was 400 units at a cost of $10 per unit. Purchase 1 was 500 units at $12 per unit. Purchase 2 was 300 units at $14 per unit. Required: a. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using FIFO method. (Enter all values as a positive value.) Periodic FIFO Cost of Goods Sold Cost of Goods Available for Sale Cost of Goods #...
Vaughn Manufacturing had a beginning inventory of 125 units of Product RST at a cost of $9 per unit. During the year, purchases were: Feb. 20 May 5 660 units at $10 520 units at $11 Aug. 12 Dec. 8 470 units at $12 125 units at $13 Vaughn uses a periodic inventory system. Sales totaled 1,510 units. Determine the cost of goods available for sale. The cost of goods available for sales Calculate Average Cost. (Round answer to 3...
Glasgow Enterprises started the period with 80 units in beginning inventory that cost $2.00 each. During the period, the company purchased Inventory Items as follows. Glasgow sold 230 units after purchase 3 for $10.00 each Purchase No. of Items 210 Cost $2.50 82.60 53.00 155 Glasgow's cost of goods sold under FIFO would be Multiple Choice Ο φ620 Ο οοο. Ο Ο οιοο. Ο
Oriole Company had a beginning inventory of 115 units of Product RST at a cost of $7 per unit. During the year, purchases were: Feb. 20 660 units at $8 Aug. 12 430 units at $10 May 5 520 units at $9 Dec. 8 115 units at $11 Oriole uses a periodic inventory system. Sales totaled 1,600 units. Determine the cost of goods available for sale. The cost of goods available for sale $ Calculate Average Cost. (Round answer to...
The beginning inventory was 440 units at a cost of $10 per unit. Goods available for sale during the year were 1,720 units at a total cost of $19,020. In May 740 units were purchased at a total cost of $8,140. The only other purchase transaction occurred during October. Ending ibventory was 760 units. Required: a. Calculate the number of units purchased in October and the cost per unit purchased in October. Purchased in October Number of units Cost per...
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