. Cost of goods manufactured for the year. 5. Finished Goods Inventory on December 31.
Q: Raw materials inventory Work in process inventory. Finished goods inventory.. Purchases of direct…
A: Cost of Goods Sold - Cost of Goods Sold is the cost incurred to sold goods to the customers. It…
Q: Required information [The following information applies to the questions displayed below.] Trey…
A: Weighted Average Cost(WAC) Method: It is a inventory valuation method. This methhod is used in the…
Q: Nevens Company uses a periodic inventory system. During November, the following transactions…
A: The cost of things on board at the end of a reporting period is referred to as ending inventory. The…
Q: Compute ending inventory and cost of goods sold for Dove Company using the average inventory costing…
A: Average Cost Method: It is one of the method of inventory valuation, under which inventory is…
Q: Patterson Company has the following items at year-end. Identify which items should be included in…
A: Goods held on consignment, are included in the consignor's (Patterson Company) inventory. Not in…
Q: 14. The following data pertain to Alpha Company for the month of June 2018: Finished Goods, June 1,…
A: Answer:
Q: ompany. Merchandise inventory beginning Merchandise inventory, ending Purchases Purchase discounts
A: Cost of Goods Sold = Net Purchases + Merchandise Inventory Beginning - Merchandise inventory Ending
Q: Beginning inventory, purchases, and sales for Item CSW15 are as follows: August 1 Inventory 104 15…
A: FIFO: FIFO stands for First-In, First-Out. As its name suggest, this method assumes that the oldest…
Q: The following information relates to Sheridan Ltd's inventory transactions during the month of July.…
A: Inventory valuation is based on the flow-off issue used by the organization. It can be the first in…
Q: Periodic inventory by three methods; cost of goods soldThe units of an item available for sale…
A: In periodic inventory system, the inventory records are maintained periodically at specified…
Q: Required information Trey Monson starts a merchandising business on December 1 and enters into the…
A: Inventory or stock is the goods and material a business holds for resale. Before working on the…
Q: Anderson's Department Store has the following data for inventory, purchases, and sales of…
A:
Q: When is a physical inventory usually taken? O When the company has its greatest amount of inventory…
A: Physical inventory: It is a process of actual counting of the goods in stock. These counted goods…
Q: CHECK FIGURES: 1. Ending inventory: a. $9,600.00; b. $10,982.30 Gale Company has the following…
A: Inventory valuation is based on the flow-off issue used by the organization. It can be the first in…
Q: Trey Monson starts a merchandising business on December 1 and enters into the following three…
A: The inventory valuation method is used to evaluate the closing inventory and cost of goods sold…
Q: [The following information applies to the questions displayed below.] The following are the…
A: Under the periodic inventory system ending inventory and cost of goods sold is calculated at the end…
Q: Cost of goods sold—merchandiser and manufacturer The following data were taken from the general…
A: Cost of goods sold = Beginning merchandise inventory + Purchases -Ending merchandise inventory…
Q: A company reports the following beginning inventory and purchases, and it ends the period with 30…
A: Inventory is valued at the end of the financial statement. There are many methods to value the…
Q: < 1. Determine the Inventory on March 31 and the cost of goods sold for the three-month period,…
A: The objective of the question is to determine the inventory on March 31 and the cost of goods sold…
Q: The inventory records for Radford Company reflected the following Beginning inventory on May 1 1,600…
A: Cost of goods sold is the amount of cost which is incurred on the making of the goods. It includes…
Q: Carla Vista Company uses a periodic inventory system. Its records show the followin April 30: April…
A: Inventory, based on its intended use and where it is in the manufacturing or distribution process.…
Q: The following units of a particular item were available for sale during the calendar year: Jan. 1…
A: The first-in, first-out (FIFO) strategy for stock valuation is a cost stream supposition that the…
Q: The transactions below are for Product A occurred during March: Date…
A: A. Calculate the following (a) through (f): Working notes:
Q: A company reports the following beginning inventoryand purchases, and it ends the period with 30…
A: FIFO method means First in First Out. It means inventory which is purchased first will be sold…
Q: Consider the following data: RECEIVED ISSUED 1-Apr| 20 units @ P 5.00 each 5-Apr 10-Apr 60 units @ P…
A: Using moving average method, average cost per unit is calculated after every sale and purchase.
