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79 trenton sports novelties has the following information related to purchases and s 4299792

 

79. Trenton Sports Novelties has the following information related to purchases and sales of one of its popular products, autographed photographs of the local soccer star, Burt Hanx. Each photograph is unique, so the inventory is accounted for under the specific identification method.
 

December

1

Beginning inventory, 4 units at $50 each

 

3

Purchase, 6 units at $52 each

 

11

Sale, 8 units for $77 each

 

20

Purchase, 5 units for $54 each

 

27

Purchase, 5 units for $55 each

 

29

Sale, 8 units for $77 each

 

 

 

A review of purchase and sale information reveals that the following units remain in ending inventory at the end of the month:
 

Description

Units Sold

Units Remaining

Beginning inventory

4

0

Dec. 3rd purchase

4

2

Dec. 20th purchase

4

1

Dec. 27th purchase

4

1

 

Total

16

4

 

 

 

 

Compute cost of goods sold and cost of ending inventory.

80. Geoffry Hesse Exports
The following data are available for one of the products sold by Geoffry Hesse Exports, which uses a perpetual inventory system.
 

July

1

Beginning inventory, 1,000 units at $2 each

$2,000

 

5

Purchased 2,000 units at $2.75 each

5,500

 

10

Sold 2,500 units for $16 each

 

 

15

Purchased 2,000 units at $4 each

8,000

 

25

Sold 1,500 units for $12 each

 

 

31

Ending inventory, 1,000 units

 

 

 

 

 

Refer to the information provided for Geoffry Hesse Exports. If the FIFO method of inventory costing is used, determine the following amounts:
 

A)

Cost of goods sold for the units sold on July 10th?

 

 

B)

Ending inventory on July 31st?

 

 

81. Geoffry Hesse Exports
The following data are available for one of the products sold by Geoffry Hesse Exports, which uses a perpetual inventory system.
 

July

1

Beginning inventory, 1,000 units at $2 each

$2,000

 

5

Purchased 2,000 units at $2.75 each

5,500

 

10

Sold 2,500 units for $16 each

 

 

15

Purchased 2,000 units at $4 each

8,000

 

25

Sold 1,500 units for $12 each

 

 

31

Ending inventory, 1,000 units

 

 

 

 

 

Refer to the information provided for Geoffry Hesse Exports. If the LIFO method of inventory costing is used, determine the following amounts:
 

A)

Cost of goods sold for the units sold on July 10th?

 

 

B)

Ending inventory on July 31st?

 

 

 

 

 

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