11) Samson Company had the following balances and transactions during 2013.
Beginning inventory |
10 units at $70 |
March 10 |
Sold 8 units |
June 10 |
Purchased 20 units at $80 |
October 30 |
Sold 15 units |
What would the company’s Inventory amount be on the December 31 2013 balance sheet if the perpetual average-costing method is used? (
12) Samson Company had the following balances and transactions during 2013.
Beginning inventory |
10 units at $70 |
March 10 |
Sold 8 units |
June 10 |
Purchased 20 units at $80 |
October 30 |
Sold 15 units |
What would the company’s Cost of goods sold be on the December 31 2013 income statement if the perpetual average-costing method is used? (
13) Metro Computer Company had the following balances and transactions during 2012.
Beginning 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 Inventory amount be on the December 31 2012 balance sheet if the perpetual Last-In First-Out costing method is used? (
14) Metro Computer Company had the following balances and transactions during 2012.
Beginning 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 at December 31 2012 if the perpetual Last-In First-Out costing method is used? (
15) Metro Computer Company had the following balances and transactions during 2012.
Beginning 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 at December 31 2012 if the perpetual First-In First-Out costing method is used? (
16) Metro Computer Company had the following balances and transactions during 2012.
Beginning 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 Inventory amount be as reported on the balance sheet at December 31 2012 if the perpetual First-In First-Out costing method is used? (
17) Metro Computer Company had the following balances and transactions during 2012.
Beginning 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 inventory amount be as reported on the balance sheet at December 31 2012 if the perpetual average-costing method is used? (
18) Metro Computer Company had the following balances and transactions during 2012.
Beginning 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 at December 31 2012 if the perpetual average-costing method is used? (
19) Martin Sales had a Beginning inventory balance of $120 made up of 10 units purchased for $12.00 per unit. Early in the month they purchased 16 units at $10.00 per unit. Later that month they sold 15 units. Martin uses a perpetual inventory system and applies FIFO. How much is the Cost of goods sold for the month?
A) $170
B) $150
C) $180
D) $165
20) Martin Sales had a Beginning inventory balance of $120 made up of 10 units purchased for $12.00 per unit. Early in the month they purchased 16 units at $10.00 per unit. Later that month they sold 15 units. Martin uses a perpetual inventory system and applies FIFO. How much is the Ending inventory balance?
A) $116
B) $130
C) $132
D) $110
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