Use the following information to answer the questions below Beginning Inventory

Question

Use the following information to answer the questions below Beginning Inventory 100 units $4.00 Purchase-May Purchase-July 200 units $3.00 100 units @ $6.00 A periodic inventory system is used; ending inventory is 150 units. What is ending inventory under the average-cost method? [A] S150 What is cost of goods sold under LIFO? [A] $550 What is ending inventory under FIFO? A] $550 13. B] $1,000 [C] S250 D) $600 14. [B] $1,050 [C] $750 D] $850 15. [B] $750 C] $850 [D] $1,050 Use the following information to answer the questions below Joelle Company has the following information for the pay period of January 1 15, 20xx. Payment occurs on January 20. Gross payroll Social Security and Medicare rate State unemployment tax rate Federal income tax withheld $8,000 7.65% -5.4% $900 Federal unemployment tax rate 0.8% 16. Salaries Payable would be recorded for IA] $5,992. [B] S7,100. [C] $5,380. [D] $6,488. 17. Payroll Taxes Expense would be recorded for [A] S2,008. [B] S496. [C] $1,108. D] S612.

Explanation / Answer

13) Average Cost Method Pur-units rate value Closing units rate value Beginning Inventory 100 $4.00 $400 Purchase - May 200 $3.00 $600 300 $3.33 $1,000 Purchase-July 100 $6.00 $600 400 $4.00 $1,600 Ending inventory = 150 $600 Answer is D 14) LIFO Method Pur-units rate value Beginning Inventory 100 $4.00 $400 Purchase - May 200 $3.00 $600 Purchase-July 100 $6.00 $600 Ending inventory = 150 Issued quantity shall be 250 Units Issued value 100 $6.00 $600.00 150 $3.00 $450.00             250 $1,050.00 Balance value 50 $3.00 $150.00 100 $4.00 $400             150 $550.00 Answer is A= $550.00 15) FIFO Method Pur-units rate value Beginning Inventory 100 $4.00 $400 Purchase - May 200 $3.00 $600 Purchase-July 100 $6.00 $600 Ending inventory = 150 Issued quantity shall be 250 Units Issued value 100 $4.00 $400 150 $3.00 $450.00             250 $850.00 Balance value 50 $3.00 $150.00 100 $6.00 $600             150 $750.00 Answer is B= $750.00 16) Salaries payable Gross salaries $8,000 Less: fed tax withheld $900 Fed un employment tax rate@.80% $64 State un employment tax rate@5.40% $432 SSM Rate $612 Salary payable (net) $5,992 Answer is A= $5,992 17)Payroll Taxes Expense fed tax withheld $900 Fed un employment tax rate@.80% $64 State un employment tax rate@5.40% $432 SSM Rate $612 Total $2,008 Answer is A= $2,008

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