17 a company purchased 100 units for 30 each on january 31 it purchased 150 units fo 4307071

17 a company purchased 100 units for 30 each on january 31 it purchased 150 units fo 4307071

17) A company purchased 100 units for $30 each on January 31. It purchased 150 units for $25 on February 28. It sold 150 units for $50 each from March 1 through December 31. If the company uses the weighted-average inventory costing method, calculate the amount of Cost of Goods Sold on the income statement for the year ending December 31. (Assume the company uses the perpetual inventory system.)

A) $6,750

B) $4,050

C) $3,000

D) $3,750

18) A company purchased 100 units for $20 each on January 31. It purchased 100 units for $30 on February 28. It sold 150 units for $45 each from March 1 through December

If the company uses the last-in, first-out inventory costing method, what is the amount of cost of goods sold on the income statement for the year ending December 31? (Assume that the company uses a perpetual inventory system.)

A) $4,000

B) $3,000

C) $2,000

D) $5,000

19) Metro Computer Company had the following balances and transactions during 2014:

Beginning Merchandise Inventory

100 units at $75

March 10

Sold 50 units

June 10

Purchased 200 units at $80

October 30

Sold 150 units

What would the company's ending merchandise inventory amount be on December 31, 2014 if the perpetual last-in, first-out costing method is used?

A) $7,500

B) $23,500

C) $7,750

D) $16,000

20) Harris Company had the following balances and transactions during 2014:

Beginning Merchandise Inventory

100 units at $75

March 10

Sold 50 units

June 10

Purchased 200 units at $80

October 30

Sold 150 units

What would the Cost of Goods Sold be as reported on the income statement for the year ending December 31, 2014 if the perpetual, last-in, first-out costing method is used? Round your answer to two decimal places.

A) $15,750

B) $12,000

C) $3,750

D) $15,000

21) Harris Company had the following balances and transactions during 2015:

Beginning Merchandise Inventory

100 units at $80

March 10

Sold 50 units

June 10

Purchased 200 units at $82

October 30

Sold 150 units

What would the Cost of Goods Sold be as reported on the income statement for the year ending December 31, 2015 if the perpetual first-in, first-out costing method is used?

A) $8,000

B) $12,200

C) $24,400

D) $16,200

22) Rodriguez Company had the following balances and transactions during 2015:

Beginning Merchandise Inventory

100 units at $80

March 10

Sold 50 units

June 10

Purchased 200 units at $82

October 30

Sold 150 units

What would the Ending Merchandise Inventory amount be as reported on the balance sheet at December 31, 2015 if the perpetual first-in, first-out costing method is used?

A) $4,000

B) $16,400

C) $8,200

D) $8,000

23) Rodriguez Company had the following balances and transactions during 2014, from January 1 to December 31:

Beginning Merchandise Inventory

100 units at $80

March 10

Sold 50 units

June 10

Purchased 200 units at $82

October 30

Sold 150 units

What would the Ending Merchandise Inventory amount be as reported on the balance sheet at December 31, 2014 if the perpetual weighted-average costing method is used? (Round your intermediate calculations to two decimal places)

A) $8,160

B) $4,000

C) $8,000

D) $12,000

*($4,000 + $16,400) ÷ 250 units = $81.60

24) Lewis Company had the following balances and transactions during 2014:

Beginning Merchandise Inventory

100 units at $80

March 10

Sold 50 units

June 10

Purchased 200 units at $82

October 30

Sold 150 units

What would the Cost of Goods Sold be as reported on the income statement for the year ending December 31, 2014 if the perpetual weighted-average costing method is used? (Round your intermediate calculations to two decimal places)

A) $8,160

B) $20,400

C) $16,240

D) $12,000

Cost of Goods Sold = $4,000 + $12,240 = $16,240

25) Under the weighted-average method, the cost per unit is determined by:

A) dividing the cost of goods available for sale by the number of units available.

B) dividing the cost of goods available for sale by the number of units in beginning inventory.

C) multiplying the number of units purchased with the weighted-average cost.

D) multiplying the cost of goods available for sale by the ending weighted-average price of previous accounting period.

26) Which of the following is the correct formula to calculate weighted-average unit cost?

A) Weighted-average unit cost = Cost of goods available for sale + Number of units available

B) Weighted-average unit cost = Cost of goods available for sale × Number of units available

C) Weighted-average unit cost = Cost of goods available for sale – Number of units available

D) Weighted-average unit cost = Cost of goods available for sale ÷ Number of units available

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