14. Groh Co. recorded the following data pertaining to raw material X during January 2012: Units Cost $4.00 On Hand 3,200 1,600 5,600 Received Date 1/1/12 Issued 1/11/12 1/22/12 Inventory Issue Purchase 1,600 4,000 $4.70 The moving-average unit cost of X inventory at January 31, 2012 is
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- The following information is taken from the inventory records of the CNB Company for the month of September: Beginning inventory, 9/1/2021 5,000 units @ $10.00 Purchases: 9/7 3,000 units @ $10.40 9/25 8,000 units @ $10.75 Sales: 9/10 4,000 units 9/29 5,000 units 7,000 units were on hand at the end of September. Required:1. Assuming that CNB uses a periodic inventory system and employs the average cost method, determine cost of goods sold for September and September's ending inventory.2. Assuming that CNB uses a perpetual inventory system and employs the average cost method, determine cost of goods sold for September and September's ending inventory.ABC Corporation begins the month of April with 12.400 units of inventory recorded at total historical cost of 23040.During the month the company purchases 6800 additional units for total acquisition of 71808.What is the average cost per unit of inventory available for sale in the april a.10560 b.9600 c.10310 d.13940Teal 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
- 17. Natomi Company uses the moving average cost method of valuing inventories. During August 2022, the following inventory details were recorded: Opening bal. 300 units valued at P20 each August 5 August 10 August 18 Purchase of 500 units at P24 each Issue of 400 units Purchase of 600 units at P25 each August 23 Issue of 250 units How much is the value of the month-end inventory for August 2022? A 17,678 В. 18,600 С. 18,000 D. 18,750 Numhers 18-19 17,678 18,600 18,000 18,750Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of 180 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Date January 1 January 10 January 20 January 25 January 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals Specific Id Weighted Average Units Acquired at Cost @ $6.00 = @ $5.00 = @ $ 4.50 = FIFO 140 units Complete this question by entering your answers in the tabs below. LIFO 60 units 180 units 380 units $ 840 300 810 $ 1,950 Units sold at Retail The Company uses a periodic inventory system. For specific identification, ending inventory consists of 180 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification, (b) weighted average, (c) FIFO,…Niles Co. has the following data related to an item of inventory: Inventory, March 1 400 units @ $2.10 Purchase, March 7 1,400 units @ $2.20 Purchase, March 16 280 units @ $2.25 Inventory, March 31 520 units The value assigned to cost of goods sold if Niles uses FIFO is der O a. $3,448. O b. $3,392 Oc $1,158. O d. $1,104. re to search 近
- Topanga Group began operations early in 2016. Inventory purchase information for the quarter ended March 31, 2016, for Topanga's only product is provided below. The unit costs include the cost of freight. The company uses a periodic inventory system. Date of Purchase Units Total Cost Unit Cost $ 20,000 5,000 12,000 17,000 $4.00 Jan. 7 Feb. 16 March 22 4.50 54,000 85,000 5.00 Totals $159,000 34,000 Sales for the quarter, all at $7.00 per unit, totaled 20,000 units leaving 14,000 units on hand at the end of the quarter. Required: 1. Calculate the Topanga's gross profit ratio for the first quarter using: a. FIFO b. LIFO c. Average cost 2. Comment on the relative effect of each of the three inventory methods on the gross profit ratio.s96) A company's inventory records indicate the following data for the month of January: Date January 1 Beginning inventory January 8 Purchase Activities January 12 January 17 Purchase Sale January 23 January 28 Purchase Sale A) $17,680. B) $18,080. C) $20,640. D) $15,040. E) $12,480. Units Acquired at Cost 360 units @ $18 = $6,480 340 units @ $20 = $6,800 400 units @ $22 = $8,800 460 units @ $24 = $11,040 Units Sold at Retail 600 units @ $70 300 units @ $70 If the company uses the LIFO periodic inventory system, what is the value of cost of goods sold?
- R. & K. Company's beginning inventory and purchases during the fiscal year ended December 31, 20--, were as follows: Units Unit Price Total Cost Jan. 1 Beginning inventory 20 $12 $240 Apr. 2 1st Purchase 30 $13 390 Aug. 6 2nd purchase 25 $14 350 Nov. 9 - 3rd Purchase 25 $18 450 $1,430 There are 20 units of inventory on hand at December 31, 20--. 1. Calculate the total amount to be assigned to the ending inventory under each of the following methods: a. First-in, first-out (FIFO) $4 360 b. Last-in, first-out (LIFO) 240 2. Assume the market price per unit (cost to replace) of the R. &. K. Company's inventory on December 31, was $16. Calculate the total amount to be assigned to the ending inventory on December 31, under each of the following methods: a. FIFO lower-of-cost-or-market $4 b. Weighted-average lower-of-cost-or-market $4The units of an item available for sale during the year were as follows: Date Line Item Description Units Cost per Unit Amount Jan. 1 Inventory 40 units at $165 $6,600 Aug. 13 Purchase 200 units at $180 36,000 Nov. 30 Purchase 60 units at $200 12,000 Available for sale 300 units $54,600 There are 75 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the (a) first-in, first-out (FIFO) method; (b) last-in, first-out (LIFO) method; and (c) weighted average cost method. Line Item Description Amount a. First-in, first-out (FIFO) method $fill in the blank 1 b. Last-in, first-out (LIFO) method $fill in the blank 2 c. Weighted average cost method $fill in the blank 3The Rock Shop shows the following data related to one of the minerals in inventory: Inventory, January 1 300 units @ $5.00 900 units @ $5.40 Purchase, January 9 Purchase, January 19 Total available 210 units @ $6.00 1,410 units O $1,500 $5,874 = If there are 300 units in inventory on January 31, what value should be assigned to cost of goods sold using FIFO? O $1,746 $6,120 $1,500 $4,860 $1,260 $7,620