21. ATHLETIC SOCKS REI made the following purchases of wool socks.Beginning inventoryMayAugustOctober200 packages at $3.10250 packages at $3.50300 packages at $4.25280 packages at $4.50An inventory at the end of October shows that 320 packages remain. (a) Find the inven-tory value using the weighted-average method. (b) Find the inventory value using theFIFO method. (c) Find the inventory value using the LIFO method.

Name: 21. ATHLETIC SOCKS REI made the following purchases of wool socks.Beg
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: 21. ATHLETIC SOCKS REI made the following purchases of wool socks.Beginning inventoryMayAugustOctober200 packages at $3.10250 packages at $3.50300 packages at $4.25280 packages at $4.50An inventory at the end of October shows that 320 packages remai

Inventory can be evaluated using different methods as: 1. Average method 2. FIFO 3. LIFO

Business

Accounting

21. ATHLETIC SOCKS REI made the following purchases of wool socks. Beginning inventory May August 200 packages at $3.10 250 packages at $3.50 300 packages at $4.25 280 packages at $4.50 October An inventory at the end of October shows that 320 packages remain. (a) Find the inven- tory value using the weighted-average method. (b) Find the inventory value using the FIFO method. (c) Find the inventory value using the LIF0 method.

21. ATHLETIC SOCKS REI made the following purchases of wool socks. Beginning inventory May August 200 packages at $3.10 250 packages at $3.50 300 packages at $4.25 280 packages at $4.50 October An inventory at the end of October shows that 320 packages remain. (a) Find the inven- tory value using the weighted-average method. (b) Find the inventory value using the FIFO method. (c) Find the inventory value using the LIF0 method.

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

From the following, calculate the cost of ending inventory and cost of goods sold for the weighted-average method, ending inventory is 55 units. Note: Round your intermediate calculations and final answers to the nearest cent. Beginning inventory and purchases January 1 April 10 May 15 July 22 August 19 September 30 November 10 December 15 Cost of ending inventory Cost of goods sold Units 5 10 123 925 ∞ ON 6 000 10 12 15 18 20 32 16 Unit cost $ 2.60 3.10 3.60 3.85 4.60 4.80 5.00 5.40
Beginning inventory, purchases and sales data for T-shirts are as follows: April 3 Inventory 24 units @ $10 11 Purchase 26 units @ $12 14 Sale 36 units 21 Purchase 18 units @ $15 25 Sale 20 units Assuming the business maintains a periodic inventory system; calculate the cost of merchandise sold and ending inventory under the following assumptions: FIFO LIFO Average cost In your computations, round the average cost per unit to two decimal places and round your final answers to the nearest dollar.
The following is the detail of the purchase and sale of inventory of a product of Simco Co. May 1 Beg. Inventory 60 units @ $220 May 2 Purchase 100 units @ $216 May 14 Purchase 50 units @ $224 May 22 Purchase 60 units @ $234 May 30 Sale 200 units Required: 1. Compute the cost of goods sold and cost of ending inventory for Simco Co. for May under the FIFO, LIFO, and weighted average cost assumptions. 2. Which method results in Simco Co. paying the least tax?
Boxwood Company sells blankets for $36 each. The following was taken from the inventory records during May. The company had no beginning inventory on May 1. Date Blankets Units Cost May 03 Purchase 5 $20 10 Sale 3 17 Purchase 12 $22 20 Sale 4 23 Sale 2 30 Purchase 12 $24 Assuming that the company uses the perpetual inventory system, determine the ending inventory for the month of May using the LIFO inventory cost method. a.$328 b.$460 c.$592 d.$230
Wan Tan Corp. made the following four inventory purchases in June: June 1 150 units $5.20 June 10 200 units $5.85 June 15 200 units $6.30 June 28 150 units $6.60 On June 22, 450 units were sold. The company uses the perpetual inventory system and the weighted average to value the inventory. Calculate the cost of goods sold for the sale. Round to the nearest whole dollar. Select one: a. $2,580 b. $2,628 c. $2,700 d. $1,572
I need help with question C
The units of an item available for sale during the year were as follows: Jan. 1 Inventory 850 units at $ 43 Mar. 10 Purchase 1090 units at $ 46 Aug. 30 Purchase 902 units at $ 49 Dec. 12 Purchase 870 units at $ 55 There are 950 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 the following three methods, presenting your answers in the following form: Cost of Merchandise Merchandise Inventory method Inventory Sold a. First-in, first-out $ $ b. Last-in, first-out c. Weighted average cost Show your calculations
Blair Enterprises recorded inventory information for the month of September as follows: Sept. 5 Sept. 65 units at $6 each 55 units at $8 each. Sept. 29 44 units at $10 each Sept. 30 70 units Determine ending inventory cost by (a) the FIFO method, (b) the LIFO method, and (c) the weighted average cost method. Round your answers to the nearest dollar. Purchase Purchase Purchase Ending inventory. 13 FIFO method: LIFO method: Weighted average cost method: 000
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
please answer 4 and 5? answer are at the bottom what is the process to get these answers
Beginning inventory, purchases, and sales for an inventory item are as follows: Sep. 1 Beginning Inventory 24 units @ $15 5 Sale 15 units 17 Purchase 25 units @ $18 30 Sale 16 units Assuming a perpetual inventory system and the last-in, first-out method: a. Determine the cost of the goods sold for the September 30 sale. b. Determine the inventory on September 30.
Please help me. Thankyou.