Business, 09.02.2022 01:20 sydc1215

Benson Company had beginning inventory of 150 units that cost $200 each. During the year, Benson made two inventory purchases: Purchase 1 for 500 units that cost $210 each and Purchase 2 for 350 units that cost $220 each. During the year, Benson sold 700 units. If Benson uses FIFO, the reported ending inventory equals a. $61,500 Reason: Beginning inventory (150 units * $200 each) + Purchase 1(500 units $210 each) + Purchase 2 (50 units * $220) = $146,000 Cost of goods sold; $212,000 cost of goods available for sale - $146,000 cost of goods sold = $ 66,000
b. $63,600 Reason: Beginning inventory (150 units * $200 each) + Purchase 1(500 units * $210 each) + Purchase 2 (50 units * $220) = $146,000 Cost of goods sold; $212,000 cost of goods available for sale - $146,000 cost of goods sold = $66,000
c. $66,000 Reason: Beginning inventory (150 units * $200 each) + Purchase 1 (500 units $210 each) + Purchase 2 (50 units * $220) = $146,000 Cost of goods sold; $212,000 cost of goods available for sale - $146,000 cost of goods sold = $66,000
d. $212,000 Reason: Beginning inventory (150 units * $200 each) + Purchase 1 (500 units * $210 each) + Purchase 2 (50 units * $220) = $146,000 Cost of goods sold; $212,000 cost of goods available for sale - $146,000 cost of goods sold = $66,000

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