Question Details

Assuming that the Bueno keeps perpetual inventory 


Use the following information for questions 1-3.

	Bueno Company- purchase and sales transactions for the month of July were as follows:

				Purchases			
		July 3  (balance)	2,000@ €4.00		
		     16			6,000@   4.40		
		     30			2,000@   4.75		


	The company sold 4,000 units on July 22.

1.	Assuming that the Bueno keeps perpetual inventory records, July- cost of goods sold on a FIFO basis is
a.	€16,800.
b.	€17,200.
c.	€26,700.
d.	€27,100.

2.	Assuming that Bueno keeps perpetual inventory records, inventory at July 31 on a moving-average basis is
a.	€17,200.
b.	€17,650.
c.	€ 26,340.
d.	€26,700.

3.	Assuming that the company keeps perpetual inventory records, Bueno- ending inventory on a LIFO basis is
a.	€16,800.
b.	€17,560.
c.	€26,300.
d.	€27,100.

Use the following information for questions 4 and 5.

	Swiss-Mart Company- beginning inventory balance and purchase and sales transactions for the month of June were as follows:

				Purchases				Sales		
		June 1		2,[email protected]		June 8		4,500
		        7		6,000@       6.40		       24		6,000
		      22		3,500@       6.60		

4.	Assuming that Swiss-Mart keeps perpetual inventory records, the inventory at June 30 on a FIFO basis is
a.	CHF6,000.
b.	CHF6,600.
c.	CHF10,500.
d.	CHF11,500.

5.	Assuming that the company keeps perpetual inventory records, Swiss-Mart- inventory at June 30 on a LIFO basis is
a.	CHF6,000.
b.	CHF6,400.
c.	CHF6,600.
d.	CHF7,000.




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