1. The selling price of a television is $ 1100 and the cost to the retailer is $225. What is the retailer's gross profit from the sale of the television?
A) $1100
B) $875
C) $0
D) $225
2. A company has a beginning inventory of $ 60,000 and purchases during the year of $ 120,000. The beginning inventory consisted of 2,000 units and 9,000 units were purchased during the year. The company has 5,000 units left at year end. -Under average cost- , what is Cost of Goods Sold? (Round any intermediary calculations to two decimal places and your final answer to the nearest dollar.)
120,000
98,160
180,000
147,240
3. Tomasino's inventory records show the following data at January 31:
Beginning inventory Jan. 1 120 units at $ 5 per unit
Jan. 10 purchase 330 units at $ 12 per unit
Jan. 22 purchase 110 units at $ 13 per unit
At January 31, 200 units are still on hand. What is the cost of the ending inventory at January 31 if Tomasino uses the FIFO method?
4. Thelen's inventory records show the following data at January 31:
Beginning inventory Jan. 1 90 units at $ 6 per unit
Jan. 10 purchase 320 units at $ 11 per unit
Jan. 22 purchase 120 units at $ 12 per unit
At January 31, 200 units are still on hand. What is the cost of the ending inventory at January 31 if Thelen uses the LIFO method?
A) 1760
B) 1200
C) 2400
D) 1860
Gross Profit = Sales – cost of goods sold
= 1100-225
= $875
i.e. B
Cost of goods sold = Average cost per unit*Units sold
Average cost = Total cost/Total units
= (60,000+120,000)/11,000
= $16.36
Cost of goods sold = 16.36*6,000
= $98,160
FIFO method states that goods purchased first will be sold first
Ending inventory = 110*13 + 90*12
= $2510
i.e. B
LIFO method states that goods purchased later will be sold first
Ending inventory = 90*6 + 110*11
= $1750
1. The selling price of a television is $ 1100 and the cost to the retailer...
Thelen's inventory records show the following data at January 31: Beginning inventory Jan. 1 100 units at $8 per unit Jan. 10 purchase 320 units at $13 per unit Jan. 22 purchase 120 units at $14 per unit At January 31, 230 units are still on hand. What is the cost of the ending inventory at January 31 if Thelen uses the LIFO method?
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Thelen's inventory records show the following data at January 31 Beginning inventory Jan. 1 Jan. 10 purchase Jan 22 purchase 90 units at $9 per unit 280 units at $12 per unit 90 units at $13 per unit At January 31, 240 units are still on hand. What is the cost of the ending inventory at January 31 if Thelen uses the LIFO method? OA. 52,160 OB. 52,610 OC. $2,760 OD. 53,120
This Question: 4 pts 8 of 8 (6 complete) This Quiz: 30 pts possi Thelen's inventory records show the following data at January 31: Beginning inventory Jan. 1 Jan. 10 purchase Jan. 22 purchase 9 0 units at $5 per unit 270 units at $13 per unit 100 units at $14 per unit At January 31, 230 units are still on hand. What is the cost of the ending inventory at January 31 if Thelen uses the LIFO method? O...
Tomasino's inventory records show the following data at January 31: Beginning inventory Jan. 1 110 units at $7 per unit Jan. 10 purchase 330 units at $11 per unit Jan. 22 purchase 120 units at $12 per unit At January 31, 240240 units are still on hand. What is the cost of the ending inventory at January 31 if Tomasino uses the FIFO method?
Tomasino's inventory records show the following data at January 31 Beginning inventory Jan. 1 Jan. 10 purchase Jan 22 purchase 90 units at $9 per unit 270 units at $12 per unit 110 units at $13 per unit At January 31, 200 units are still on hand. What is the cost of the ending inventory at January 31 if Tomasino uses the FIFO method? O A. $2,130 OB. $1,800 O C. 52,510 OD. $1,980
need help with this problem - thank you Tomasino's inventory records show the following data at January 31: Beginning inventory Jan. 1 Jan. 10 purchase Jan. 22 purchase 90 units at $9 per unit 300 units at $11 per unit 90 units at $12 per unit At January 31, 210 units are still on hand. What is the cost of the ending inventory at January 31 if Tomasino uses the FIFO method? O A. $2,250 O B. $1,890 OC. $2,400...
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