Able Corporation sells widgets. At the beginning of the current year it had 100

Question

Able Corporation sells widgets. At the beginning of the current year it had 100 widgets on hand that it paid $50 each for. It purchased 150 widgets at $53 each and later purchased another 200 widgets at $56 each. After these purchases, Able made its first sale of 375 widgets.

6. What was the cost of goods sold using FIFO?
a. 20,150
b. 19,950
c. 20,400

7. What was the ending inventory using LIFO?
a. 4,025
b. 4,200
c. 3,750

8. What was the cost of goods sold using the weighted average method?
a. 20,125
b.19, 950
c. 24,150

9. What was the ending inventory using FIFO?
a. 4,025
b. 3,750
c. 4,200
10. If prices are rising, which inventory cost flow method will produce the lowest amount of cost of goods sold?
a. FIFO
b. LIFO
c. NIFO
d. Weighted Average

Explanation / Answer

correct

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