Corporate Finance Assignment/ Professional Essay Writers
The following information relates to the inventory of ABC Inc who uses a perpetual inventory system:
DateTransaction# UnitsUnit cost/sales price December 4Opening inventory300$ 15 December 10Purchase inventory100$ 18 December 15Sell inventory320$ 27 December 20Purchase inventory150$ 20 December 29Sell inventory100$30
1. What is the value of inventory on hand after the December 29 sale if FIFO is used?
2. The cost of goods sold (COGS) in a periodic inventory system is found by:
a. deducting the cost of ending inventory from the cost of goods available for sale.
b. deducting the cost of beginning inventory from the cost of goods available for sale.
c. adding the net cost of purchases to the ending inventory.
d. deducting the cost of the ending inventory from the net cost of purchases.
e. None of the above.
3. During the month of January, Cyber House Company invoiced customers $29,000 for goods delivered in January and collected $22,000 from customers Included in the $22,000 was $2,000 which was an advance for a sales order which would be filled in June Cyber House Company should report revenue for January of:
None of the other alternatives are correct.
4. The following data relates to Bands Are Us Inc for the year ended December 31, 2015:
Ending inventory at cost$54,000
Ending inventory at NRV$52,700
Ending inventory at fair value$59,000
COGS before any adjustment for NRV$67,000
Which of the following is the adjusted COGS balance for Bands Are Us Inc after NRV adjustment?
e. $68,300. Get Finance Help Today