Purchases Sales July 3 60 units 12 July 13 75 units 11 60 units 13 22 30 units

PurchasesSalesJuly360 units @€12July 1375 units1160 units @€132230 units2030 units @€15Under the FIFO method, the cost of goods sold for each sale is:July 13July 22a.€900€360b.975390c.915390d.1,125450Ans: C, LO: 7, Bloom: AP, Difficulty: Medium, Min: 3, AACSB: Analytic, AICPA BB: Legal/Regulatory Perspective, AICPA FN: Reporting, AICPA PC:Problem Solving, IMA: Reporting6 - 33

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Test Bank forFinancial Accounting: IFRS Edition,2ea158.During July, the following purchases and sales were made by James Company.There was no beginning inventory. James Company uses a perpetual inventory system.PurchasesSalesJuly360 units @€12July 1375 units1160 units @€132230 units2030 units @€15Under the LIFO method, the cost of goods sold for each sale is:July 13July 226 - 34

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Problem Solving, IMA: Reportinga159.Julian Junkets has the following inventory information.July1Beginning Inventory15 units at $905Purchases90 units at $8414Sale60 units21Purchases45 units at $8730Sale42 unitsAssuming that a perpetual inventory system is used, what is the ending inventory on aFIFO basis?

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Problem Solving, IMA: Reportinga160.Julian Junkets has the following inventory information.July1Beginning Inventory15 units at $905Purchases90 units at $8414Sale60 units21Purchases45 units at $8730Sale42 unitsAssuming that a perpetual inventory system is used, what is the ending inventory(rounded) under the average-cost method?

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Inventoriesa161.A new average cost is computed each time a purchase is made in thea.average-cost method.b.moving-average cost method.c.weighted-average cost method.d.all of these methods.Ans: B, LO: 7, Bloom: C, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory Perspective, AICPA FN: Measurement, AICPA PC: None,IMA: Business Economic