exam week 4 answers

exam week 4 answers - ANSWER KEY Second Hour Exam 1. B 2. C...

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Unformatted text preview: ANSWER KEY Second Hour Exam 1. B 2. C 3. A 4. B 5. B 6. A 7. A 8. A 9. B 10. B Problem #1 (25 points) Cost of ending inventory = 150 x $15 each = $2,250 Answer: Ending Inventory Cost: $2,250 Answer: 380 units x $15 each = $ 5,700 270 units x $17 each = 4,590 300 units x $22 each = 6,600 950 units $16,890 800 units sold 150 units in ending inventory A company made the following merchandise purchases and sales during the month of May: May 1 purchased 380 units at $15 each May 5 purchased 270 units at $17 each May 10 sold 400 units at $50 each May 20 purchased 300 units at $22 each May 25 sold 400 units at $50 each There was no beginning inventory. If the company uses the LIFO periodic inventory met what would be the cost of the ending inventory? Answer: $2,250 Goods Purchased Cost of Goods Sold Inventory Balance 380 @ $15 = $5700 380 @ $15 = $5700 270 @ $17 = $4590 380 @ $15 $10,290 270 @ $17 270 @ $17 = $4590 130 @ $15 = $1950 $6,540 250 @ $15 = $3,750 300 @ $22 = 6600 250 @ $15 $10,350 300 @ $22 300 @ $22 = $6,600 100 @ $15 = $1,500 150 @ $15 = $2,250 Problem #2 (25 points) Answer: PERIODIC April 2 Accounts receivable....................................................... Accounts receivable....
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This note was uploaded on 11/17/2010 for the course AC 201 taught by Professor Leland during the Fall '10 term at Park.

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exam week 4 answers - ANSWER KEY Second Hour Exam 1. B 2. C...

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