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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 ₤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 ₤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. ₤7,000. b. ₤7,250. c. ₤7,500. d. ₤9,000. 4. Holliday Company’s inventory records show the following data: Units Unit Cost Inventory, January 1 5,000 ₤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 ₤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. ₤10,500 b. ₤18,000 c. ₤22,500 d. ₤51,000 5. Holliday Company’s inventory records show the following data: Units Unit Cost Inventory, January 1 5,000 ₤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 ₤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. ₤3.75. b. ₤4.00. c. ₤4.08. d. ₤4.38. Business Management Assignment Help, Business Management Homework help, Business Management Study Help, Business Management Course Help

Holliday Company’s inventory records

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