6) what is the amount ofcost ofgoods sold assuming the LIPO cost flow method? A)
ID: 2508131 • Letter: 6
Question
6) what is the amount ofcost ofgoods sold assuming the LIPO cost flow method? A)$2.360 B)S4,100 C)$4,320 D)$3,000 7) What is the amount of ending inventory assuming the FIFO cost flow method? 7) A) 3400 B) $480 C) $440 D) S940 IThe following information applies to the questions displayed below.J Chase Co uses the perpetual inventory method. The inventory records for Chase reflected the Gollwing information Purchase an 18 hase urchase 50 units @ $3.80 8) Assuming Chase uses a FIFO cost flow method, what is the cost of goods sold for the sales transaction on January 31? 8) A) S1,020 B)$1,005 C) S340 D)S1,045 [The following information applies to the questions displayed below.] Glasgow Enterprises started the period with 80 units in beginning inventory that cost $7.50 each. During the period, the company purchased inventory items as follows: Purchase No. of Items Cost S 9.00 $ 9.30 S 10.50 200 50 Glasgow sold 220 units after purchase 3 for $17.00 each. 9) 9) What is Glasgow's ending inventory under LIFO? A) $2,460 B) S2,730 C) $2,220 D) S1,950 The following information applies to the questions displayed below.] The inventory records for Radford Co. reflected the following: irst purchase @ May 7 econd purchase a@ May 17 hird purchase @ May 23 ales @ May 31 100 units $4.00 00 units @ $4.40 00 units $4.60 100 units $4.80 0 units @ $7.80 the FIFO cost flow method? 10)_ A) S3,420 B) $4,020 C) $2,920 D)$3,000Explanation / Answer
Answer 8.
January 18:
Cost of Goods Sold = 300 * $2.30 + 200 * $2.10
Cost of Goods Sold = $1,110
January 31:
Cost of Goods Sold = 200 * $2.10 + 250 * $2.40
Cost of Goods Sold = $1,020
Answer 9.
Number of units available for sale = 80 + 200 + 150 + 50
Number of units available for sale = 480
Number of units sold = 220
Number of units in ending inventory = 480 - 220
Number of units in ending inventory = 260
Cost of Ending Inventory = 80 * $7.50 + 180 * $9.00
Cost of Ending Inventory = $2,220
Answer 10.
Cost of Goods Sold = 100 * $4.00 + 300 * $4.40 + 500 * $4.60
Cost of Goods Sold = $4,020
Sales Revenue = 900 * $7.80
Sales Revenue = $7,020
Gross Margin = Sales Revenue - Cost of Goods Sold
Gross Margin = $7,020 - $4,020
Gross Margin = $3,000
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