A e YVo)LTEl| 48% A 06:48Question 9/10A company that sells flux capacitors usesLIFO for its inventory accounting. It had 100flux capacitors in Inventory on 12/31/2011with a total cost of $100,000. The companybought 50 flux capacitors costing $55,000 on3/3/12; another 50 flux capacitors costing$65,000 on 6/6/12; and another 100 fluxcapacitors costing $140,000 on 9/9/12.During 2012, the company sold 150 fluxcapacitors. What was Cost of Goods Soldduring 2012?$100,000$155,000$140,000$205,000$180,000NEXTO O O O O

Under LIFO inventory value Inventory that is brought at a later date need to be sold first Closing…

Answered: Cost of Goods Sold

Business

Accounting

Cost of Goods Sold

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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31. At the end of FY2020, our company reported $100kin Inventory. Over FY2021, we spent another $70kpurchasing Inventory. At the end of FY2021, we reported $80kin Inventory on our Balance Sheet. What was our company's Cost of Goods Sold for FY2021? (a) $70k(b) $90k(c) $110k(d) Not enough information without inventory costing mehod (FIFO, LIFO, etc.) (e) None of the above.
3. Pear Company recorded the following data pertaining to one of its inventory items during January 2021. 1/1 Inventory, 800 units @ P2001/8 Purchased 200 units at P2081/21 Sold 400 units1/30 Purchased 250 units @ P210What is the moving average unit cost of this item at January 31, 2021? Round off to nearest peso? a. 201b. 210c. 230d. 204
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