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What is the cost of goods sold for the quarter

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Q1. Pacific Company starts the year with a beginning inventory of 3,200 units at $5 per unit. The company purchases 5,200 units at $4 each in February and 2,200 units at $6 each in March. Pacific sells 1,050 units during this quarter. Pacific has a perpetual inventory system and uses the FIFO inventory costing method. What is the cost of goods sold for the quarter?

Q2. A company had inventory on November 1 of 5 units at a cost of $20 each. On November 2, the company purchased 10 units at $22 each. On November 5, the company sold 8 units for $55 each. On November 6, the company purchased 6 units at $25 each. The company uses a perpetual inventory system. Using the weighted average method, what is the value of the ending inventory on November 30?

Q3. Which financial statements will be properly stated if the Year 1 ending inventory balance is understated and Year 2 ending inventory is calculated correctly?

Reference no: EM133139879

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