Assignment 4: Inventory Valuation1.Purchase Date Quantities Unit Price TotalFebruary 1February 13February 22February 28175255090May 1May 13May 12May 30The company sold 220 coffee mugs by February 28. Calculatethe COGS and the Ending Inventory using FIFO, LIFO andWeighted Average. Assume the inventory was 50 at thebeginning of the month @ $2.25 each.Show all your Work.$2.25 $393.75$3.25 $81.25$3.50 $175.00$4.00 $360.002.Purchase Date Quantities Unit Price Total75125150210$5 $375$6 $750$7 $1,050$8 $1,680The company sold 110 towels by May 31. Calculate the COGSand the Ending Inventory using FIFO, LIFO and WeightedAverage. Assume the inventory was 25 at the beginning of themonth @ $5.00 each.Show all your work.

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Answered: 1. Purchase Date Quantities Unit Price…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Assume Ava Co has the following purchases of inventory during the first month of operations Number of Units Cost per unit First Purchase 332 3.5 Second Purchase 205 4.5 Assuming Ava sells 335 units at $11 each, what is the value of their ending inventory if they use LIFO?
The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 25 units @ $29 $725 June 16 Purchase 32 units @ $34 1,088 Nov. 28 Purchase 40 units @ $37 1,480 97 units $3,293 There are 17 units of the product in the physical inventory at November 30. The periodic inventory system is used. Round answers to the nearest whole dollar. a. Determine the inventory cost by the FIFO method. $4 b. Determine the inventory cost by the LIFO method. $4 c. Determine the inventory cost by the average cost methods.
The inventory records for Radford Company reflected the following Beginning inventory on May 1 First purchase on May 7 second purchase on May 17 Third purchase on May 23 1,800 units @ $5.20 1,900 units @ $5.40 2,100 units @ $5.50 1,700 units @ $5.60 Sales on May 31 5,700 units @ $7.10 What is the weighted average cost per unit for May? Multiple Choice $5.37 $5.43
Use the following information from Marvel Company for themonth of July. July 1 Beginning inventory 75 units @ $25 eachJuly 3 Purchase 348 units @ $27 eachJuly 8 Sale 300 unitsJuly 15 Purchase 257 units @ $28 eachJuly 23 Sale 275 units Assume that Marvel uses a periodic FIFO inventory system. What is the dollar value of its ending inventory? a. $2,940 c. $2,625 e. $2,705 b. $2,685 d. $2,852
Complete the table: (Round your "Unit cost" answers to the nearest cent.) Units Cost Dollar cost Beginning inventory Jan 1 20 $8.00 May 10 15 $11.00 June 30 17 $20.00 Dec 10 12 $21.00
The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 24 units @ $32 $768 June 16 Purchase 28 units @ $30 840 Nov. 28 Purchase 46 units @ $37 1,702 98 units $3,310 There are 12 units of the product in the physical inventory at November 30. The periodic inventory system is used. a. Determine the inventory cost using the FIFO method. b. Determine the inventory cost using the LIFO method. c. Determine the inventory cost using the weighted average cost methods. Round interim calculations and final answer to two decimal places.
Inventory records for Capetown, Incorporated revealed the following: Number of Date April 1 April 20 Transaction Units Unit Cost Beginning Inventory Purchase 460 310 $ 2.39 2.51 Capetown sold 630 units of inventory during the month. Cost of goods sold assuming LIFO would be: (Do not round your intermediate calculations. Round your answer to the nearest dollar amount.)
Wan Tan Corp. made the following four inventory purchases in June: June 1 150 units $5.20 June 10 200 units $5.85 June 15 200 units $6.30 June 28 150 units $6.60 On June 22, 450 units were sold. The company uses the perpetual inventory system and the weighted average to value the inventory. Calculate the cost of goods sold for the sale. Round to the nearest whole dollar. Select one: a. $2,580 b. $2,628 c. $2,700 d. $1,572
Beginning Inventory at FIFO: 15 Units @ $16 = $240 Beginning Inventory at LIFO: 15 Units @ $12 = $1801. Compute the inventory turnover ratio for the month of January under the FIFO and LIFO inventory costing methods. 2. Which costing method is the more accurate indicator of the efficiency of inventory management?
20
Inventory records for Dunbar Incorporated revealed the following: Date Transaction Numberof Units UnitCost Apr. 1 Beginning inventory 400 $ 2.11 Apr. 20 Purchase 380 2.65 Dunbar sold 580 units of inventory during the month. Ending inventory assuming LIFO would be: (Do not round your intermediate calculations. Round your answer to the nearest dollar amount.) Multiple Choice $422. $844. $1,007. $530.
The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 25 units @ $29 $725 June 16 Purchase 27 units @ $34 918 Nov. 28 Purchase 44 units @ $36 1,584 96 units $3,227 There are 10 units of the product in the physical inventory at November 30. The periodic inventory system is used. a. Determine the inventory cost by the FIFO method.$fill in the blank 1 b. Determine the inventory cost by the LIFO method.$fill in the blank 2 c. Determine the inventory cost by the average cost methods. Round answer to two decimal places.$fill in the blank 3

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