Question

A. Topeka Merchandising Company uses a perpetual inventory system. During the month of August, it had...

A.

Topeka Merchandising Company uses a perpetual inventory system. During the month of August, it had the following purchase and sales transactions.

Date

Activities

Units Acquired At Cost

Units Sold at Retail

8/1

Beginning inventory

100 units @$10/unit

8/5

Purchase

40 units @$12/unit

8/10

Sales

60 units @$30/unit

8/15

Purchase

70 units@$13/unit

8/25

Sales

50 units @$35/unit

Totals

210 units

110 units

Calculate the Costs of Goods Sold for the month of August, if Topeka Merchandising Company uses FIFO cost methodology. Report in Dollars.

B.

Topeka Merchandising Company uses a perpetual inventory system. During the month of August, it had the following purchase and sales transactions.

Date

Activities

Units Acquired At Cost

Units Sold at Retail

8/1

Beginning inventory

100 units @$10/unit

8/5

Purchase

40 units @$12/unit

8/10

Sales

60 units @$30/unit

8/15

Purchase

70 units@$13/unit

8/25

Sales

50 units @$35/unit

Totals

210 units

110 units

Calculate the Ending Inventory Balance, as of August 31, if Topeka Merchandising Company uses FIFO cost methodology. Report in Dollars.

Homework Answers

Answer #1

Answer.

A. Cost of goods sold=$1120

B. Cost of ending inventory=$1270

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