객관식
Which of the following statements correctly describes how Cost of Goods Sold (COGS) is determined under the periodic inventory system?
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4. Merchandising Operations
Cost of Goods Sold - Perpetual Inventory vs. Periodic Inventory
객관식
Based on the table below, which shows inventory purchases and sales for July, what is the Cost of Goods Sold (COGS) for July under the perpetual inventory system using FIFO? \(\begin{array}{|c|c|c|}\) \(\hline\) \(\textbf{Date}\) & \(\textbf{Transaction}\) & \(\textbf{Units @ Cost}\) \\ \(\hline\) July\ 1 & Beginning Inventory & 100\ @\ \$10 \\ July\ 5 & Purchase & 50\ @\ \$12 \\ July\ 10 & Sale & 80\ \\ July\ 20 & Purchase & 70\ @\ \$13 \\ July\ 25 & Sale & 90 \\ \(\hline\) \(\end{array}\) What is the cost of goods sold for July?
A
\$1,980
B
\$1,940
C
\$2,000
D
\$1,860
검증된 단계별 안내1
Step 1: Understand the FIFO (First-In, First-Out) method. Under FIFO, the oldest inventory costs are used first when calculating the Cost of Goods Sold (COGS). This means that inventory purchased earlier is sold before inventory purchased later.
Step 2: Start with the beginning inventory and track the transactions chronologically. For July 1, the beginning inventory is 100 units at \$10 each. On July 5, 50 units are purchased at \$12 each, adding to the inventory.
Step 3: Calculate the COGS for the first sale on July 10 (80 units sold). Using FIFO, the first 80 units sold will come from the beginning inventory (100 units @ \$10). Deduct 80 units from the beginning inventory, leaving 20 units @ \$10.
Step 4: Update the inventory after the July 10 sale. After selling 80 units, the remaining inventory consists of 20 units @ \$10 and 50 units @ \$12. On July 20, 70 units are purchased at \$13 each, adding to the inventory.
Step 5: Calculate the COGS for the second sale on July 25 (90 units sold). Using FIFO, the first 20 units sold will come from the remaining beginning inventory (20 units @ \$10), the next 50 units will come from the July 5 purchase (50 units @ \$12), and the final 20 units will come from the July 20 purchase (70 units @ \$13). Deduct these units from the inventory to determine the remaining stock.
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