21) Garrison Company uses a perpetual inventory systerm for its one product. Gar
ID: 2572203 • Letter: 2
Question
21) Garrison Company uses a perpetual inventory systerm for its one product. Garrison's beginning inventory, purchases Garrison Company uses a permstal answer the three following questions): and sales during month of October are as follows (use data below to Units Sold e Activity 1-Oct Beg Inventory400$15.00 Unit Acquired Unit Cost 10-Oct Purchase 12-Oct Sale 15-Oct Purchase 17-Oct Sale 22-Oct Purchase 25-Oct Sale 29-Oct Purchase 200 150 $16.00 180 -250 2000-t-100 100 $21.00 The cost of goods sold under FIO method of inventory costing for the month of October is? A) $17,700 B) $11,400 C) $10,280 D) $10,652 E) $11,040 22) The cost of goods sold under weighted-average method of inventory costing for month of October is? A) $10,652 B) $11,040 C) $11,400 D) $17,700 E) $10,280
Explanation / Answer
Calculate cost of goods sold under FIFO method :
400
200
13
15
5200
3000
400
50
13
15
5200
750
150
150
15
16
2250
2400
150
30
15
16
2250
480
120
250
16
20
1920
5000
100
20
250
16
20
320
5000
20
250
100
16
20
21
320
5000
2100
so answer is c) $10280
22)Calculate cost of goods sold under weighted average method :
600
13.67
8200
450
13.67
6150
300
14.83
4450
180
14.83
2670
370
18.32
6780
100
270
18.32
4948
370
19.05
7048
so answer is a) $10652
Date quantity purchased unit cost total cost quantity sold unit cost cost of goods sold inventory on hand unit cost inventory cost oct 1 400 13 5200 oct 10 200 15 3000400
200
13
15
5200
3000
oct 12400
50
13
15
5200
750
150 15 2250 oct 15 150 16 2400150
150
15
16
2250
2400
oct 17150
30
15
16
2250
480
120 16 1920 oct 22 250 20 5000120
250
16
20
1920
5000
oct 25100
16 160020
250
16
20
320
5000
oct 29 100 21 210020
250
100
16
20
21
320
5000
2100
10280 7420Related Questions
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