21. The expected annual usage of a particular material is540,000 units, and the standard order size is 36,000 units.The invoice cost of each unit is P900, and the orderingcost per order is P240. Assuming the company does notmaintain safety stock.What is the ordering cost?22. The order cost per order of an inventory is P400 withan annual carrying cost of P10per unit.What is the Economic order quantity for an annualdemand of 2,000 units?23. Norina Corp. Uses 10,500 yards of material X eachday to make shirts. It usually takes 10 days from the timeNorina orders the material when it is received. If Norinadesired a safety stock of 21,000 yards, What is the orderpoint?24. The following are annual cost of Peter Corp. relatingto Material A which required 40,000 units per year:Unit CostInsurance costP20Storage costFreight inOrder cost323610Interest that could have been earned on alternativeinvestment of funds P320,000What is the annual carrying cost per unit?25. Senen has an order point at 1,400 units, usage duringthe normal lead time of 600, and EOQ 4,000 units.What would be its maximum inventory, assuminglead time and usage is normal. 18. On January 2020, Roel Corp. Has th followinginventory purchases.January5,7505,1007,6006,600UnitsP7,5005,8506,3004,950Amount381626A physical count of inventory on January 30 revealsthat there are 1,000 units on hand.Under the FIFO inventory method, what is the value ofthe ending inventory on January 31, 2020?19. On January 2020, Roel Corp. Has the followinginventory purchases.UnitsJanuary5,7505,1007,6006,600Amount4P7,5009.5,8506,3004,9501727A physical count of inventory on January 30 revealsthat there are 1,000 units on hand.Under the weighted average cost method , What is theamount allocated to the ending inventory on January 31,2020?20. The expected annual usage of a particular material is540,000 units, and the standard order size is 36,000 units.The invoice cost of each unit is P900, and the orderingcost per order is P240. Assuming the company does notmaintain safety stock.What is the average inventory?21. The expected annual usage of a particular material is540,000 units, and the standard order size is 36,000 units.The invoice cost of each unit is P900, and the orderingcost per order is P240. Assuming the company does notmaintain safety stock.What is the ordering cost?

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Answered: 18. On January 2020, Roel Corp. Has th…

