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WorksheetsRevision (Inventory and Cost of Sales )
Total questions: 10
Worksheet time: 1hrs 6mins
No of Ending Inventory units =
Units available for sales + Units sold
Units sold X Units available for sales
Units available for sales – Units sold
FIFO stands for
last in first out
freight in freight out
first in first out
Gross Profit =
Sales – Cost of Goods Sold
Sales + Cost of Goods Sold
Sales X Cost of Goods Sold
A company has inventory of
60 units at a cost of BD20 each on June 1.
On June 3, it purchased 50 units at BD25 each.
70 units are sold on June 5.
Using the FIFO periodic inventory method.
What is the cost of the 30 units that were sold?
1200
110
1450
From question above calculate the Value of Cost of goods available for sale.
7600
6700
600
INVENTORY
is a Capital that is intended for sale, or to be used in producing goods.
Tue
False
Cost of Goods Available for Sales = Beginning Inventory + Cost of Purchases
True
False
COGS =
Cost of Goods Available for Sales + Ending Inventory
Units available for sales – Units sold
Cost of Goods Available for Sales – Ending Inventory
If a Beginning Inventory = 3000 units @ BD10
Purchases = 4,000 units @ BD20
Sales = 2,000 units @ BD30
Compute the number of units in ending inventory
5000 Units
1000 Units
7000 Units
If a Beginning Inventory = 3000 units @ BD10
Purchases = 4,000 units @ BD20
Sales = 2,000 units @ BD30
Compute COGS ( FIFO) method
40000
20000
7000
