The amount of goods purchased during the period

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Mathematical Applications for the Management, Life, and Social Sciences
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Chapter 5 / Exercise 51
Mathematical Applications for the Management, Life, and Social Sciences
Harshbarger
Expert Verified
the amount of goods purchased during the period(difficult, L.O. 1, b)
43.Given the following data, what is the cost of goods sold?Beginning inventory380,000Purchases discounts$10,000 Ending inventory340,000 Freight-in20,000Purchases1,250,000
44.Given the following data, what is the cost of beginning inventory?Sales revenue$1,450,000Cost of goods sold845,000Ending inventory310,000Purchases950,000
(moderate, L.O. 1, d)6-6
We have textbook solutions for you!
The document you are viewing contains questions related to this textbook.
Mathematical Applications for the Management, Life, and Social Sciences
The document you are viewing contains questions related to this textbook.
Chapter 5 / Exercise 51
Mathematical Applications for the Management, Life, and Social Sciences
Harshbarger
Expert Verified
45.Given the following data, what is the cost of purchases?Sales revenue$725,000Cost of goods sold345,000Ending inventory250,000Beginning inventory120,000
46.A company purchased 1,000 units at $60 per unit. The company marked up the units by $30 and sold 600 units. What is the cost of goods sold and ending inventory?Cost ofEndingGoods SoldInventorya.$18,000$12,000b.$24,000$36,000c.$36,000$24,000d.$54,000$36,000(moderate, L.O. 1, c)47.A company whose inventory consists of very unique items would probably use which inventory method?a.specific unit costb.first-in, first-outc.last-in, first-outd.just-in, last out(easy, L.O. 2, a)48.Given the following data, what is the value of the cost of goods sold as determined by the FIFO method?Sales revenue100 units at $15 per unitBeginning inventory40 units at $9 per unitPurchases80 units at $10 per unita.$960b.$967c.$980d.$1,500(moderate, L.O. 2, a)
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49.Given the following data, what is the gross margin on sales as determined by the LIFO method?Sales revenue100 units at $15 per unitBeginning inventory40 units at $9 per unitPurchases80 units at $10 per unit
50.The following data were extracted from the records of Welmark Company: Sales revenue450 units at $35 per unitBeginning inventory100 units at $16 per unitPurchases400 units at $20 per unitWelmark’s most recent income statement showed cost of goods sold of $8,640. Welmark was using which method for valuing inventory?
51.The following data were extracted from the records of Welmark Company: Sales revenue450 units at $35 per unitBeginning inventory100 units at $16 per unitPurchases400 units at $20 per unitWelmark’s most recent income balance sheet showed ending inventory of $800. Welmark was using which method for valuing inventory?
52.Given the following data, what is the gross profit as determined under the FIFO method?Sales revenue100 units at $15 per unitBeginning inventory40 units at $9 per unitPurchases80 units at $10 per unita.$500b.$520c.$540d.$600(moderate, L.O. 2, c)
53.The following data were extracted from the accounting records of Applause, Inc. Applause currently uses the FIFO method of valuing inventory. 6-8
Sales revenue200 units at $25 per unitBeginning inventory60 units at $12 per unitPurchases180 units at $15 per unitWhat would have been the difference in Applause’s ending inventory under the LIFO costing method?

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