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Category > Accounting Posted 23 Jul 2017 My Price 11.00

Marvel Company

Use the following information from Marvel Company for the month of July to answer questions 1 through 4.

July 1

Beginning inventory

75 units @ $25 each

July 3

Purchase

348 units @ $27 each

July 8

Sale

300 units

July 15

Purchase

257 units @ $28 each

July 23

Sale

275 units

1. Assume that Marvel uses a perpetual FIFO inventory system.

What is the dollar value of its ending inventory?

a. $2,940

b. $2,685

c. $2,625

d. $2,852

e. $2,705

2. Assume that Marvel uses a perpetual LIFO inventory system.

What is the dollar value of its ending inventory?

a. $2,940

b. $2,685

c. $2,625

d. $2,852

e. $2,705

3. Assume that Marvel uses a perpetual specific identification inventory system. Its ending inventory consists of 20 units from beginning inventory, 40 units from the July 3 purchase, and

45 units from the July 15 purchase. What is the dollar value of its ending inventory?

a. $2,940

b. $2,685

c. $2,625

d. $2,852

e. $2,840

4.A Assume that Marvel uses a periodic FIFO inventory system.

What is the dollar value of its ending inventory?

a. $2,940

b. $2,685

c. $2,625

d. $2,852

e. $2,705

5. A company has cost of goods sold of $85,000 and ending inventory of $18,000. Its days’ sales in inventory equals:

a. 49.32 days

b. 0.21 days

c. 4.72 days

d. 77.29 days

e. 1,723.61 days

Answers

Maurice Tutor
(5)
Status NEW Posted 23 Jul 2017 08:07 PM My Price 11.00

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