Q: Specific Identification (Periodic) Cost per Units Total Unit Beginning Inventory Purchases March 2…
A: Specific identification is an inventory valuation method under which single item is under tracking…
Q: Assume that three identical units of merchandise are purchased during October, as follows:…
A: FIFO: FIFO stands for First in First out which means the first received inventory to be sold first.
Q: WHAT IS THE WEIGHTED-AVERAGE COST PER UNIT BASE OFF THE CHART?? You are provided with the…
A: Weighted average unit cost of inventory means on an average what will be unit cost of inventory.…
Q: Trey Monson starts a merchandising business on December 1 and enters into the following three…
A: SOLUTION- WEIGHTED AVERAGE PERPETUAL - THE AVERAGE COST WILL BE CALCULATED EVERY TIME THE AVERAGE…
Q: Inventory by Three Methods; Cost of Goods Sold The units of an item available for sale during the…
A: Inventory valuation is based on the method of flow used by the organization. It can be the first in…
Q: A company reports the following beginning inventory and two purchases for the month of January. On…
A: Under Perpetual LIFO Method, value of ending inventory is calculated assuming that latest bought…
Q: Kingbird Company uses a periodic inventory system. For April, when the company sold 600 units, the…
A: INVENTORY VALUATIONInventory Valuation is a Method of Calculation of Value of Inventory at the End…
Q: The beginning inventory for Dunne Co. and data on purchases and sales for a three-month period are…
A: Periodic inventory system: Under this method, all the updates regarding sale and purchase of…
Q: The units of an item available for sale during the year were as follows: Jan. Inventory 1,800 units…
A: Calculation of Cost of goods available for sales and units sold: Ending results are as follows:
Q: Prepare comparative Income Statements for the month of January for the four inventory flow methods.…
A: Calculation of sale price = 180 units x $ 15 = $ 2700. Calculation of ending inventory: Total…
Q: If the ending inventory is reported at $357, what inventory method was used?
A: It has been given in the question that a company is using the periodic inventory system which…
Q: Date Transaction Jan. 1 Inventory 10 Purchase 28 Sale 30 Sale Feb. 5 Sale 10 Purchase 16 Sale 28…
A: The difference between FIFO and LIFO is that, FIFO assumes that the goods purchased first are sold…
Q: Journal entries based on perpetual inventory: Tha company had a return of one product.
A: If purchase was made in cash, then cash account will be debited and inventory account will be…
Q: M6-14. Computing Cost of Goods Sold and Ending Inventory Under FIFO, LIFO, and Average Cost LO1 Wong…
A: Last in first out method is a inventory valuation technique under which the most recent purchases…
Q: The units of an item available for sale during the year were as follows: Jan. 1 Inventory 5 units…
A: Ending inventory is amount of inventory in hand at the end of the period. It is reported under…
Q: The following are the transactions for the month of July. July 1 July 13 Beginning Inventory…
A: Ending inventory is the amount of inventory that an entity has on hand, at the end of the period. It…
Q: the net sales 159 150 ID , beginning finished goods inventory 16 500 ID ,Cost of goods manufactured…
A: The Numerical has covered the concept of Gross Profit The Gross Profit is appeared in the Income…
Q: Compute cost of goods sold using the following information: $ Finished goods inventory, beginning…
A: Given the following information: Finished goods inventory: $800 Beginning Cost of goods…
Q: Kirtland Corporation uses a periodic inventory system. At the end of the annual accounting period,…
A: Inventory Valuation Methods are methods of valuation of inventory. There are three methods of…
