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Question 1 10 pts Your Company carries inventory at the lower of cost or market....

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Accounting

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Question 1 10 pts Your Company carries inventory at the lower of cost or market. Using the information below, what is the adjustment needed to the Inventory account? Item Units Inventory market cost value A 75 $25 $30 B 100 $30 $27 500 $75 $73 D 250 $120 $130 $300 debit $1,000 debit $1,300 credit $1,000 credit $300 credit $1,300 debit Question 2 10 pts Using the LIFO inventory method, what is the cost of goods sold? Date Source Units Purchased Cost Per Unit Total Cost 1/1/2011 875 $48 $42,000 Beginning Inventory Purchase 2/1/2011 630 $46 3/1/2011 Purchase 940 $52 $28,980 $48,880 $119,860 Total Goods Available for Sale 2,445 Units sold 1,825 $75 $89,466 $90,100 $87,620 $77,860 Question 3 10 pts What is the gross margin percentage based on data below? Revenue $97,500 Discounts and allowances $3,850 Cost of goods sold $48,900 Operating expenses $15,000 49.85% 37.83% 39.13% 47.78% 31.77% Question 4 10 pts Using weighted average, what is the ending balance in inventory? Cost Per Total Unit $13 $13,00 Units Date Source Purchased Beginning 1/1/2011 1000 Inventory 2/1/2011 Purchase 700 3/1/2011 Purchase 1,500 Total Goods Available for Sale 3,200 Units sold 2300 $9 $12 $6,300 $18,00 $37,31 $20 $10,800 $11,700 $19,300 O $10,491

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