In: Accounting
Peoples Printer Co. sells printers and uses a periodic inventory approach. The PX4015 Brand is one of the printers it sells and this brand had the following beginning inventory, purchase, and sales history for the current year: please show work
Number of Cost per Total
Printers Printer Cost
January 1 inventory 9 $146.00 $1,314.00
July 16 purchases 14 $151.00 $2,114.00
December 8 purchases 5 $158.00 $790.00
Available for sale 28 $4,218.00
July 20 sales 19
December 31 inventory 9
The selling price of the printer was $200.
What is the cost of goods sold for the year ended December 31 if the LIFO cost flow assumption is used?
a. |
$2,824 |
|
b. |
$2,844 |
|
c. |
$1,314 |
|
d. |
$2,904 |
What is the ending inventory as of December 31 if the LIFO cost flow assumption is used?
a. |
$1,394 |
|
b. |
$1,314 |
|
c. |
$1,374 |
|
d. |
$2,904 |
What is the gross profit for the year ended December 31 if the LIFO cost flow assumption is used?
a. |
$896 |
|
b. |
$976 |
|
c. |
$956 |
|
d. |
$944 |
What is the cost of goods sold for the year ended December 31 if the FIFO cost flow assumption is used?
a. |
$2,904 |
|
b. |
$2,844 |
|
c. |
$2,824 |
|
d. |
$1,394 |
What is the ending inventory as of December 31 if the FIFO cost flow assumption is used?
a. |
$1,314 |
|
b. |
$1,374 |
|
c. |
$2,824 |
|
d. |
$1,394 |
What is the gross profit for the year ended December 31 if the FIFO cost flow assumption is used?
a. |
$896 |
|
b. |
$956 |
|
c. |
$976 |
|
d. |
$944 |