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
Homework Answers
| Ans. | Option c $9620 | ||||
| Transactions | Units | Rate | Total | ||
| Beginning inventory | 340 | 9 | 3060 | ||
| Production | 410 | 16 | 6560 | ||
| Cost of goods sold | 750 | 9620 | |||
| *In FIFO inventory system, the units that are purchased first, are released first. | |||||
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A firm has beginning inventory of 340 units at a cost of $9
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24 During 2021, a company sells 340 units of inventory for $85 each. The company has...
24 During 2021, a company sells 340 units of inventory for $85 each. The company has the following inventory purchase transactions for 2021 Unit Cost $66 Date Transaction Jan. 1 Beginning inventory May 5 Purchase Nov. 3 Purchase Number of Units 66 170 186 422 8 points Total cost $ 4,356 11,390 12,834 $28,580 69 02:13:19 Calculate ending inventory and cost of goods sold for 2021 assuming the company uses FIFO. Ending inventory Cost of goods sold
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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...
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Dec. 1 Beginning merchandise inventory 13 units @ $9 each 8 Sale 8 units @ $22...
Dec. 1
Beginning merchandise inventory
13
units @
$9
each
8
Sale
8
units @
$22
each
14
Purchase
16
units @
$14
each
21
Sale
14
units @
$22
each
Assume that Toys Galore store bought and sold a line of dolls during December as follows: (Click the icon to view the transactions.) Toys Galore uses the perpetual inventory system. Read the requirements. Unce all of tne transactions nave peen entered into the perpetual record, calculate the quantity and...
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
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
12.During July, the following purchases and sales were made Company uses a perpetual inventory system ses...
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Problem 4. McLean Company Inc. had a beginning inventory of 300 units of Product MLN at...
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24 During 2021, a company sells 340 units of inventory for $85 each. The company has the following inventory purchase transactions for 2021 Unit Cost $66 Date Transaction Jan. 1 Beginning inventory May 5 Purchase Nov. 3 Purchase Number of Units 66 170 186 422 8 points Total cost $ 4,356 11,390 12,834 $28,580 69 02:13:19 Calculate ending inventory and cost of goods sold for 2021 assuming the company uses FIFO. Ending inventory Cost of goods sold
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 #...
Dec. 1
Beginning merchandise inventory
13
units @
$9
each
8
Sale
8
units @
$22
each
14
Purchase
16
units @
$14
each
21
Sale
14
units @
$22
each
Assume that Toys Galore store bought and sold a line of dolls during December as follows: (Click the icon to view the transactions.) Toys Galore uses the perpetual inventory system. Read the requirements. Unce all of tne transactions nave peen entered into the perpetual record, calculate the quantity and...
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
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Problem 4. McLean Company Inc. had a beginning inventory of 300 units of Product MLN at a cost of $8 per unit. During the year, purchases were: Feb. 20 700 units at $ 9 Aug. 12 600 units at $11 May 5 500 units at $10 Dec. 8 100 units at $12 McLean Company uses a periodic inventory system. Sales totaled 1,800 units. Instructions (a) Determine the cost of goods available for sale. (b) Determine the ending inventory and the...
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