Question 1 – the 200x records of thompson company showed beginning

Question 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:

 

$12,000 

$10,000 

$ 9,000 

$16,000   

 

Question 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:

 

$30,000 

$35,000 

$15,000 

$25,000    

 

Question 3 – Following is the inventory activity for July:

Beginning Balance   10 sweaters @ $12 each

1-Jul Purchased 5 sweaters at $14 each

8-Jul  Purchased 8 sweaters at $17 each

17-Jul  Purchased 6 sweaters at $20 each

24-Jul  Sold 12 sweaters for $30 each

 

What is the ending inventory $ amount using the FIFO method?

 

$298     

$224 

$261 

 

Question 4 – Following is the inventory activity for July:

 

Beginning Balance 10 sweaters @ $12 each

1-Jul  Purchased 5 sweaters at $14 each

8-Jul  Purchased 8 sweaters at $17 each

17-Jul  Purchased 6 sweaters at $20 each

24-Jul  Sold 12 sweaters for $30 each

 

What is the ending inventory $ amount using the LIFO method?

 

$298 

$224   

$261

 

 

 

 

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