Hermione Co. reported the information shown in Table 5-1. Table 5-1 ...
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Accounting
Hermione Co. reported the information shown in Table 5-1.
Table 5-1
Units
Unit Cost
Total Cost
Units Sold
Beginning inventory (Jan. 1)
4
$400
$1,600
Sale (Mar. 1)
3
Purchase (Apr. 15)
4
405
1,620
Sale (June 22)
3
Purchase (Oct. 11)
2
425
850
Total
Units in ending inventory
10
4
$4,070
6
10. Refer to Table 5-1. Assume that Hermione uses perpetual LIFO. The cost of the ending inventory is:
A. $1,700.
B. $1,670.
C. $1,655.
D. $1,600.
11. Refer to Table 5-1. Assume that Hermione uses perpetual weighted average costing. The average cost of a unit sold on June 22 is:
A. $400.
B. $402.50.
C. $404.
D. $405.
12. Refer to Table 5-1. Assume that Hermione uses perpetual FIFO. The entry to record the March 1 credit sale at a sale price of $800 per unit would include all of the following EXCEPT a:
A. credit to Inventory, $2,400.
B. debit to Cost of Goods Sold, $1,200.
C. debit to Accounts Receivable, $2,400.
D. credit to Sales Revenue, $2,400.
13. Refer to Table 5-1. Assume that Hermione uses periodic FIFO. The cost of goods sold for the period is:
A. $2,470.
B. $2.410.
C. $1,660.
D. $1,600.
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