Study Guide Accounting Test 2

Study Guide Accounting Test 2 - A company reports the...

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A company reports the following beginning inventory and purchases for the month of January. On January 26, the company sells 360 units. Units Unit Cost Beginning inventory on January 1 320 $ 6.00 Purchase on January 9 85 6.40 Purchase on January 25 110 6.60 What is the cost of the 155 units that remain in ending inventory at January 31, assuming costs are assigned based on a perpetual inventory system and use of FIFO? (Round your per unit costs to 3 decimal places and final answer to the nearest dollar amount. Omit the "$" sign in your response.) Ending inventory cost$ 1,014 A company reports the following beginning inventory and purchases for the month of January. On January 26, the company sells 360 units. Units Unit Cost Beginning inventory on January 1 320 $ 6.00 Purchase on January 9 85 6.40 Purchase on January 25 110 6.60 What is the cost of the 155 units that remain in ending inventory at January 31, assuming the costs assigned to ending inventory based on a perpetual inventory system and use of LIFO. (Omit the "$" sign in your response.) Ending Inventory Cost 930 A company reports the following beginning inventory and purchases for the month of January. On January 26, the company sells 360 units. Units Unit Cost Beginning inventory on January 1 320 $ 6.00 Purchase on January 9 85 6.40 Purchase on January 25 110 6.60 What is the cost of the 155 units that remain in ending inventory at January 31, assuming the costs assigned to ending inventory based on a perpetual inventory system and use of weighted average. (Round your per unit costs to 3 decimal places and final answer to the nearest dollar amount. Omit the "$" sign in your response.) Ending Inventory cost 960 Segoe Company reports beginning inventory of 10 units at $50 each. Every week for four weeks it purchases an additional 10 units at respective costs of $51, $52, $55 and $60 per unit for weeks 1 through 4. Calculate the cost of goods available for sale and the units available for sale for this four week period. Assume that no sales occur during those four weeks. (Omit the "$" sign in your response.)
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Cost of goods available for sale 2680 Units available for sale 50 Identify the inventory costing method best described by each of the following separate statements. Assume a period of increasing costs. 1. The preferred method when each unit of product has unique features that markedly affect cost. Specific identification 2. Matches recent costs against net sales. LIFO 3. Provides a tax advantage (deferral) to a corporation when costs are rising. LIFO 4. Yields a balance sheet inventory amount often markedly less than its replacement cost. LIFO 5. Results in a balance sheet inventory amount approximating replacement cost. FIFO
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This note was uploaded on 12/21/2011 for the course ECON 101 taught by Professor Higgins during the Spring '11 term at University of Nevada, Las Vegas.

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Study Guide Accounting Test 2 - A company reports the...

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