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# Inventory data for Hot Buys Company for January 2011 are as follows: January 1 balance80

Inventory data for Hot Buys Company for January 2011 are as follows:

January 1 balance80 units at \$25

January 10 purchase100 units at \$28

January 15 sale120 units

January 21 purchase90 units at \$32

January 28 sale110 units

Using FIFO, compute ending inventory as of January 31, 2011, and determine cost of goods sold for January.

24) West Life Group Ltd.

Inventory Information

For January 2010

Numbers of unitsPrice paid per unit

Purchase January 1st500\$50

Purchase January 15th1000\$60

Purchase January 25th2000\$70

*** There were no units on hand at the beginning of January 2010.  On January 31st, 2010, West Life Group sold 1500 units of inventory at \$100 each to customers.

Calculate cost of goods sold using the weighted average method.

25) Calculate inventory turnover for the following independent situations.

a.Ending inventory\$25,000

Purchases during the year127,000

Beginning inventory30,000

b.Purchases during the year\$350,000

Beginning inventory50,000

Ending inventory42,500

c.Beginning inventory \$37,500

Ending inventory 42,000

Purchases during the year270,000

d.Purchases during the year\$335,700

Ending inventory32,000

Dec 09 2019 View more View Less