10. Zaynab Company uses a periodic inventory system. Its recordsshow the following for the month of May, in which 60 unitswere sold.Units Unit Cost Total Cost........May 1Inventory 3015 PurchaseOMR 9 OMR 270221124224 Purchase3812456Totals90OMR968Instructions: Compute the ending inventory at May 31 and costof goods sold using the FIFO, LIFO and Average-cost methods.

Name: 10. Zaynab Company uses a periodic inventory system. Its recordsshow
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: 10. Zaynab Company uses a periodic inventory system. Its recordsshow the following for the month of May, in which 60 unitswere sold.Units Unit Cost Total Cost........May 1Inventory 3015 PurchaseOMR 9 OMR 270221124224 Purchase3812456Totals90OMR968Ins

There are various methods of valuing inventory. Some of the common methods of valuing inventory are:…

Business

Accounting

10. Zaynab Company uses a periodic inventory system. Its records show the following for the month of May, in which 60 units were sold. Units Unit Cost Total Cost May 1Inventory 30 15 Purchase 22 24 Purchase 38 Totals OMR 9 JOMR 270 11 242 12 456 90 OMR968 Instructions: Compute the ending inventory at May 31 and cost of goods sold using the FIFO, LIFO and Average-cost methods.

10. Zaynab Company uses a periodic inventory system. Its records show the following for the month of May, in which 60 units were sold. Units Unit Cost Total Cost May 1Inventory 30 15 Purchase 22 24 Purchase 38 Totals OMR 9 JOMR 270 11 242 12 456 90 OMR968 Instructions: Compute the ending inventory at May 31 and cost of goods sold using the FIFO, LIFO and Average-cost methods.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

PLEASE HELP ME ANSWER IT AS SOON AS POSSIBLE Baron Company uses a periodic inventory system. For February, when the company sold 630 units, the following information is available 1. Fill the Total cost column in the table (attached)2. Compute the February 28 inventory and the February cost of goods sold using:a) the average-cost method b) FIFO method
The following are the transactions for the month of July. Units Unit Cost Unit Selling Price July 1 Beginning Inventory 55 $ 10 July 13 Purchase 275 11 July 25 Sold (100 ) $ 14 July 31 Ending Inventory 230 Calculate cost of goods available for sale and ending inventory, then sales, cost of goods sold, and gross profit, under FIFO. Assume a periodic inventory system is used. How would i creat a FIFO periodic table?
Teal Mountain Inc. uses a periodic inventory system and reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 130 $5 $ 650 12 Purchases 370 6 2,220 23 Purchases 200 7 1,400 30 Inventory 240 Calculate weighted-average unit cost. (Round answer to 3 decimal places, e.g. 5.125.) Weighted-average unit cost $enter a weighted-average unit cost in dollars eTextbook and Media Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round answers to 0 decimal places, e.g. 125.) FIFO LIFO Average-cost The cost of the ending inventory $enter a dollar amount $enter a dollar amount $enter a dollar amount The cost of goods sold $enter a dollar amount $enter a dollar amount $enter a dollar amount
jitu
The units of an item available for sale during the year were as follows: Jan 1 Inventory 15 units at 122 April 15 Purchase 140 units at 116 September 9 Purchase 26 units at 122 There are 31 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the last-in, first-out (LIFO)
4. AL ZAIN Itd uses a periodic inventory system. Its records show the following for the month of May, in which 46 units were sold Particulars Date Total Cost Units 35 35 Unit Cost 9. May 1 Inventory Purchases 315 245 17 20 Total Purchases 10 12 120 80 680 Instructions: Compute the ending inventory at May31st and the cost of goods sold using the FIFO, LIFO and the average-cost method
Determine the ending inventory using the periodic inventory system and the weighted average cost method (rounded to the nearest cent), assuming that 18 units were sold at a price of $14. Date Item Units Cost Total June 1 Beginning inventory 6 $5 $30 June 12 Purchase 10 6 60 June 18 Purchase 8 7 56 Totals 24 — $146
You are given the following information for Sandhill Company for the month ended November 30, 2024 Date Description Units Unit Cost Nov. 1 Beginning inventory 61 352 9 Purchase 100 46 15 Sale (120) 22 Purchase 145 43 29 Sale (150) 30 Purchase 42 42 -/1 Sandhill Company uses a perpetual inventory system. All sales and purchases are on account, Calculate the cost of goods sold and the ending inventory using weighted average (Round the weighted average cost per unir and final answers to 2 decimal places, eg 5,275.75)
Sagar
Cullumber Company uses a periodic inventory system and reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 106 $4 $424 12 Purchase 424 6 2,544 23 Purchase 265 8 2,120 30 Inventory 245 (a) Compute the cost of the ending inventory and the cost of goods sold under (1) FIFO, (2) LIFO, and (3) average-cost. (For calculation purposes, round average cost per unit to 2 decimal places, e.g. 5.25. Round answers to O decimal places, e.g. 125.) Cost of the ending inventory $ Cost of goods sold $ eTextbook and Media FIFO LIFO Average-Cost $ $ $ $ Assistance Used
B66's transactions involving inventory for the month are shown below. Calculate the dollar amount of Sales, Cost of Goods Sold, Gross Margin and Ending Inventory using the three cost allocation methods (FIFO, LIFO, and Weighted Average) with perpetual inventory updating. Number of Units Unit Cost Sales Beginning Inventory 100 $66 Sold 50 $120 Purchased 80 $75 Sold 25 $125 Ending Inventory 105 Show your calculations and clearly label your solution. Submit your work as an attachment to this assignment.
Flounder corp. uses a periodic inventory system. Its records show the following for the month of may in which 73 units were sold. Date Explanation units unit cost total cost may 1 inventory 30 9 270 15 purchase 21 10 210 24 purchase 39 11 429 total 90 909 weighted-average unit cost 10.1 calculate the ending inventory at may 31 using the FIFO, LIFO and average- cost methods. (round answers to 0 decimal places, eg.125.)