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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The inventory records of Kuffel Co. reflected the following information for the year ended December 31, 2019: Number Unit Total Cost Date of Units Cost 1/1 Transaction Beginning inventory Purchase 150 $ 30 $ 4,500 1/24 70 33 2,310 2/22 Sale (100) 3/7 90 40 3,600 Purchase. Purchase 4/10 140 36 5,040 6/11 Sale 9/28 Purchase (100) 50 (100) 39 1,950 12/4 Sale Required: a. Assume that Kuffel Co. uses a periodic inventory system. Calculate cost of goods sold and ending inventory under FIFO and LIFO. FIFO LIFO Cost of goods sold Ending inventory b. Assume that Kuffel Co. uses a perpetual inventory system. Calculate cost of goods sold and ending inventory under FIFO and LIFO. FIFO LIFO Cost of goods sold Ending inventory
If Inventory on 1.1.2020 was OMR 240,000, Inventory on 31.12.2020 was OMR 320,000 and cost of goods sold was OMR 900,000, the Inventory conversion period will be: a. 113.55 days b. 129.78 days c. None of these d. 97.33 days
UMET's Stores had the following inventory transactions in 2020: Transaction Units Cost per unit 1/1 Balance 50 $6 2/14 Sale 25 5/23 Purchase 100 8 8/21 Sale 50 11/5 Purchase 25 12 11/18 Sale 95 Required: Compute tge cost of goods sold and the ending inventory using the periodic inventory system for each of the following cost flow assumptions: a. FIFO b. LIFO c. Weighted average
Liverpool Company uses a perpetual inventory system. The following table shows the beginning inventory, the purchases and sales of product X during the current year 2019: Date Description Unit Quantity (unit) Total Cost 13 Jan 10 Apr 21 Jul 18 Aug | 23 Oct 11 Nov Beginning inventory Purchases Purchases Sales Purchases Sales $6,000 $4,800 S12,000 60 S100 40 S120 100 S120 80 S110 S17,600 160 50 Required: (SHOW WORKINGS) Using First-In, First-Out (FIFO) method, calculate (i) and (ii): (i) Cost of Goods Sold for the year ended 31 December 2019. (ii) the cost of Ending Inventory as at 31 December 2019.
Bonivesta Inc., a general merchandiser, uses the periodic inventory system. Transactions recorded for January 2022 are as follows: Opening inventory Issued Received Received Issued 10 January Stock taking Using the weighted average cost method, calculate the closing inventory on 10 January 2022 1 January 2 January 4 January 6 January 7 January OA. R1 208 OB. R4 810 O C. R28 60 O D. R3 602 200 units 70 units 130 units 150 units 307 units @R10 per unit @R12 per unit @R13 per unit
Po.0014. The units of an item available for sale during the year were as follows: Jan 1 Inventory 27 units at $120 Feb 17 Purchase 54 units at $138 July 21 Purchase 63 units at $156 Nov 23 Purchase 36 units at $165 There are 50 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost by (a) FIFO, (b) LIFO and (c) the Average cost method.
Mist Company uses a PERIODIC inventory system. Mist had the following inventory purchases and sales during 2021: 2021 Beginning Inventory (purchased in 2020) Purchases: 60 units @ $20 per unit Purchase 1 on 3/8/21 140 units @ $28 per unit Purchase 2 on 8/5/21 50 units @ $32 per unit Sales: Sale 1 on 5/8/21 80 units @ $90 per unit Sale 2 on 9/13/21 125 units @ $90 per unit Of the items sold on 5/8/2021, 60 units were from the beginning inventory and 20 units were from 3/8/21 purchase. The 9/13/21 sale included 85 units from the 3/8/21 purchase and 40 units from the 8/5/21 purchase. Show how Mist's Balance Sheet and Income Statement would look under each of the inventory cost flow assumptions. Compute Ending Inventory, Sales, COGS, and Gross Profit under Specific Identification, Weighted Average Cost, FIFO and LIFO. Fill in your answers on the table below. SHOW YOUR WORK. Round per…
The following inventory transactions took place for Sunland Ltd. for the year ended December 31, 2023: Date Jan 1 Jan 5 Feb 15 Mar 10 May 20 Aug 22 Sep 12 Nov 24 Dec 5 beginning inventory sale purchase purchase sale Event purchase sale purchase sale Ending inventory Unit cost of the last item sold $ CA $ Quantity 24,300 LA 6,200 32,200 9,200 40,900 14,800 20,350 9,800 17,300 Cost/ Selling Price $47.00 77.00 38.25 45.00 Calculate the ending inventory balance for Sunland Ltd., assuming the company uses a perpetual inventory system and the first-in, first-out cost formula. Also calculate the per-unit cost of the last item sold. (Round unit costs to 2 decimal places, e.g. 52.75 and ending inventory to O decimal places, e.g. 5,276.) 77.00 42.50 77.00 57.00 77.00
Given the following information, determine the cost of the inventory at June 30 using the LIFO perpetual inventory method. Date June 1 June 15 June 29 Activities Beginning inventory Sale Purchase The cost of the ending inventory is: Units Acquired at Cost 15 units @ $29 = $435 8 units @ $34 = $272 Units Sold at Retail 6 units @ $59
How much is the total inventory value at December 31, 2019?
During January 2019, Marta Company, which maintains a perpetual inventory system, recorded the following information pertaining to its inventory: Units Unit Cost Bal. 1/1/19 Purchased on 1/4/19 Sold on 1/20/18 Purchased on 1/25/18 Under the moving average method, what amount should Metro report as Cost of Sales on January 1,000 40 600 @ 120 900 400 @ 200 31,
please assist

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