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Inventory Costing for Trina's Treasure Retailer

1. Trina's Treasure is a retailer that began operations in 2008. Below is a summary of its 2008 inventory activity.

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Calculate the 2008 cost of goods sold for Trina's Treasures

2. Scuba Scouts, Inc. a wetsuit merchandise store, began june with 50 wetsuits that cost $45 each in inventory. During June, the store made the following purchases:

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What is Scuba Scouts cost of goods sold under FIFO, assuming the company sold 150 wetsuits during June?

3. Alphine Outfitters is a ski shop that uses the LIFO method of inventory costing. The company began the month of Oct. with no inventory, and made the following purchases during the month:

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The store sold 600 skis during the month. What was its cost of goods sold under the LIFO method?

4. Dublin Dairies is a milk distributor that stores all of its milk in a large tank before it is bottled into individual gallon-sized containers. the dairy uses the average cost method to account for inventory. The company began the month of may with 6000 gallons of milk from local farmers during the month:

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What is Dublin Dairies cost of goods sold it the company sold 38000 gallons of milk during the month?

5. Burn Rubber, Inc. a tire store, began July with 100 tires that cost $37.00 each in beginning inventory. During the month, the store bought the following:

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What is the store's ending inventory under the FIFO, if the store sold 700 tires during July?

6. Boise Bears is a teddy bear shop in Boise, Idaho. The store began August with 300 bears that cost $5 each in inventory. During the month, the store made the following purchases:

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The company sold 500 bears during the month. What was the stores ending inventory under LIFO?

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Solution Summary

Inventory costing for Trina's Treasure Retailers are examined.

$2.19