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    ASSignment PA 22j

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    Sowda Ahmed
    The document provides financial information for a company including sales income of $50,000 and expenses for merchandise inventory, purchases, salary, rent, advertising and supplies totaling $25,150. It also provides information on the company's inventory purchases throughout the year totaling 19,300 units and $60,395. It asks to calculate the inventory cost and cost of goods sold as of December 31 using LIFO, FIFO, and weighted average methods.

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    ASSignment PA 22j

    Uploaded by

    Sowda Ahmed
    12 views1 page
    The document provides financial information for a company including sales income of $50,000 and expenses for merchandise inventory, purchases, salary, rent, advertising and supplies totaling $25,150. It also provides information on the company's inventory purchases throughout the year totaling 19,300 units and $60,395. It asks to calculate the inventory cost and cost of goods sold as of December 31 using LIFO, FIFO, and weighted average methods.

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    The document provides financial information for a company including sales income of $50,000 and expenses for merchandise inventory, purchases, salary, rent, advertising and supplies totaling $25,150. It also provides information on the company's inventory purchases throughout the year totaling 19,300 units and $60,395. It asks to calculate the inventory cost and cost of goods sold as of December 31 using LIFO, FIFO, and weighted average methods.

    Copyright:

    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as doc, pdf, or txt
    12 views1 page

    ASSignment PA 22j

    Uploaded by

    Sowda Ahmed
    The document provides financial information for a company including sales income of $50,000 and expenses for merchandise inventory, purchases, salary, rent, advertising and supplies totaling $25,150. It also provides information on the company's inventory purchases throughout the year totaling 19,300 units and $60,395. It asks to calculate the inventory cost and cost of goods sold as of December 31 using LIFO, FIFO, and weighted average methods.

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    © All Rights Reserved
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    of 1

    TRY YOUR BEST THE FOLLOWING QUESTIONS

    Sale income $50,000


    Merchandize inventory December 1, 2022 $ 7,000
    Purchases inventory $ 20,000
    Merchandize inventory December 31, 2022 $ 4,200
    Salary Expenses $ 1,750
    Rent Expenses $ 1,000
    Advertising Expenses $ 600
    Supplies Expenses $ 900

    The inventory of product BBC at year 2022 consisted the following Purchases during that
    year were:
    Date Unites Unit Cost Total Cost

    March 15 Beginning Inv. 3,500 units @ $ 2.75 $ 9,625


    May 12 Purchase 5,000 units @ $2.00 10,000
    Sept. 15 Purchase 6,300 units @ $3.30 20,790
    Nov. 28 Purchase 4,500 units @ $4.44 19,980

    Total 19,300 $ 60,395

    On December 31, there were 6,500 units on hand. Compute the December 31 inventory Cost
    & Cost of Goods sold using (a) the last-in, first-out method. (b) The first-in, first-out method.
    (c) The weighted average method.

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