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

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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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