Question Details

A company just starting business made the following four inventory 



1.	Colletti Company recorded the following data:
	                      Units                   	Unit
Date	Received	Sold	On Hand	Cost
1/1 Inventory	600	$2.00
1/8 Purchased	900	1,500	2.20
1/12 Sold	1,200	300

The weighted average unit cost of the inventory at January 31 is:
a.	$2.00.
b.	$2.10.
c.	$2.12.
d.	$2.20.

	2.	Beginning inventory plus the cost of goods purchased equals
a.	cost of goods sold.
b.	cost of goods available for sale.
c.	net purchases.
d.	total goods purchased.

	3.	A company just starting in business purchased three merchandise inventory items at the following prices. First purchase $80; Second purchase $95; Third purchase $85. If the company sold two units for a total of $240 and used FIFO costing, the gross profit for the period would be
a.	$65.
b.	$75.
c.	$60.
d.	$50.

	4.	A company just starting business made the following four inventory purchases in June:
June	1	150 units	¥   5,200
June	10	200 units	7,800
June	15	200 units	8,400
June	28	150 units	     6,600
			¥28,000

A physical count of merchandise inventory on June 30 reveals that there are 200 units on hand. Using the FIFO inventory method, the amount allocated to cost of goods sold for June is
a.	¥8,700.
b.	¥16,960.
c.	¥19,300.
d.	¥20,850.

	5.	A company just starting business made the following four inventory purchases in June:
June	1	150 units	¥   5,200
June	10	200 units	7,800
June	15	200 units	8,400
June	28	150 units	     6,600
			¥28,000

A physical count of merchandise inventory on June 30 reveals that there are 200 units on hand. Using the average-cost method, the amount allocated to the ending inventory on June 30 is
a.	¥28,000.
b.	¥20,000.
c.	¥7,670.
d.	¥8,000.





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