Question

1)

Aday's Bar has the following inventory and purchasing records from the past month:

Date	Activity	Cases	Cost Per Case
1.1	Opening Inventory	40	$         12.00
1.6	Purchase	2	$         12.50
1.12	Purchase	60	$         14.00
1.22	Purchase	30	$         13.00
1.27	Purchase	15	$         11.50

Closing Inventory: 50 cases

Using the information above, solve the following:

What is the closing inventory value using the Weighted Average Purchase Price method?

Select one:

a. $648.81

b. $758.95

c. $653.45

d. $456.76

2)

Aday's Bar has the following inventory and purchasing records from the past month:

Date	Activity	Cases	Cost Per Case
1.1	Opening Inventory	40	$         12.00
1.6	Purchase	2	$         12.50
1.12	Purchase	60	$         14.00
1.22	Purchase	30	$         13.00
1.27	Purchase	15	$         11.50

Closing Inventory: 50 cases

Using the information above, solve the following:

What is the closing inventory value using the First-In, First Out method?

Select one:

a. $632.50

b. $758.95

c. $544.34

d. $456.76

3)

Aday's Fine Foods has the following inventory and purchasing records from the past month:

Date	Activity	Cases	Cost Per Case
1.1	Opening Inventory	40	$         12.00
1.6	Purchase	2	$         12.50
1.12	Purchase	60	$         14.00
1.22	Purchase	30	$         13.00
1.27	Purchase	15	$         11.50

Closing Inventory: 50 cases

Using the information above, solve the following:

What is the closing inventory value using the Last-In, Last Out method?

Select one:

a. $617.00

b. $758.95

c. $653.45

d. $456.76

Answer 1