4. Cost of goods manufactured for the year.
5. Finished Goods Inventory on December 31.
Step by step
Solved in 3 steps
- The following units of a particular item were available for sale during the calendar year: Date Line Item Description Units and Cost Jan. 1 Inventory 9,000 units at $50.00 Mar. 18 Sale 7,000 units May 2 Purchase 8,000 units at $56.50 Aug. 9 Sale 8,000 units Oct. 20 Purchase 4,000 units at $60.00 The firm uses the weighted average cost method with a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale. Present the data in the form illustrated in Exhibit 5. Round your "Unit Cost" answers to two decimal places. Weighted Average Cost Flow Method Date PurchasesQuantity PurchasesUnit Cost PurchasesTotal Cost Cost of Goods SoldQuantity Cost of Goods SoldUnit Cost Cost of Goods SoldTotal Cost InventoryQuantity InventoryUnit Cost InventoryTotal Cost Jan. 1 fill in the blank 1 fill in the blank 2 fill in the blank 3 Mar. 18 fill in the blank 4 fill in the blank 5 fill in the blank 6 fill in…Second: Production and Inventory (finished goods):- Total estimated sales units for product (E) will allocate for first quarter, second quarter,third quarter, and fourth quarter by equally.- For calculating of ending inventory of Finished Goods (F.G.) of product (E), 1/4 of salesunits of the next quarter are used except the fourth quarter 4/4 of sales units of the samequarter.- Ending inventory of Finished Goods (F.G.) for first quarter = 1250 units for product (E).- Beginning inventory of Finished Goods (F.G.) for first quarter = 2300 units for product (E).- Ending inventory of Finished Goods (F.G.) for product (F) and (G) 1/4 of sales units.- Inventory 31/12/2021 for product (F) and (G) are 1600 and 1100 units, respectively.Third: Raw materials and Purchases:- Quantity needed from material "M": "E" 17 kg. "F" 13 kg."G" 11 kg.- Quantity needed from material "N": "E" 16 kg. "F" 20 kg."G" 18 kg.- The direct hours needed to produce one unit is 18 hours for "E", and 20 hours for "F",and…The Luna Corporation made the following materials purchased and issued during the month of January. Inventory: Receipts: Issuances: January 1 January 10 January 25 January 15 January 27 1,000 units 8,000 8,500 8,500 8,000 1. Periodic system a. FIFO method b. Weighted average method @ @ Required: The cost of materials used and the cost assigned to the inventory at the end of the month using 2. Perpetual system a. FIFO method b. Moving average method P 11.00 12.00 11.50
- Garrett Company has the following transactions during the months of April and May: Date Transaction Units Cost/Unit April 1 Balance 300 17 Purchase 200 $5.30 25 Sale 150 28 Purchase 100 5.80 May 5 Purchase 250 5.30 18 Sale 300 22 Sale 50 The cost of the inventory on April 1 is $5, $4, and $2 per unit, respectively, under the FIFO, average, and LIFO cost flow assumptions. Required: 1. Compute the inventories at the end of each month and the cost of goods sold for each month for the following alternatives: FIFO periodic Cost of Goods Sold Ending Inventory April $ fill in the blank 1 $ fill in the blank 2 May $ fill in the blank 3 $ fill in the blank 4 FIFO perpetual Cost of Goods Sold Ending Inventory April $ fill in the blank 5 $ fill in the blank 6 May $ fill in the blank 7 $ fill in the blank 8 LIFO periodic Cost of Goods Sold Ending Inventory April $ fill in the blank 9 $…Complete the chart using weighted average method costCalculate ending inventory and cost of goods sold using the last in, first out (LIFO); moving; and weighted average methods.Tony Merchandise Company has the following information for the month of February:Feb. 2Beginning inventory20units@$12per unitFeb. 5Purchase20units@$16per unitFeb. 8Sale12unitsFeb. 21Purchase12units@$18per unitFeb. 25Sale14unitsAnswer the following questions for Tony Merchandise Company:1. Calculate the dollar ending inventory if first in, first out (FIFO) is used.2. Calculate the cost of goods sold if LIFO is used.3. Calculate the dollar ending inventory if weighted average is used.4. According to the generally accepted accounting principles (GAAP), discuss the objectives of inventory costing.5. Discuss the consequences of selecting one method instead of others.For assistance with your assignment, please use your text, Web resources, and all course materials.The following grading criteria will be used:Grading Guidelines30%Calculate the dollar ending inventory if…
