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Question 9.

A company purchased merchandise to be resold at increasing costs during the year 2017. The purchases were made at the following costs...

January 1,2017 (carried over from 2016) 20 units at $10

January 25,2017 purchase 40 units at $11

June 20,2017 purchase 40 units at $12

October 10,2017 purchase 50 units at $13 The company sold 10 items at the end of each month.

What are the number of units and the cost of the goods available for sale?

Answer the following:

-what are the total Units?

-Total cost of goods?

Question 10

A company purchased merchandise to be resold at increasing costs during the year 2017. The purchases were made at the following costs...

January 1,2017 (carried over from 2016) 20 units at $10

January 25,2017 purchase 40 units at $11

June 20,2017 purchase 40 units at $12

October 10,2017 purchase 50 units at $13 The company sold 10 items at the end of each month.

Assuming the LIFO periodic cost flow assumption, what will be the company's cost of goods sold for the 120 items sold in 2017?

A. $1,460

B. $1,400

C. $1386

D. $1,380

Question 12

A company purchased merchandise to be resold at increasing costs during the year 2017. The purchases were made at the following costs...

January 1,2017 (carried over from 2016) 20 units at $10

January 25,2017 purchase 40 units at $11

June 20,2017 purchase 40 units at $12

October 10,2017 purchase 50 units at $13 The company sold 10 items at the end of each month.

Assuming the periodic weighted-average cost flow assumption, what is the company's cost of goods sold for the 120 items sold in 2017?

1. $1,416
2. $1,386
3. $1,410
4. $1,460

Question 13

A company purchased merchandise to be resold at increasing costs during the year 2017. The purchases were made at the following costs...

January 1,2017 (carried over from 2016) 20 units at $10

January 25,2017 purchase 40 units at $11

June 20,2017 purchase 40 units at $12

October 10,2017 purchase 50 units at $13 The company sold 10 items at the end of each month

Assuming the LIFO perpetual cost flow assumption, what will be the company's cost of goods sold if 10 units were sold on the last day of each month during the year 2017?

1. $1,460
2. $1,410
3. $1,386
4. $1,416

QUESTION 14

A company purchased merchandise to be resold at increasing costs during the year 2017. The purchases were made at the following costs...

January 1,2017 (carried over from 2016) 20 units at $10

January 25,2017 purchase 40 units at $11

June 20,2017 purchase 40 units at $12

October 10,2017 purchase 50 units at $13 The company sold 10 items at the end of each month

Assuming the perpetual moving-average cost flow assumption, what is the company's cost of goods sold for the 120 items sold in 2017?

1. $1,386
2. $1,416
3. $1,410
4. $1,460

Question 19

Net Purchases is Gross Purchases minus Purchase Returns and Allowances and____.

Question 20

The difference between the Cost of Goods Available and the Cost of Goods Sold is___.

Question 21(2 points)

The inventory system that does NOT update the Inventory account automatically at the time of each purchase or sales is the _______________ method/system.