.Our company had the following balances and transactions during the current year related to merchandise inventory. Beginning...

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Accounting

.Our company had the following balances and transactions duringthe current year related to merchandise inventory.
Beginning merchandise inventory on January 11 20 units at $70per unitPurchase on February 14 100 units at $85 per unitSale onAugust 21 120 units
What would be the company's ending merchandise inventory indollars on December 31 if the company used perpetual, last in,first out (LIFO) method?
$9,900
$8,500
$8,400
$7,000
2.Our company had the following balances and transactions duringthe current year related to merchandise inventory.
Beginning merchandise inventory on January 11 20 units at $70per unitPurchase on February 14 100 units at $85 per unitSale onAugust 21 120 units
What would be the company's cost of goods sold in dollars onDecember 31 if the company used perpetual, last in, first out(LIFO) method?
$9,900
$8,500
$8,400
$7,000
3.Our company had the following balances and transactions duringthe current year related to merchandise inventory.
Beginning merchandise inventory on January 1
120 units at $70 per unit
Purchase on February 14
100 units at $85 per unit
Sale on August 21
150 units
What would be the company's ending merchandise inventory indollars on December 31 if the company used perpetual, first in,first out (FIFO) method?
$4,900
$5,950
$10,950
$12,000
4.Our company had the following balances and transactions duringthe current year related to merchandise inventory.
Beginning merchandise inventory on January 1
100 units at $75 per unit
Purchase on February 14
100 units at $80 per unit
Sale on August 21
150 units
What would be the company's cost of goods sold in dollars onDecember 31 if the company used perpetual, first in, first out(FIFO) method?
$4,000
$3,750
$11,500
$11,750
5.Our company had the following balances and transactions duringthe current year related to merchandise inventory.
Beginning merchandise inventory on January 1
120 units at $70 per unit
Purchase on February 14
100 units at $85 per unit
Sale on August 21
150 units
What would be the company's ending merchandise inventory indollars on December 31 if the company used perpetual, weightedaverage (WA) costing method?
$4,900
$12,000
$11,523
$5,377
6.Our company had the following balances and transactions duringthe current year related to merchandise inventory.
Beginning merchandise inventory on January 1
100 units at $75 per unit
Purchase on February 14
100 units at $80 per unit
Sale on August 21
150 units
What would be the company's cost of goods sold in dollars onDecember 31 if the company used perpetual, weighted average (WA)costing method?
$4,000
$3,750
$11,625
$11,750

Answer & Explanation Solved by verified expert

4.2 Ratings (566 Votes)

1 Beginning InventoryPurchases Sales Ending Inventory Unit Per Unit Total Jan 11 20 70 1400 Feb 14 100 85 8500 Aug 21 100 85 8500 20 70 1400 Ending Inventory NIL The ending inventory as on December 31 is NIL 2 Cost of Goods sold 100852070 9900 The See Answer

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