Normal No Spacing Heasing 1 Headng 2 6. Cost of goods sold equals $500,000, and

Question

Normal No Spacing Heasing 1 Headng 2 6. Cost of goods sold equals $500,000, and average inventory equals $200,000. Days inventory on hand equals a. 146.0 days. b. 91.3 days. c. 912.5 days. d. 821.9 days. 7. When applying the lower-of-cost-or-market rule to inventory valuation, market generally means original cost. replacement cost. original cost, less physical deterioration. resale value. a. b. c. d. 8. Use this inventory information for the month of June to answer the following question. June 1 Beginning inventory 10 units @S120 5 Purchase 14 Sale 21 Purchase 30 Sale 60 units @ S112 40 units ?? units @ $116 28 units Assuming that a periodic inventory system is used, what is cost of goods sold on a LIFO basis? a. $7,736 b. $3,704 c. $7,696 d. $3,664

Explanation / Answer

6.

Working:

7. Answer is d.

8. Answer is a

Working:

22. Answer is a

SLM - Straight line method , DDB - Double declining balance

23. Answer is b.

24. Answer is c

Days' inventory on hand 146 days

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