- The units of an item available for sale during the year were as follows: Jan 1 Inventory 15 units at 121 April 15 Purchase 139 units at 114 September 9 Purchase 23 units at 121 There are 40 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the average cost method. (Round to nearest whole dollar)Current Attempt in Progress First Bank is considering giving Cullumber Company a loan. First, however, it decides that it would be a good idea to have further discussions with Cullumber's accountant. One area of particular concern is the inventory account, which has a December 31 balance of $236,040. Discussions with the accountant reveal the following: 1. 2. 3. 4. The physical count of the inventory did not include goods that cost $79,800 that were shipped to Cullumber, FOB shipping point, on December 27 and were still in transit at year end. Cullumber sold goods that cost $29,400 to Oriole Company, FOB destination, on December 28. The goods are not expected to arrive at their destination in India until January 12. The goods were not included in the physical inventory because they were not in the warehouse. On December 31, Indigo Company had $25,620 of goods held on consignment for Cullumber. The goods were not included in Cullumber's ending inventory balance. Cullumber received goods…Determine the cost of goods sold for the transaction on October 25 using the perpetual inventory system and the FIFO method Units Cost Total Date Item Beginning inventory $10 $50 5 October 4 Purchase 11 88 October 8 Sale 6 October 20 Purchase 15 12 180 October 25 Sale 12 a. $138 b. $137 c. $144 d. $180
- Greece Company provided the following data for the current year: Inventory - January 1: Cost Net realizable value Net purchases Inventory – December 31: Cost 3,000,000 2,800,000 8,000,000 4,000,000 3,700,000 Net realizable value What amount should be reported as cost of goods sold?The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 4,100 units at $39 Apr. 19 2,500 units June 30 4,400 units at $45 Sept. 2 5,100 units Nov. 15 1,900 units at $48 Date Jan. 1 Apr. 19 The firm maintains a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale, assuming the last-in, first-out method. Present the data in the form illustrated in Exhibit 4. Under LIFO, if units are in inventory at two or more different costs, enter the units with the LOWER unit cost first in the Inventory Unit Cost column. June 30 Sept. 2 Nov. 15 Sale Dec. 31 Purchase Sale Purchase Quantity Balances Purchases Unit Cost Total Cost Schedule of Cost of Goods Sold LIFO Method Quantity Cost of Goods Sold Unit Cost Total Cost $ Quantity Inventory Unit Cost Total Cost $Calculate ending inventory and cost of goods sold using the last in, first out (LIFO); moving; and weighted average methods.Tony Merchandise Company has the following information for the month of February:Feb. 2Beginning inventory20units@$12per unitFeb. 5Purchase20units@$16per unitFeb. 8Sale12unitsFeb. 21Purchase12units@$18per unitFeb. 25Sale14units 1. Calculate the dollar ending inventory if first in, first out (FIFO) is used. 2. Calculate the cost of goods sold if LIFO is used. 3. Calculate the dollar ending inventory if weighted average is used. 4. According to the generally accepted accounting principles (GAAP), discuss the objectives of inventory costing. 5. Discuss the consequences of selecting one method instead of others. For assistance with your assignment, please use your text, Web resources, and all course materials. The following grading criteria will be used: Grading Guidelines 30% Calculate the dollar ending inventory if FIFO is used. 30% Calculate the cost of goods sold…