Echo Sound Company just began business and made the following four inventory pur
ID: 2380342 • Letter: E
Question
Echo Sound Company just began business and made the following four inventory purchases in June:
June 1 150 units at $5.20= $ 780
June 10 200 units at $5.85=1,170
June 15 200 units at $6.30= 1,260
June 28 150 units at $6.60 = 990
A physical count of merchandise inventory on June 30 reveals that there are 250 units on hand. The inventory method which results in the highest gross profit for June is
A. the FIFO method.
B. The weighted average unit cost Method
C. The LIFO method
D. Nor determinable
Grape Gratuities Company has the following inventory data:
July 1 Beginning inventory 20 units at $20= $ 400
7 Purchases 70 units at $21 = 1,470
22 Purchases 10 units at $22 = 220
A physical count of merchandise inventory on July 30 reveals that there are 30 units on hand. Using the FIFO inventory method, the amount allocated to Cost of Goods Sold for July is
A. $1450
B. $1870
C. $1480
D. $640
A company just began business and made the following four inventory purchases in June:
June 1 150 units at $5.50= $ 825
June 10 200 units at $5.60= 1,120
June 15 200 units at $5.70= 1,140
June 28 150 units at $5.90= 885
A. $1418
B. $1400
C. $1425
D. $1475
Baker Bakery Company just began business and made the following four inventory purchases in June:
June 1 150 units at $5.20=$ 780
June 10 200 units at $5.85 =1,170
June 15 200 units at $6.30 =1,260
June 28 150 units at $6.60= 990
A. $1300
B. $1365
C. $1620
D. $1650
A. the FIFO method.
B. The weighted average unit cost Method
C. The LIFO method
D. Nor determinable
Grape Gratuities Company has the following inventory data:
July 1 Beginning inventory 20 units at $20= $ 400
7 Purchases 70 units at $21 = 1,470
22 Purchases 10 units at $22 = 220
A physical count of merchandise inventory on July 30 reveals that there are 30 units on hand. Using the FIFO inventory method, the amount allocated to Cost of Goods Sold for July is
A. $1450
B. $1870
C. $1480
D. $640
A company just began business and made the following four inventory purchases in June:
June 1 150 units at $5.50= $ 825
June 10 200 units at $5.60= 1,120
June 15 200 units at $5.70= 1,140
June 28 150 units at $5.90= 885
A. $1418
B. $1400
C. $1425
D. $1475
Explanation / Answer
A company just began business and made the following four inventory purchases in June:
June 1 150 units at $5.50= $ 825
June 10 200 units at $5.60= 1,120
June 15 200 units at $5.70= 1,140
June 28 150 units at $5.90= 885
A physical count of merchandise inventory on June 30 reveals that there are 250 units on hand. Using the average cost method, the amount allocated to the ending inventory on June 30 is
A. $1418----------------
correct answer
(total cost/total units)xUnits@End of period
=
1417.85
[(3970/700)x250]= $1418-correct answer
A. $1418----------------
correct answer
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