Reference no: EM132452196
Problem 1 - Concord Corporation has the following inventory data:
|
July 1
|
Beginning inventory
|
30 units at $20
|
$600
|
|
July 7
|
Purchases
|
170 units at $21
|
3570
|
|
July 22
|
Purchases
|
50 units at $24
|
1200
|
|
|
|
|
$5370
|
A physical count of merchandise inventory on July 30 reveals that there are 50 units on hand. Using the average cost method, the value of ending inventory (rounded to whole dollar) is:
a. $1200
b. $1050
c. $1200
d. $1074
Problem 2 - Wildhorse Co. has the following inventory data:
|
July 1
|
Beginning inventory
|
32.0 units at $21.0
|
$672
|
|
July 7
|
Purchases
|
113.0 units at $22.0
|
2486
|
|
July 22
|
Purchases
|
16.0 units at $24.0
|
384
|
|
|
|
|
$3542
|
A physical count of merchandise inventory on July 30 reveals that there are 52.0 units on hand. Using the LIFO inventory method, the amount allocated to ending inventory for July is:
a. $1144
b. $1248
c. $1112
d. $1093
Problem 3 - Whispering Winds Corp, has the following inventory data
|
July 1
|
Beginning inventory
|
28 units at $17
|
$476
|
|
July 7
|
Purchases
|
97 units at $18
|
1746
|
|
July 22
|
Purchases
|
14 units at $20
|
280
|
|
|
|
|
$2502
|
A physical count of merchandise inventory on July 30 reveals that there are 44 units on hand. Using the LIFO inventory method, the amount allocated to cost of goods sold for July is:
a. $820
b. $1738
c. $1682
d. $764
Problem 4 - Sheffield Corp has the following inventory data:
|
July 1
|
Beginning inventory
|
32 units at $20
|
$640
|
|
July 7
|
Purchases
|
111 units at $21
|
2331
|
|
July 22
|
Purchases
|
16 units at $23
|
368
|
|
|
|
|
$3339
|
A physical count of merchandise inventory on July 30 reveals that there are 51 units on hand. Using the FIFO method, the amount allocated to ending inventory for July is:
a. $1071
b. $1039
c. $1103
d. $1173