1) The 200X records of Thompson Company showed beginning inventory of $6,000, cost of goods sold of $14,000 and ending inventory of $8,000. The cost of purchases for 200X was:
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$12,000
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$10,000
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$ 9,000
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$16,000
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2) Post Company began the current month with $10,000 in inventory, then purchased inventory at a cost of $35,000. The inventory at the end of the month was $20,000. The cost of goods sold would be:
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$30,000
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$35,000
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$15,000
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$25,000
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3) Following is the inventory activity for July:
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Beginning Balance 10 sweaters @ $12 each
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1-Jul
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Purchased 5 sweaters at $14 each
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8-Jul
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Purchased 8 sweaters at $17 each
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17-Jul
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Purchased 6 sweaters at $20 each
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24-Jul
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Sold 12 sweaters for $30 each
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What is the ending inventory $ amount using the FIFO method?
4) Following is the inventory activity for July:
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Beginning Balance 10 sweaters @ $12 each
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1-Jul
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Purchased 5 sweaters at $14 each
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8-Jul
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Purchased 8 sweaters at $17 each
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17-Jul
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Purchased 6 sweaters at $20 each
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24-Jul
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Sold 12 sweaters for $30 each
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What is the ending inventory $ amount using the LIFO method?