Question 6 Maxell Company uses the FIFO method to assign costs to inventory and cost of goods sold. The company uses a

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Question 6
Maxell Company uses the FIFO method to assign costs to inventoryand cost of goods sold. The company uses a periodic inventorysystem. Consider the following information:
Date
Description
# of units
Cost per unit
January 1
Beginning inventory
100
$5
June 2
Purchase
75
$4
November 5
Sales
125
Required:
What amounts would be reported as the cost of goods sold andending inventory balances for the year?
Question 7
Windrose, Inc. uses a periodic inventory system and itsinventory records contain the following information:
Units
Total Cost
Beginning inventory:
600
$
1,560
Purchased on May 10
800
2,340
Purchased on June 15
1,000
2,520
Purchased on August 28
600
1,980
3,000
$
8,400
The company sold 2,000 units during June. There were noadditional purchases or sales during the remainder of the year. Thecompany had 1,000 units were in its ending inventory at the end ofthe year.
If Windrose uses the FIFO costing method, what is the cost ofits ending inventory?
Question 8
Beryl Co. uses a periodic inventory system and has the followinginformation in regard to its inventory:
Beginning inventory
400 units @ $15
$
6,000
Purchase on January 25
600 units @ $16
9,600
Purchase on March 15
400 units @ $17
6,800
Purchase on October 2
800 units @ $18
14,400
Goods available for sale
$
36,800
There are 1,000 units in ending inventory. What is theamount of the ending inventory using the LIFO method?
Question 9
Eaton Electronics uses a periodic inventory system. On March 31,Eaton has two plasma TVs on hand at a cost of $1,500 each (serialnumbers 11534892 and 11534894). In April, the company purchasesfour more identical TVs from Toshiba for $1,450 each (serialnumbers 11542631 through 11542634). In May, the company purchasesfive more identical TVs for $1,600 each (serial numbers 11550964through 11550968). In June, Eaton sells two of these TVs (serialnumbers 11534894 and 11542631). There were no additional purchasesor sales during the remainder of the year.
Eaton Electronics uses the LIFO method. What is the costof its ending inventory?
Correct Answer: $13,600
Question 10
Alphabet Company, which uses the periodic inventory method,purchases different letters for resale. Alphabet had no beginninginventory. It purchased A thru G in January at $4 per letter. InFebruary, it purchased H thru L at $6 per letter. It purchased Mthru R in March at $7 per letter. It sold A, D, E, H, J and N inOctober. There were no additional purchases or sales during theremainder of the year.
If Alphabet Company uses the FIFO method, what is the costof its ending inventory?
Correct Answer: $76