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A company purchased merchandise to be resold at increasing costs during the year 2011
A company purchased merchandise to be resold at increasing costs during the year 2011. The purchases were made at the following costs...
January 1, 2011 (carried over from 2010)
20 units at $10
January 25, 2011 purchase
40 units at $11
June 20, 2011 purchase
40 units at $12
October 10, 2011 purchase
50 units at $13
The company sold 10 items at the end of each month.
2. What are the number of units and the cost of the goods available for sale?
_____ units, and $________ cost of goods available for sale
a) 150 ; 1,770
b) 145 ; 1,500
c) 155 ; 1,775
d) 160 ; 1,890
Expert Solution
Computation of the number of units available for sale:-
Number of units = 20 + 40 + 40 + 50
= 150 units
Computation of the cost of goods available for sale:-
Cost of goods available for sale = (20*$10) + (40*$11) + (40*$12) + (50*$13)
= $200 + $440 + $480 + $650
= $1,770
Hence, the correct option is a) 150 ; 1,770
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