ABC Traders had the following data for Product Pink on June 20X1: Beginning balance 100 boxes at P50 Purchases: June 4 90 boxes @ P55 June 14 110 boxes @ P60 Sales June 7 120 boxes June 20 80 boxes June 27 50 boxes How much is the ending inventory under FIFO perpetual? a. 3,000 b. 2,758 c. 2,750 d. 2,700

ABC Traders had the following data for Product Pink on June 20X1: Beginning balance 100 boxes at P50 Purchases: June 4 90 boxes @ P55 June 14 110 boxes @ P60 Sales June 7 120 boxes June 20 80 boxes June 27 50 boxes How much is the ending inventory under FIFO perpetual? a. 3,000 b. 2,758 c. 2,750 d. 2,700

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 7MCQ

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ABC Traders had the following data for Product Pink on June 20X1:Beginning balance 100 boxes at P50Purchases:June 4 90 boxes @ P55June 14 110 boxes @ P60SalesJune 7 120 boxesJune 20 80 boxesJune 27 50 boxesHow much is the ending inventory under average perpetual? a. 2,750 b. 2,758 c. 2,852 d. 3,000
16.ABC Traders had the following data for Product Pink on June 20X1:Beginning balance 100 boxes at P50Purchases:June 4 90 boxes @ P55June 14 110 boxes @ P60SalesJune 7 120 boxesJune 20 80 boxesJune 27 50 boxesHow much is the ending inventory under average perpetual? 2,750 2,758 2,852 3,000
25.ABC Traders had the following data for Product Pink on June 20X1:Beginning balance 100 boxes at P50Purchases:June 4 90 boxes @ P55June 14 110 boxes @ P60SalesJune 7 120 boxesJune 20 80 boxesJune 27 50 boxesHow much is the ending inventory under FIFO perpetual? 3,000 2,758 2,750 2,700
ABC Traders had the following data for Product Pink on June 20X1:Beginning balance 100 boxes at P50Purchases:June 4 90 boxes @ P55June 14 110 boxes @ P60SalesJune 7 120 boxesJune 20 80 boxesJune 27 50 boxesHow much is the cost of goods sold under average periodic? a. 13,598 b. 13,791 c. 13, 895 d. 14,000
13.ABC Traders had the following data for Product Pink on June 20X1:Beginning balance 100 boxes at P50Purchases:June 4 90 boxes @ P55June 14 110 boxes @ P60SalesJune 7 120 boxesJune 20 80 boxesJune 27 50 boxesHow much is the cost of goods sold under average periodic? 13,598 13,791 13, 895 14,000
The Crystal Glass is a trader in chinaware décor . The following information is available at the end of 2010: Opening Inventory $31,400 Closing Inventory $20,400 Sales for December 2010 $90,000 Standard margin is 33 1/3 % Based on this information, what was the amount for the purchases? $22,500 $30,000 $49,000 $56,500
A company reported the following June activity for its VC-30 lubricant, which had a balance of 310 qts. @ $2.60 per quart on June 1. Purchases: Jun. 10 510 qts @ $2.70 Jun. 14 410 qts @ $2.80 Jun. 20 410 qts @ $2.85 Sales: Jun. 3 220 qts Jun. 12 510 qts Jun. 26 310 qts What is the ending inventory assuming LIFO and a periodic inventory system?
The ABC Boutique had the following information at June 30, 20X1: Purchases, P180,000 Inventory, June 1, P8,000 Purchase returns, P2,000 Freight in, P4,000 Sales, P250,000 Sales discount, P20,000 If the gross profit is 25% of cost of sales. How much is the inventory at June 30? a. 6,000 b. 10,000 c. 17,500 d. 18,000
Tamworth Trading Ltd is a company operating in the retail sector. The beginning inventory of Product EF5089 and information about purchases and sales made during June are shown below. Units Unit price $ 6,100 2.20 4,600 2.25 4,100 4,100 2.40 6,000 3,100 2.50 Tamworth Trading Ltd uses the perpetual inventory system, and Selling price is $5 per unit. A stocktake on 30 June revealed 7,700 units in inventory. Ignore GST. Required: Using the FIFO method, prepare an appropriate inventory record for Product EF5089 for June. Prepare an income statement down to the gross profit for Tamworth Trading Ltd for June.
Presented below is information related to Novak Enterprises. Jan. 31 Feb. 28 Mar. 31 Apr. 30 Inventory at cost $18,750 $18,875 $21,250 $17,500 Inventory at LCNRV 18,125 15,750 19,500 16,625 Purchases for the month 21,250 30,000 33,125 Sales for the month 36,250 43,750 50,000
The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 21 units @ $29 $609 June 16 Purchase 29 units @ $32 928 Nov. 28 Purchase 46 units @ $35 1,610 96 units $3,147 There are 10 units of the product in the physical inventory at November 30. The periodic inventory system is used. Round answers to the nearest whole dollar. a. Determine the inventory cost by the FIFO method.$ b. Determine the inventory cost by the LIFO method.$ c. Determine the inventory cost by the average cost methods.
The ABC Boutique had the following information at June 30, 20X1: Inventory increased by P10,000 Purchase returns, P5,000 Freight in, P3,000 Sales, P300,000 Sales discount, P25,000 If the gross profit is 20% of net sales. How much is the gross purchases for June? a. 202,000 b. 212,000 c. 222,000 d. 232,000