Reference no: EM132487954
Question 1: A company had the following purchases during its first year of operations:
Purchases
January:23 units at $116
February:33 units at $127
May:28 units at $139
September:25 units at $147
November:23 units at $157
On December 31, there were 40 units remaining in ending inventory. These 40 units consisted of 5 from January, 6 from February, 10 from May, 4 from September, and 15 from November. Using the specific identification method, what is the cost of the ending inventory?
Question 2: A company had the following purchases and sales during its first year of operations:
Purchases Sales
January:20 units at $190 12 units
February:30 units at $195 12 units
May:25 units at $200 16 units
September:22 units at $205 15 units
November:20 units at $21024 units
On December 31, there were 38 units remaining in ending inventory. Using the perpetual LIFO inventory costing method, what is the cost of the ending inventory? (Assume all sales were made on the last day of the month.)
Question 3: Marquis Company uses a weighted-average perpetual inventory system and has the following purchases and sales:
August 2 25 units were purchased at $6 per unit.
August 18 30 units were purchased at $8 per unit.
August 29 27 units were sold.
What is the amount of the cost of goods sold for this sale? (Round average cost per unit to 2 decimal places.)
Question 4: A company's inventory records report the following:
August 1 Beginning balance 18 units @ $8
August 5 Purchase 13 units @ $7
August 12 Purchase 17 units @ $8
On August 15, it sold 36 units. Using the FIFO perpetual inventory method, what is the value of the inventory at August 15 after the sale?
Question 5: A company's inventory records report the following in November of the current year:
Beginning November 1 4 units @ $11 Purchase
November 2 11 units @ $13 Purchase
November 12 7 units @ $15
On November 8, it sold 13 units for $41 each. Using the LIFO perpetual inventory method, what was the amount recorded in the cost of goods sold account for the 13 units sold?
Question 6: Jammer Company uses a weighted average perpetual inventory system and reports the following:
August 2 Purchase 21 units at $17.00 per unit.
August 18 Purchase 23 units at $17.00 per unit.
August 29 Sale 42 units.
August 31 Purchase 26 units at $20.00 per unit.
What is the per-unit value of ending inventory on August 31? (Round your per unit answers to 2 decimal places.)
Question 7: Given the following information, determine the cost of the inventory at June 30 using the LIFO perpetual inventory method.
June 1 Beginning inventory 30 units at $20 each
June 15 Sale of 22 units for $50 each
June 29 Purchase 22 units at $25 each
The cost of the ending inventory is: