{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

INVENTORY week 8_1 Questions - Question Goods in the...

Info icon This preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Question Goods in the process of being manufactured, but not yet completed, are called: Answer a work in process inventory . b raw materials inventory. c unfinished goods inventory. d merchandise inventory. Question Consider the following: Sales $80,000 Beginning merchandise inventory $10,000 Purchases $45,000 Cost of goods sold $50,000 Determine the value of the ending merchandise inventory. Ending inventory = Beginning inventory + Purchases - Cost of goods sold Ending inventory = 10,000 + 45,000 – 50,000 Ending inventory = $5,000 Question Consider the following: Beginning inventory 10 units @ $10 per unit First purchase 35 units @ $11 per unit Second purchase 40 units @ $12 per unit Third purchase 20 units @ $13 per unit Eighty-three units were sold. What is the value assigned to the ending inventory using the FIFO method of inventory costing? The value is $284 Question Consider the following: Beginning inventory 10 units @ $10 per unit First purchase 35 units @ $11 per unit Second purchase 40 units @ $12 per unit Third purchase 20 units @ $13 per unit There were 105 units available at a total cost of $1,225. Eighty-three units were sold. Use the LIFO method of inventory
Image of page 1

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern