The sales account is credited for the selling price of ...

[daltonest1984]

The sales account is credited for the selling price of merchandise sold during the period.
 a. True
   b. False
   Indicate whether the statement is true or false

Question 2

Vango, Inc. sells part number 86Z to auto parts stores around the world. Information about part number 86Z is contained in the table below. Vango uses a LIFO periodic inventory system.
 
  Number of Units Unit Cost Total Cost
  Beginning inventory 2,000 8.00 16,000
  Purchase 3,000 8.20 24,600
  Purchase 5,000 8.60 43,000
   Totals 10,000 83,600
 
  Determine the cost of goods sold and ending inventory value of part 86Z, if 4,000 units remain unsold in inventory at the end of the accounting period.
  A) Cost of goods sold is 49,200 and ending inventory is 34,400.
  B) Cost of goods sold is 34,400 and ending inventory is 49,200.
  C) Cost of goods sold is 50,160 and ending inventory is 33,440.
  D) Cost of goods sold is 51,200 and ending inventory is 32,400.

[frejo]

Answer to Question 1

True

Answer to Question 2

D

[daltonest1984]

Excellent

[Animal_Goddess]

TYSM