Solved

Tetra CoUses the Perpetual Inventory System and a FIFO Cost Flow

Question 83

Multiple Choice

Tetra Co.uses the perpetual inventory system and a FIFO cost flow method.On January 1,the company purchased 2,000 units of inventory that cost $4.00 each.On January 12,the company purchased an additional 3,000 units of inventory at a cost of $4.20 each.On January 20,Tetra Company sold 4,000 units of inventory.Which of the following entries would be required to recognize the cost of goods sold on that date?


A) Tetra Co.uses the perpetual inventory system and a FIFO cost flow method.On January 1,the company purchased 2,000 units of inventory that cost $4.00 each.On January 12,the company purchased an additional 3,000 units of inventory at a cost of $4.20 each.On January 20,Tetra Company sold 4,000 units of inventory.Which of the following entries would be required to recognize the cost of goods sold on that date? A) B) C) D)
B) Tetra Co.uses the perpetual inventory system and a FIFO cost flow method.On January 1,the company purchased 2,000 units of inventory that cost $4.00 each.On January 12,the company purchased an additional 3,000 units of inventory at a cost of $4.20 each.On January 20,Tetra Company sold 4,000 units of inventory.Which of the following entries would be required to recognize the cost of goods sold on that date? A) B) C) D)
C) Tetra Co.uses the perpetual inventory system and a FIFO cost flow method.On January 1,the company purchased 2,000 units of inventory that cost $4.00 each.On January 12,the company purchased an additional 3,000 units of inventory at a cost of $4.20 each.On January 20,Tetra Company sold 4,000 units of inventory.Which of the following entries would be required to recognize the cost of goods sold on that date? A) B) C) D)
D) Tetra Co.uses the perpetual inventory system and a FIFO cost flow method.On January 1,the company purchased 2,000 units of inventory that cost $4.00 each.On January 12,the company purchased an additional 3,000 units of inventory at a cost of $4.20 each.On January 20,Tetra Company sold 4,000 units of inventory.Which of the following entries would be required to recognize the cost of goods sold on that date? A) B) C) D)

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Q76: What happens when a company is operating

Q77: Zinke Company understated its ending inventory at

Q78: The inventory records for Radford Co.reflected the

Q79: What is meant by "market" in the

Q80: Which of the following statements is not

Q81: During a period of declining prices,a company

Q82: Singleton Company's perpetual inventory records included the

Q84: During a period of rising inventory prices,the

Q85: The inventory records for Radford Co.reflected the

Q86: Melbourne Company uses the perpetual inventory system