2. The following data is available for the month of September for two items of inventory that mightsoon be render obsolete for Island Solutions.Inventory balances at September 1, 2023, were as follows:USB-C (TA3) Hub - 200 @ $400 ea.USB-C (TB3) Hub - 600 @ $800 ea.DateSep 510152025USB-C (TA3) HUBPurchases500 @ $450400 @ $475300 @ $500Sales500 @ $540400 @ $570DateSep 1019252830USB-C (TB3) HUBPurchases600 @ $900300 @ $950500 @ $1 000Sales900 @ $1 080600 @ $1 140a. Assume that Island Solutions uses a periodic inventory system under the FIFO method,determine the cost of ending inventory and cost of goods sold at September 30, 2023, forthe individual items and in total. (Show all workings)b. Assume that Island Solutions uses a periodic inventory system under the average costmethod, determine the cost of ending inventory and cost of goods sold at September 30,2023, for the individual items and in total. (Round to 2 decimal places)2

The objective of the question is to calculate the cost of ending inventory and cost of goods sold…

Answered: 2. The following data is available for…

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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Q3. Rex Company's record of transactions for the month of September was as follows. Purchase Sales Date Quantity (Balance on hand) 100 Unit Price Date Units Sep 1 $5.00 Sep 5 300 Sep 4 Sep Sep 12 Sep 27 400 5.10 200 300 5.30 800 11 Sep 18 200 5.35 Sep 28 150 Sep 600 5.60 26 Sep 30 200 5.80 Total 1,800 Total units (ending inventory) 350 1,450 Instructions: Compute the ending inventory at September 30 on each of the following on periodic bases. 1. FIFO 2. LIFO 3. WA
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Required Information [The following information applies to the questions dlisplayed below.] Warnerwoods Company uses a perpetual inventory system. It entered into the following purchoses and seles transections for March. Date Activities LUnits Acquired at Cost 180 units @ $67.88 per unit 480 units e $72.08 per unit Linits Sold at Retail 1 Beginning inventory 5 Purchase 9 Sales Mar. Mar. Mar. 428 units e $182.00 per unit 120 units $77.00 per unit 208 units e $79.00 per unit Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales 168 units e $112.00 per unit Totals 820 units 588 units 3. Compute the cost assigned to ending inventory using (0) FIFO, (b) LIFOo. (c) weighted overage, and (d) specific identification. For specific identification, the March 9 sale consisted of 80 units from beginning inventory and 340 units from the March 5 purchase; the March 29 sale consisted of 40 units from the March 18 purchese and 120 units from the March 25 purchase. Complete this question by entering your…
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9. Sylvia's Designs Co. had the following inventory activity during April: Unit Units 100 Cost $10 Beginning inventory Purchase (April 3) Sale (April 10) Purchase (April 18) Purchase (April 23) Sale (April 28) 50 12 80 40 14 60 15 120 Assuming Sylvia's uses a periodic LIFO cost flow assumption, ending inventory for April would be a. $2,560 b. $ 750 c. $2,310 d. $ 500
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
You have the following information for Bramble Inc. for the month ended June 30, 2022. Bramble uses a periodic inventory system. Date Description Quantity Unit Cost orSelling Price June 1 Beginning inventory 40 $31 June 4 Purchase 135 34 June 10 Sale 110 61 June 11 Sale return 15 61 June 18 Purchase 55 37 June 18 Purchase return 10 37 June 25 Sale 65 67 June 28 Purchase 35 41
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Comprehensive Do it! 1 on page 280 showed cost of goods sold computations under a periodic inventory system. Now let's assume that Gerald D. Englehart Compam uses a perpetual inventory system. The company has the same inventory, purchas and sales data for the month of March as shown earlier: Inventory: March 1 Purchases: March 10 March 20 March 30 March 15 March 25 The physical inventory count on March 31 shows 500 units on hand 200 units @ $4.00 500 units @ $4.50 400 units @ $4.75 300 units @ $5.00 § SIM 2.250 1.900 1.500 500 units Sales: 400 units Instructions Under a perpetual inventory system, determine the cost of inventory on hand at March 31 and the cost of goods sold for March under (a) FIFO. (b) LIFO. and (c average-cost.
Show Me How Beginning inventory, purchases, and sales data for prepaid cell phones for December are as follows: Inventory Dec. 1 1,600 units at $33 Purchases Dec. 10 800 units at $35 20 720 units at $37 Sales Dec. 12 1,120 units 14 960 units 31 480 units a. Assuming that the perpetual inventory system is used, costing by the LIFO method, determine the cost of goods sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 4. Under LIFO, if units are in inventory at two different costs, enter the units with the HIGHER unit cost first in the Cost of Goods Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column. Schedule of Cost of Goods Sold LIFO Method Prepaid Cell Phones Quantity Purchases Purchases Purchased Unit Cost Total Cost Cost of Quantity Goods Sold Goods Sold Sold Unit Cost Total Cost Cost of Inventory Quantity Inventory Unit Cost Inventory Total Cost Date Dec. 1 1,600 33 52,800 Dec. 10 800 35…
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