Maurice Tutor

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Algebra,Applied Sciences,Biology,Calculus,Chemistry,Economics,English,Essay writing,Geography,Geology,Health & Medical,Physics,Science Hide all
Teaching Since: May 2017
Last Sign in: 402 Weeks Ago, 2 Days Ago
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Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 17 Aug 2017 My Price 5.00

Beginning Inventory

Jan.1 Beginning Inventory..300 units @ $3.00 Mar.5 Purchase..........… 900 units @ $4.00 Sept.3 Purchase...........… 1,000 units @ $5.00 Nov. 4 Purchase....… 500 units @ $7.00 During 2011, 1,000 units are sold at $10.00 each. Assume that the Periodic Invetory System is used. I am asked to compute the Cost of goods available for sale on December 31, 2011. My logic is: 300 x 3 = 900 900 x 4 = 3600 1000 x 5 = 5000 500 x 7 = 3500 900 + 3600 + 5000 + 3500 = 13000 however this is where i'm confused. Would the Ending Inventory and the Cost of Goods available for sale on december 31 be the same? So: Since during the year they said they sold 1000 units at $10.00 each meaning 1000 x 10 = 10,000. Would the Cost of Goods Available for Sale on December 31 be 3000 (which is also what ending inventory would be)? Or would the cost of goods available for sale be the 13,000?

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Maurice Tutor
(5)
Status NEW Posted 17 Aug 2017 11:08 PM My Price 5.00

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