5. The Acme Corporation buys 300 units of merchandise in January at $5 each. In February, The Arme Acme buys 500 units at $6 each and in March it buys 200 units at $7 each. Acme sells 350 units during this quarter. What is the cost of goods sold under the LIFO method? A. $2,100 B. $2,300 C. $2,375 D. $2,450
Related questions
1. | A company had inventory on November 1 of 5 units at a cost of$20each. On November 2, they purchased 10 units at $22 each.OnNovember 6 they purchased 6 units at $25 each. On November 8,8units were sold for $55 each. Using the LIFO perpetualinventorymethod, what was the value of the inventory on November 8after thesale? |
A) $304 B) $296 C) $288 D) $280 E) $276
2. | Acme-Jones Corporation uses a weighted-averageperpetualinventory system. August 2, 10 units were purchased at $12 per unit. August 18, 15 units were purchased at $14 per unit. August 29, 12 units were sold. What was the amount of the cost of goods sold for this sale? | |
A) | $148.00. | |
B) | $150.50. | |
C) | $158.40. | |
D) | $210.00. | |
E) | $330.00. | |
3. | A company has inventory of 10 units at a cost of $10 each onJune1. On June 3, they purchased 20 units at $12 each. 12 unitsare soldon June 5. Using the FIFO perpetual inventory method, whatis thecost of the 12 units that were sold? |
A) $120. B) $124. C) $128. D) $130. E) $140.
4. | Acme-Jones Company uses a weighted-average perpetualinventorysystem. August 2, 10 units were purchased at $12 per unit. August 18, 15 units were purchased at $15 per unit. August 29, 20 units were sold. August 31, 14 units were purchased at $16 per unit. What is the per-unit value of ending inventory on August 31? | |
A) | $12.00. | |
B) | $13.80. | |
C) | $15.42. | |
D) | $16.00. | |
E) | $17.74. | |
