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Question 6ABC Inc. sells socks. During February 2016, its inventory records for one brand of its socks were as follows:QuantityPrice per pairTotalBeginning Inventory10 pairs$20.00= $200February 6 Purchase4 pairs$25.00= $100February 10 Purchase5 pairs$27.40= $137 February 15 Sale7 pairsN/ASee information above. Using this information, determine ending inventory under the weighted-average method. Assume the company used a periodic inventory costing system. Select one:a. $297b. $161c. $252d. $276Question 7Based on the information below and considering that this company paid $213,500 in cash to its suppliers during the year, what is the company's cost of goods sold for 2015? Assume that the only source of Accounts Payable is the purchase of inventory on credit. 1/1/2015 12/31/2015Inventory$122,400$134,560Accounts payable $54,000$123,000
Question 8FFS Clothing Store sells socks. During January 2017, its inventory records for one particular brand of socks were as follows:QuantityPrice per pairTotalBeginning Inventory16 pairs$18 = $288January 6 Purchase13 pairs$16= $208January 10 Sale15 pairsN/AJanuary 15 Purchase18 pairs$15= $270January 20 Sale22 pairsN/AJanuary 25 Purchase 14 pairs$22= $308See information for FFS Clothing Store above. Using this information, perpetual LIFO remaining inventory is