Question

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18. Blue Inc. Utilizes a Periodic LIFO inventory method. They make the following purchases and sales....

18. Blue Inc. Utilizes a Periodic LIFO inventory method. They make the following purchases and sales.

August 3rd: Purchases 100 units at $20 per unit

August 10th: Purchases 150 units at $25 per unit

August 15th: Sells 125 units at $45 per unit

August 23rd: Purchases 50 units at $35 per unit

August 30th: Sells 75 units at $55 per unit

What is the value of Blue Inc. inventory at the end of August assuming they started with no inventory?

$2,000
$3,000
$8,000
$2,500

Question 2

19. Red Corp. utilizes a periodic FIFO inventory method. They make the following purchases and sales

January 7th: Purchases 3,000 units at $50 per unit

January 10th: Sells 100 units at $75 per unit

January 15th: Purchases 175 units at $60 per unit

January 22nd: Sells 250 Units at $85 per unit

January 26th: Sells 50 units at $95 per unit

What was COGS for Red Corp during the month of january assuming they started with no inventory?

$4,500
$ 21,000
$21,750
$33,500

Question 3

20. Orange LLC. utilizes a periodic weighted average inventory method. They make the following purchases and sales

May 2nd: Purchases 100 units at $15 per unit

May 7th: Sells 75 units at $35 per unit

May 12th: Purchases 125 units at $25 per unit

May 25th: Sells 75 units at $45 per unit

What was Orange LLC. COGS for the month of may assuming they did not have any initial inventory?

$2,569.44
$ 4,111.11
$ 4,625.00
$3.083.33

Question 4

22. Pink Co. purchases 40 units of inventory at $50 per unit. After having the inventory on hand for a period of time, they find the Net Realizable value of each unit to be $65 . What will Pink Co. record for the total value of the inventory?

$600
$ 2,000
$ 3,250
$2,600

Solutions

Expert Solution

ekkarill92 answered 5 months ago

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