11) C ompany X reported a beginning Inventory of $5,000. They had Net Purchases

Question

11) C ompany X reported a beginning Inventory of $5,000. They had Net Purchases of $6,879, and had an ending inventory of $1,284. What was Company X's Cost of Goods Sold? a. $10,595 b. $11,879 c. $8,163 d. $6,284 The following Information refers to questions 12 & 13: Company X sells industrial mining equipment. The following information is available for Company X in the month of anuary. January 1t- Beginning Inventory: 500 units @ $30 each January 4th- Purchase January 10th - Purchase January 15th-Sale January 25th Purchase January 28th -Sale : 400 units $46 each :600 units @ $50 each 850 units@ $125 each 1000 units@ $52 each : 250 units $125 each 12) Calculate Company X's Cost of Good Available for sale on January 31t assuming that they use the periodic inventory system a. 146,650 b. 115,400 c. 137,500 d. 63,400 13) Calculate Cost of Goods Sold on January 31 assuming that Company X uses the Average Cost method under the perpetual inventory system. Round your Weighted Average Cost per Unit to four decimal places. Round all other calculations to the nearest dollar: a. $67,433 b. $64,486 c. $47,969 d. $50,914

Explanation / Answer

11) Cost of goods sold = (5000+6879-1284) = 10595

so answer is a) 10595

12) Cost of goods sold available :

so answer is b) $115,400

13)

Cost of goods sold = 12041+35928 = 47969

so answer is c) $47,969

Unit cost Beginning inventory 500 15000 First purchase 400 18400 Second purchase 600 30000 Third purchase 1000 52000 Total 115400

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