Question: LiCo uses the periodic method and weighted-average costing. On December 31, 20X7, LiCo's inventory consists of 1, 800 units costing $5 each. In January, 20X8,
LiCo uses the periodic method and weighted-average costing. On December 31, 20X7, LiCo's inventory consists of 1, 800 units costing $5 each. In January, 20X8, LiCo purchases 4,000 units @ $9, of which it returns 700 units in March. It purchases 4, 400 units in October @ $7, of which it returns 500 units in December. The weighted-average cost per unit of goods available for sale during 20X8 is. .. $7.92 $7.33 $6.47 $6.79 TuCo begins operations in 20X1 and uses the perpetual method and moving average costing. On January 4, TuCo buys 1, 200 units of merchandise @ $3. On January 8, it sells 300 units. On January 11, it buys 1, 100 units @ $4, and on January 30, it sells 600 units. On January 30, what does TuCo record as the cost of goods sold? $2, 430 $2, 130 $2, 400 $1, 800 XoCo, which begins business in May and uses the perpetual method and moving average costing, shows the following data: Purchases Sales May 4 1,000 @ $ 7 May 11 400 @ $11 May 14 1, 400 @ $ 8 May 19 2,000 @ $10 May 21 1, 500 @ $15 The balance in XoCo's inventory account on May 31 is. .. $22, 125 $20, 833 $21, 705 $23, 875 MaCo begins operations in 20X1 and uses the periodic method and FIFO costing. In March, 20X1, MaCo buys 700 units @ $4; in July, it buys 2, 700 units @ $6, and in November, it buys 1, 600 units @ $8. The cost of the 1, 900 units in MaCo's December 31 ending inventory is ... $10,000 $15, 200 $14, 600 $7, 600
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