y m Take Test: Chapter 6 objectiv × b) hbackboard.com/webapps/assessment/takelau

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y m Take Test: Chapter 6 objectiv × b) hbackboard.com/webapps/assessment/takelaunch.jsp?course-assessment_id-J00009-1&course-id;=32250_T 58.6% QUESTION 17 A company had beginning inventory of 10 units at a cost of $20 each on March 1. On March 2, it purchased 10 units at $22 each. On March 6 it purchased 6 units at $25 each. On March 8, it sold 22 units for $54 each. Using the FIFO perpetual inventory method, what was the cost of the 22 units sold? $470 O $490 $450 O$570 $520 QUESTION 18 Salmone Company reported the follownig purchases and sales of its only product. Salmone uses a periodic inventory system Determine the cost assigned to the ending inventory using FIFO. units cquired at cost Unita Sold at Date 50 units $10.00 220 units $12.00 Beginning Inventory Purchase Sales Purchase 140 units $20.00 10 15 00 units e $13.00 90 unite 9 $21.00

Explanation / Answer

Answer is $470 Date Description Units Unit cost Total Mar 1 Begning inventory 10 20 200 Mar 2 Purchase 10 22 220 Mar 6 Purchase 6 25 150 Mar 8 Sale 10 20 200 10 22 220 2 25 50 Total cost of 22 unts sold (200+220+50) 470

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