ABC Inc. sells socks. During February 2016, its inventory records for one brand of its socks were
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Question:
ABC Inc. sells socks. During February 2016, its inventory records for one brand of its socks were as follows:
Quantity | Price per pair | Total | |
---|---|---|---|
Beginning Inventory | 10 pairs | $20.00 | = $200 |
February 6 Purchase | 4 pairs | $25.00 | = $100 |
February 10 Purchase | 5 pairs | $27.40 | = $137 |
February 15 Sale | 7 pairs | N/A |
See information above. Using this information, determine ending inventory under the weighted-average method. Assume the company used a periodic inventory costing system.
Select one:
a. $297
b. $276
c. $161
d. $252
Based on the information below and considering that this company paid $100,000 in cash to its suppliers during the year, what is the company's cost of goods sold for 2015? Assume that the only source of Accounts Payable is the purchase of inventory on credit.
1/1/2015 | 12/31/2015 | |
---|---|---|
Inventory | $122,400 | $122,600 |
Accounts payable | $54,000 | $0 |
Select one:
a. $45,800
b. $200
c. None of these
d. $54,200
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