Uses perpetual inventory system

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Reference no: EM131901740

1. Portey Company Portey uses a perpetual inventory system and had the following inventory transactions for the month of June. June 1 On hand, 100 units at $9.00 each $900.00 4 Purchased 120 units at $9.10 each 1,092.00 5 Sold 150 units 10 Purchased 100 units at $9.50 each 950.00 24 Sold 60 units Total cost of goods available for sale 2,942.00 30 On hand, 110 units Refer to the information provided for Portey. If Portey uses the moving average inventory costing method, cost of goods sold for the month of June is: a. $1,935.00. b. $1,930.69. c. $1,901.00. d. $1,917.18.

2. Islay Corp. is issuing bonds paying $48 per year but paid semianaully that will mature 15 years from today. The bond is currently selling for $960 for a face of $1,000.

Calculate:

a) Coupon rate

b) Current yield

c) The yield to maturity

d) The market price of the bond if the market rates for bonds of equal risk changed to 4%.

Reference no: EM131901740

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