39. Heathroton Company\'s goods in transit at December 31 include: sales made pu
ID: 2449097 • Letter: 3
Question
39. Heathroton Company's goods in transit at December 31 include: sales made purchases made (1) FOB destination (3) FOB destination (2) FOB shipping point 4) FOB shipping point Which items should be included in Fetherston's inventory at December 31? 40. Quayle Bookstore had 500 units on hand a t January 1, costing $9 each. Purchases and sales during the month of January were as follows: Date Purchases Sales Jan. 14 380 @ $15 17 250 a $10 25 250 @ $12 29 260 @ $17 Quayle does not maintain perpetual inventory records. According to a physical count, 365 units were on hand at January 31. The cost of the inventory at January 31, under the FIFO method is: Purchases and sales during the month of January were as follows: 41 Quayle Bookstore had 500 units on hand at January 1, costing $9 each Date Purchases Sales 380 @ $15 Jan. 14 17 250 a $10 25 250@ $12 29 260 @ S17 Quayle does not maintain perpetual inventory records. According to a physical count, 360 units were on hand at January 31. The cost of the inventory at January 31, under the LIFO method is: 42. Bud's Place recorded the following data: Unit Date Received Sold On Hand Cost 1/1 Inventory 500 $2.40Explanation / Answer
39) FOB Shipping Point
40) invetory value @ FIFO method 120*15 = $ 1800
41) invetory value @ LIFO method 120*9 = $ 1080
42) invetory value @ Wweighte average cost method : (data not clear:)
Opening 500 unit @ 2.4 1200
Purchase 1000 unit@ 3 3000
Weighted average cost 4200/1500 = 2.8
Sold 1200 umit
Closing inventory (1500-1200)2.8 = 840
44. Cost of goods sold under FIFO : $ 667.50
45. Inventory value using average cost method : 200 * 3.04 = $ 608
46. Inventory method for higest Gross Profit: FIFO
47.Average unit cost : 6.7
48.(options missing)
49.units sold: 250 units
50.Gross profit : 985
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