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At the beginning of August, Feeder & Co. had 20 cars worth $ 400,000. On...

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Accounting

At the beginning of August, Feeder & Co. had 20 cars worth $ 400,000. On August 2nd they have bought 12 more cars for $ 360,000 and on Aug 25th 26 cars (16 from beginning inventory and 10 from purchases made in August) are sold for $ 728,000. The value of closing inventory as per FIFO and Weighted Average method resectively are

a

Given information is not sufficient to calculate this

b

$ 180,000 as per FIFO and $ 140,000 as per Weighted Average method

c

$ 140,000 as per FIFO and $ 180,000 as per Weighted Average method

d

$ 180,000 as per FIFO and $ 180,000 as per Weighted Average method

At the beginning of August, Feeder & Co. had 20 cars worth $ 400,000. On August 2nd they have bought 12 more cars for $ 360,000 and on Aug 25th 26 cars are sold for $ 728,000. Cost of goods sold that would be recognized in Profit or Loss statement would be (using FIFO and Weighted Average method respectively)

a

$ 400,000 as per FIFO and $ 360,000 as per Weighted Avg. method

b

$ 580,000 as per FIFO and $ 617,500 as per Weighted Avg. method

c

$ 400,000 as per FIFO and $ 180,000 as per Weighted Avg. method

d

$ 617,000 as per FIFO and $ 580,500 as per Weighted Avg. method

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