11A company uses periodic inventory in connection with the average-cost method. The company began the year with zero inventory balance. They had the following transactions during the year:
Purchased 50 units at $4.00 per unit
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Purchased 100 units at $4.10 per unit
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Sold 80 units at a price of $12.00 per unit
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Purchased 60 units at $3.20 per unit
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Sold 75 units at a price of $12.75 per unit.
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At the end of the year, they counted the inventory and found 55 units remaining. How much was the Cost of goods sold for the year? (Please round to the nearest whole dollar.)
A) $541
B) $582
C) $626
D) $592
12A company that uses periodic inventory provides the following information:
Beginning inventory$ 4,000
Purchases$120,000
Purchase discounts$ 2,400
Purchase returns and allowances$ 800
At the end of the period, the company does an inventory count and finds $16,000 of inventory on hand.
How much is the Cost of goods sold?
A) $104,800
B) $111,200
C) $108,000
D) $128,800
13A company that uses periodic inventory provides the following information:
Beginning inventory$ 4,000
Net purchases$ 85,000
At the end of the period, the company does an inventory count and finds $9,000 of inventory on hand.
How much is the Cost of goods sold?
A) $98,000
B) $72,000
C) $80,000
D) $90,000
14Company uses periodic inventory and has the following information:
Beginning inventory$ 4,000
Purchases$120,000
Purchase Discounts$ 2,400
Purchase Returns and Allowances$ 800
At the end of the period, the company does an inventory count and finds $16,000 of inventory on hand.
Which of the following pairs of T-accounts accurately represents the first two closing entries?
A)
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Inventory
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Cost of goods sold
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4,000 *
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0 *
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4,000
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4,000
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16,000
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16,000
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* beginning balance
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B)
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Inventory
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Cost of goods sold
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4,000 *
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0 *
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16,000
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16,000
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4,000
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4,000
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* beginning balance
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C)
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Inventory
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Cost of goods sold
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4,000 *
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0 *
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120,000
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12,000
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2,400
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2,400
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* beginning balance
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D)
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Inventory
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Cost of goods sold
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4,000 *
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0 *
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16,000
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16,000
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128,800
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128,800
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* beginning balance
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15Company uses periodic inventory and has the following information:
Beginning inventory$ 4,000
Purchases$120,000
Purchase Discounts$ 2,400
Purchase Returns and Allowances$ 800
At the end of the period, the company does an inventory count and finds $16,000 of inventory on hand.
Which of the following T-accounts accurately represents the first three closing entries?
A)
|
Cost of goods sold
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B)
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Cost of goods sold
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1)
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4,000
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1)
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116,800
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2)
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16,000
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2)
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4,000
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3)
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116,800
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3)
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116,000
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C)
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Cost of goods sold
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D)
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Cost of goods sold
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1)
|
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116,800
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1)
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4,000
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2)
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16,000
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2)
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16,000
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3)
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4,000
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3)
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116,800
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