Table 5-4
the Following Data Is for the Atlantis Merchandising

question 8

Multiple Choice

Table 5-4
The following data is for the Atlantis Merchandising, which uses a periodic inventory system: $$\begin{array} { | l | r | } \hline \text { Sales revenue } & \$ 600,000 \\\hline \text { Interest revenue } & 12,000 \\\hline \text { Freight in } & 42,000 \\\hline \text { Beginning inventory } & 77,000 \\\hline \text { Purchase discounts } & 19,000 \\\hline \text { Sales reburns and allowances } & 33,000 \\\hline \text { Operating expenses } & 77,000 \\\hline \text { Interest expense } & 9,000 \\\hline \text { Ending inventory } & 81,000 \\\hline \text { Purchases } & 415,000 \\\hline \text { Sales discounts } & 35,000 \\\hline \text { Omar Atlantis, Withdrawals } & 71,000 \\\hline \text { Purchase returns and allowances } & 39,000 \\\hline\end{array}$$
-Refer to Table 5-4. Net purchases for Atlantis Merchandising are:

• A)$415,000.
• B)$357,000.
• C)$396,000.
• D)$376,000.

Understand and apply the concepts of process costing including the weighted average and FIFO methods.

Calculate equivalent units of production for materials and conversion costs.

Differentiate between the major process costing methods: FIFO and weighted average.

Calculate the cost of goods manufactured and ending work in process inventory.

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