12. The units of Product PKO available for sale during the year were as follows: Apr 1 Apr 16 Apr 20 Apr 22 Apr 30 There are 15 units of the product in inventory at April 30th (ending inventory). Assume that all sales were after April 22n. Determine the cost of merchandise sold and the ending inventory valuation by (a) FIFO, (b) LIFO, and (c) avg.cost methods. Inventory Purchase Purchase Purchase 16 units 12 units 20 units 12 units $36 $40 $45 $32 Method Cost of Goods Sold Ending Inventory FIFO d1821

12. The units of Product PKO available for sale during the year were as follows: Apr 1 Apr 16 Apr 20 Apr 22 Apr 30 There are 15 units of the product in inventory at April 30th (ending inventory). Assume that all sales were after April 22n. Determine the cost of merchandise sold and the ending inventory valuation by (a) FIFO, (b) LIFO, and (c) avg.cost methods. Inventory Purchase Purchase Purchase 16 units 12 units 20 units 12 units $36 $40 $45 $32 Method Cost of Goods Sold Ending Inventory FIFO d1821

Name: 12.The units of Product PKO available for sale during the year were a
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Description: 12.The units of Product PKO available for sale during the year were as follows:Apr 1Apr 16Apr 20Apr 22Apr 33There are 15 units of the product in inventory at April 30th (ending inventory).Assume that all sales were after April 22nd. Determine the co

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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Three identical units of merchandise were purchased during July, as follows: Date Product T Units Cost July 3 Purchase $17 10 Purchase 24 Purchase Total 1 a. First-in, first-out b. Last-in, first-out C. Average 1 1 3 20 23 $60 Average cost per unit Assume one unit sells on July 28 for $30. Determine the gross profit, cost of goods sold, and ending inventory on July 31 using (a) first-in, first-out, (b) last in, first-out, and (c) average cost flow methods. Gross Profit Cost of Goods Sold Ending Inventory $20
Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for sale during the year were as follows: Jan. 1 Inventory 50 units @ $106 Mar. 10 Purchase 60 units @ $118 Aug. 30 Purchase 20 units @ $122 Dec. 12 Purchase 70 units @ $124 There are 80 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost and the cost of merchandise sold by three methods. Round interim calculations to one decimal and final answers to the nearest whole dollar. Cost of Merchandise Inventory and Cost of Merchandise Sold Inventory Method Merchandise Inventory Merchandise Sold First-in, first-out (FIFO) $ $ Last-in, first-out (LIFO) Weighted average cost
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ms: Series A OBJ. 2,3 The beginning inventory at Midnight Supplies and data on purchases and sales for a three- PR 7-1A FIFO perpetual inventory month period ending March 31, are as follows: brerionom exs 2 022.2 Date Jan. 1 10 28 30 Feb. 5 10 16 28 Mar. 5 14 25 30 Transaction Inventory Purchase Sale Sale Sale Purchase Sale Sale Purchase Sale Purchase Sale Number of Units 7,500 22,500 11,250 bo 3,750 1,500 54,000 27,000 25,500 45,000 30,000 7,500 26,250 Per Unit $ 75.00 85.00 150.00 150.00 150.00 87.50 160.00 160.00 89.50 160.00 90.00 160.00 Total $ 562,500 1,912,500 1,687,500 562,500 225,000 4,725,000 4,320,000 4,080,000 4,027,500 4,800,000 675,000 4,200,000
Question Content Area Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 5 units at $35 $175 Aug. 7 Purchase 20 units at $36 720 Dec. 11 Purchase 11 units at $37 407 36 units $1,302 There are 18 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using (a) the first-in, first-out (FIFO) method; (b) the last-in, first-out (LIFO) method; and (c) the weighted average cost method (round per unit cost to two decimal places and your final answer to the nearest whole dollar).
Periodic inventory by three methods; cost of goods sold The units of an item available for sale during the year were as follows: Jan. 1 Inventory 40 units at $102 Mar. 10 Purchase 50 units at $110 Aug. 30 Purchase 10 units at $116 Dec. 12 Purchase 100 units at $118 There are 60 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the ending inventory cost and the cost of goods sold by three methods. Round interim calculations to one decimal and final answers to the nearest whole dollar. Cost of Ending Inventory and Cost of Goods Sold Inventory Method Ending Inventory Cost of Goods Sold First-in, first-out (FIFO) $fill in the blank 1 $fill in the blank 2 Last-in, first-out (LIFO) fill in the blank 3 fill in the blank 4 Weighted average cost fill in the blank 5 fill in the blank 6
hree identical units of merchandise were purchased during May, as follows: Date Magnesium XP Units Cost Mar. 3 Purchase 1 $130 10 Purchase 1 136 19 Purchase 1 142 Total 3 $408 Assume that two units are sold on May 23 for $313 total. Determine the gross profit for May and ending inventory on May 31 using the (a) FIFO, (b) LIFO, and (c) weighted average cost methods. Line Item Description Gross Profit Ending Inventory a. First-in, first-out (FIFO) $fill in the blank 1 $fill in the blank 2 b. Last-in, first-out (LIFO) $fill in the blank 3 $fill in the blank 4 c. Weighted average cost $fill in the blank 5 $fill in the blank 6