70.2K

Verified Solution

Link Copied!

Use the following information for problems #35-40. HuCo begins operations in 20X4, uses the periodic method and makes the following merchandise purchases: 20X4 Total units Unit cost Total cost April 900 $ 6 $5.400 September 1,300 9,100 20X5 March 1.100 $ 8 $8,800 November 500 10 5.000 205 Scanned with CamScanner ing Inventory 35. If HuCo uses FIFO costing and its December 31, 20X5 ending inventory is 800 units, then ending inventory on its balance sheet will be. . a. $8,800 b. $5,600 c. $9,400 d. $7,400 36. If HuCo uses LIFO costing and sold 2,000 units in 20X4, what is its cost of goods sold? a. $14,000 b. $13,300 c. $13,100 d. $13,000 37. If HuCo uses LIFO costing and sold 1,700 units each year, what is its 20X5 cost of goods sold? a. $14,300 b. $12,700 c. $14,400 d. $12,800 38. Assume that HuCo uses LIFO costing. It sold 1,500 units in 20X4 and has 1,000 units in its December 31, 20X5 ending inventory. What is ending inventory on its December 31, 20X5 balance sheet? a. $6,600 b. $8,000 c. $6,200 d. $7,000 39. If HuCo uses FIFO costing and sold 1,800 units each year, what is its 20X5 cost of goods sold? a. $14,200 b. $10,700 c. $14,600 d. $10,300 40. HuCo, which uses weighted average costing, has 700 units in 20X4 ending inventory. If HuCo sells 1,600 units in 20X5, what is its 20X5 cost of goods sold (round unit costs in the computation to the nearest penny)? a. $13,800 b. $11,040 c. $11,760 d. $12,816 41. ViCo opened for business in 20X1 and had the following merchandise transactions: Units Purchased Units Sold 20X1 1,800 @ $6 1,300 20X2 2,200 @ $8 1,500 Use FIFO costing to compute ending inventory as of December 31, 20X2. a, $4,800 b. $6,800 c. $8,400 d. $9,600

Answer & Explanation Solved by verified expert

See Answer