28. The Bisset Corporation uses Raw Material A in a manufacturing process. Information as to balances on hand, purchases, and requisitions of Raw Material A is given in the following table. Raw Material A Transaction Number of Units Unit Price Balance of Units Date Jan. 1 Beginning balance 100 $1.40 100 Jan. 24 Purchased 300 $1.55 400 Feb. 8 Issued 80 320 Mar. 16 Issued 140 180 Jun. 11 Purchased 150 $1.62 330 Aug. 18 Issued 130 200 Sep. 6 Issued 110 90 Oct. 15 Purchased 150 $1.70 240 Dec. 29 Issued 140 100 If a perpetual inventory record of Raw Material A is maintained on a FIFO basis, 200 units on hand on August 18 will consist of: A. 100 units @ $1.40, 80 units @ $1.55 and 20 units @ $1.62. B. 100 units @ $1.55 and 100 units @ $1.62. C. 150 units @ $1.62 and 50 units @ $1.55. D. 200 units @ $1.55. 29. The Benchley Company uses metal grates when assembling appliances. Information as to balances on hand, purchases, and requisitions of the grates is given in the following table. Transaction Number of Units Unit Price Balance of Units Date Jan. 1 Beginning balance 150 $2.80 150 Jan. 24 Purchased 450 $3.10 600 Feb. 8 Issued 120 480 Mar. 16 Issued 210 270 Jun. 11 Purchased 225 $3.24 495 Aug. 18 Issued 195 300 Sep. 6 Issued 165 135 Oct. 15 Purchased 225 $3.40 360 Dec. 29 Issued 210 150 If a perpetual inventory record of the metal grates is maintained on a FIFO basis, what costs are assigned to the 150 units in ending inventory? A. 150 units @ $3.40 B. 15 units @ $3.40 and 135 units @ $3.24. C. 150 units @ $2.80. D. 15 units @ $3.40 and 135 units @ $2.80. 30. The inventory method which results in the prices paid for earliest purchases assigned to cost of goods sold is: A. First-in, first-out. B. Last-in, first-out. C. Last-in, last-out. D. Moving average.
28. The Bisset Corporation uses Raw Material A in a manufacturing process. Information as to balances on hand, purchases, and requisitions of Raw Material A is given in the following table. Raw Material A Date Transaction Number of Units Unit Price Balance of Units Jan. 1 Beginning balance 100 $1.40 100 Jan. 24 Purchased 300 $1.55 400 Feb. 8 Issued 80 320 Mar. 16 Issued 140 180 Jun. 11 Purchased 150 $1.62 330 Aug. 18 Issued 130 200 Sep. 6 Issued 110 90 Oct. 15 Purchased 150 $1.70 240 Dec. 29 Issued 140 100 If a perpetual inventory record of Raw Material A is maintained on a FIFO basis, 200 units on hand on August 18 will consist of: A. 100 units @ $1.40, 80 units @ $1.55 and 20 units @ $1.62. B. 100 units @ $1.55 and 100 units @ $1.62. C. 150 units @ $1.62 and 50 units @ $1.55. D. 200 units @ $1.55. 29. The Benchley Company uses metal grates when assembling appliances. Information as to balances on hand, purchases, and requisitions of the grates is given in the following table. Date Transaction Number of Units Unit Price Balance of Units Jan. 1 Beginning balance 150 $2.80 150 Jan. 24 Purchased 450 $3.10 600 Feb. 8 Issued 120 480 Mar. 16 Issued 210 270 Jun. 11 Purchased 225 $3.24 495 Aug. 18 Issued 195 300 Sep. 6 Issued 165 135 Oct. 15 Purchased 225 $3.40 360 Dec. 29 Issued 210 150 If a perpetual inventory record of the metal grates is maintained on a FIFO basis, what costs are assigned to the 150 units in ending inventory? A. 150 units @ $3.40 B. 15 units @ $3.40 and 135 units @ $3.24. C. 150 units @ $2.80. D. 15 units @ $3.40 and 135 units @ $2.80. 30. The inventory method which results in the prices paid for earliest purchases assigned to cost of goods sold is: A. First-in, first-out. B. Last-in, first-out. C. Last-in, last-out. D. Moving average.
Principles%20of%20Cost%20Accounting.docx