Please answer properly Miguel, Inc. uses a periodic inventory system. The company's beginning inventory of aparticular product and its purchases during the month of January were as follows:QuantityUnit CostTotal CostBeginning Inventory 20(Jan 1)$ 10$ 200Purchase (Jan. 15)20$ 20$ 400Purchase (Jan. 23)5$ 17$ 85Total45$685On January 28, Miguel sold 30 units of this product. The other 15 units remain in inventoryas of January 31.Refer to above data. Assuming that Miguel uses the average cost flow assumption, the costof goods sold to be recorded at January 28 is:Choices:A. Some other amount.В. 400С. 535D. 405

For the purpose of inventory valuation, there are many methods that are used. These are first in…

Miguel, Inc. uses a periodic inventory system. The company's beginning inventory of a particular product and its purchases during the month of January were as follows: Quantity Unit Cost Total Cost $ 200 Beginning Inventory 20 (Jan 1) $ 10 Purchase (Jan. 15) 20 $ 20 $ 400 Purchase (Jan. 23) 5 $ 17 S 85 Total 45 $685 On January 28, Miguel sold 30 units of this product. The other 15 units remain in inventory as of January 31. Refer to above data. Assuming that Miguel uses the average cost flow assumption, the cost of goods sold to be recorded at January 28 is: Choices: A. Some other amount. В. 400 С. 535 D. 405

Miguel, Inc. uses a periodic inventory system. The company's beginning inventory of a particular product and its purchases during the month of January were as follows: Quantity Unit Cost Total Cost $ 200 Beginning Inventory 20 (Jan 1) $ 10 Purchase (Jan. 15) 20 $ 20 $ 400 Purchase (Jan. 23) 5 $ 17 S 85 Total 45 $685 On January 28, Miguel sold 30 units of this product. The other 15 units remain in inventory as of January 31. Refer to above data. Assuming that Miguel uses the average cost flow assumption, the cost of goods sold to be recorded at January 28 is: Choices: A. Some other amount. В. 400 С. 535 D. 405

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 12RE: Carla Company uses the perpetual inventory system. The following information is available for...

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