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Holliday Company's inventory records

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Holliday Company’s inventory records 1. Graham Company uses a periodic inventory system. Details for the inventory account for the month of January, 2011 are as follows: Units Per unit price Total Balance, 1/1/11 300 \$5.00 \$1,500 Purchase, 1/15/11 150 5.30 795 Purchase, 1/28/11 150 5.50 825 An end of the month (1/31/11) inventory showed that 180 units were on hand. If the company uses FIFO, what is the value of the ending inventory? a. \$780 b. \$900 c. \$984 d. \$2,136 2. Graham Company uses a periodic inventory system. Details for the inventory account for the month of January, 2011 are as follows: Units Per unit price Total Balance, 1/1/11 300 \$5.00 \$1,500 Purchase, 1/15/11 150 5.30 795 Purchase, 1/28/11 150 5.50 825 An end of the month (1/31/11) inventory showed that 180 units were on hand. If the company uses FIFO and sells the units for \$10 each, what is the gross profit for the month? a. \$2,064 b. \$2,136 c. \$4,200 d. \$4,500 3. Holliday Company’s inventory records show the following data: Units Unit Cost Inventory, January 1 5,000 â‚¤4.50 Purchases:June 18 4,500 4.00 November 8 3,000 3.50 A physical inventory on December 31 shows 2,000 units on hand. Holliday sells the units for â‚¤6 each. The company has an effective tax rate of 20%. Holliday uses the periodic inventory method. Under the FIFO method, the December 31 inventory is valued at a. â‚¤7,000. b. â‚¤7,250. c. â‚¤7,500. d. â‚¤9,000. 4. Holliday Company’s inventory records show the following data: Units Unit Cost Inventory, January 1 5,000 â‚¤4.50 Purchases:June 18 4,500 4.00 November 8 3,000 3.50 A physical inventory on December 31 shows 2,000 units on hand. Holliday sells the units for â‚¤6 each. The company has an effective tax rate of 20%. Holliday uses the periodic inventory method. What is the cost of goods available for sale? a. â‚¤10,500 b. â‚¤18,000 c. â‚¤22,500 d. â‚¤51,000 5. Holliday Company’s inventory records show the following data: Units Unit Cost Inventory, January 1 5,000 â‚¤4.50 Purchases: June 18 4,500 4.00 November 8 3,000 3.50 A physical inventory on December 31 shows 2,000 units on hand. Holliday sells the units for â‚¤6 each. The company has an effective tax rate of 20%. Holliday uses the periodic inventory method. The weighted-average cost per unit is a. â‚¤3.75. b. â‚¤4.00. c. â‚¤4.08. d. â‚¤4.38. Business Management Assignment Help, Business Management Homework help, Business Management Study Help, Business Management Course Help

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