Anton Company uses the perpetual inventory system and FIFO cost flow method. During the year, Anton purchased 400 units of inventory that cost $12.00 each and then purchased an additional 600 units of inventory that cost $16.00 each. If Anton sells 700 units of inventory, what is the amount of cost of goods sold? Multiple Choice ο ο ο ο $8,400 511.200 $9,600 $10,400

Anton Company uses the perpetual inventory system and FIFO cost flow method. During the year, Anton purchased 400 units of inventory that cost $12.00 each and then purchased an additional 600 units of inventory that cost $16.00 each. If Anton sells 700 units of inventory, what is the amount of cost of goods sold? Multiple Choice ο ο ο ο $8,400 511.200 $9,600 $10,400

Name: Anton Company uses the perpetual inventory system and FIFO cost flow
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Description: Anton Company uses the perpetual inventory system and FIFO cost flow method. During the year, Anton purchased 400 units of inventory that cost $12.00 each and then purchased an additional 600 units of inventorythat cost $16.00 each. If Anton sells 7

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Information pertaining to the inventory of Palette Company follows. LIFO Selling Replacement Cost Price Cost Category: Supreme Item A $5,600 $6,400 $4,800 Item B 7,200 7,200 7,680 Item C 17,600 17,600 16,800 Category: Classic Item X 28,800 28,800 30,400 Item Y 35,200 42,400 41,600 Item Z 56,000 48,000 52,800 The company has a normal profit margin of 20% of selling price and has no additional costs to complete or sell the items. What is the lower-of-cost-or-market value of the company's inventory applying the rule to (a) each individual item and (b) to each inventory category? Select one: a. Inventory item: $147,200; Inventory Category: $147,200 b. Inventory item: $150,400; Inventory Category: $150,400 c. Inventory item: $143,520; Inventory Category: $150,400 d. Inventory item: $141,120; Inventory Category: $147,520
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13. Using the following information calculate the Cost of Goods Sold (COGS) and Ending Inventory (El) using the "FIFO Periodic/Perpetual" method. Beginning Inventory 2,400 units @$46 each Jan 5th Sold 2,000 units Jan 10th Purchased 4,000 units @, $50 Jan 15th Sold 3,500 units Jan 20th Purchased 2,000 units @$55 13. Using the facts from Problem #13, please calculate the COGS and El using the "LIFO Periodic" method. 13 Using the facts from Problem #13, please calculate the COGS and El using the "LIFO Perpetual" method. Note: This method requires a little more thought but is more in line with the actual events, in chronological order.
Smith Company's inventory cost is $100. The expected sales price is $110, estimated selling costs are $6. The normal gross profit ratio is 20% of selling price. The replacement cost of the inventory is $95. Smith Company uses the LIFO inventory method so must use the lower of cost or market approach and this inventory item should be valued at Correct answer came back as $95, Id love an explanation for this. Thank you!
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