29.17/50EMonty Corp. Inc. had a beginning inventory of 100 units of Product RST at a cost of $9 per unit. During the year, purchases were:Feb. 20585 units at $10Aug. 12395 unitsat$12May 5480 units at $11Dec. 8100 unitsat$13Monty Corp. uses a periodic inventory system. Sales totaled 1,445 units.(a)Your answer is correct.Determine the cost of goods available for sale.The cost of goods available for sale$18,070

Step 1: The cost of goods available for sale is the sum of the cost of all goods available for…

Answered: 29.17/50 E Monty Corp. Inc. had a…

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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Norris Co. purchase and sales data is as follows: Units Cost per Unit Aug. 1 Inventory 50 $25 7 Sale 38 18 Purchase 25 $30 24 Sale ? 29 Purchase 60 $32 The August 24th sale is provided as a slider to vary the quantity sold as follows: 1. If 10 units are sold on August 24th, what is the total Cost of Merchandise Sold for the month under LIFO? $ _________ 2. If 30 units are sold on August 24th, what is the Merchandise Inventory balance on August 31 under FIFO? $ ___________ 3. Under either FIFO or LIFO, as the number of units sold increases, the number of units in the Merchandise Inventory ending balance ________(DECREASE/INCREASE/REMAIS UNCHANGED/VARIES RANDOMLY) . 4. If 30 units are sold on August 24th under LIFO, what is the total cost of this sale? $ _________ 5. If 20 units are sold on August 24th under FIFO, what is the total cost of this sale? $ ____________ 6. The…
The following data are available for Sellco for the fiscal year ended on January 31, 2020: Sales 830 units Beginning inventory 230 units @ $ 4 Purchases, in chronological order 290 units @ $ 5 450 units @ $ 7 250 units @ $ 7 Required:a. Calculate cost of goods sold and ending inventory under the cost flow assumptions, FIFO, LIFO and Weighted average (using a periodic inventory system): (Round unit cost to 2 decimal places.) b. Assume that net income using the weighted-average cost flow assumption is $15,300. Calculate net income under FIFO and LIFO. (Round unit cost to 2 decimal places.)
The beginning inventory at Dunne Co. and data on purchases and sales for a three-month period are as follows: Date Transaction Number of Units Per Unit Total Apr. 3 Inventory 60 $525 $31,500 8 Purchase 120 630 75,600 11 Sale 80 1,750 140,000 30 Sale 50 1,750 87,500 May 8 Purchase 100 700 70,000 10 Sale 60 1,750 105,000 19 Sale 30 1,750 52,500 28 Purchase 100 770 77,000 June 5 Sale 60 1,840 110,400 16 Sale 80 1,840 147,200 21 Purchase 180 840 151,200 28 Sale 90 1,840 165,600 Required: 1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibit 4, using the last-in, first-out method. 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.
The following lots of Commodity Z were available for sale during the year. Beginning inventory 10 units at $48 First purchase 19 units at $51 Second purchase 55 units at $55 Third purchase 17 units at $62 The firm uses the periodic system, and there are 27 units of the commodity on hand at the end of the year. What is the ending inventory balance at the end of the year according to the LIFO method? Oa. $1,347 Ob. $1,604 Oc. 51,296 Od. $5,528
Assume Ava Co. has the following purchases of inventory during the first month of operations Number of Units Cost per unit First Purchase 140 2.4 Second Purchase 105 4.7 Assuming Ava Co sells 120 units at $14 each, what is the cost of goods sold if they use LIFO?
Akira Company had the following transactions for the month. Number Cost of Units per Unit Beginning Inventory 150 $10 Purchased Mar. 31 180 13 Purchased Oct. 15 150 16 Ending Inventory 70 ? Calculate the ending inventory dollar value for the period for each of the following cost allocation methods, using periodic inventory updating. Round your intermediate calculations to 2 decimal places and final answers to the nearest dollar amount. Ending Inventory A. First-in, First-out (FIFO) B. Last-in, First-out (LIFO) C. Weighted Average (AVG) $ %24 %24
Ivanhoe Company uses a perpetual 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 Purchase 370 6 2.220 23 Purchase 200 1,400 30 Inventory 250 (a1) Calculate the weighted average cost per unit, using a perpetual inventory system. Assume a sale of 400 units occurred on June 15 for a selling price of $8 and a sale of 50 units on June 27 for $9. (Round Intermediate calculations to O decimal places, eg. 152 and final answers to 3 decimal places, eg 5.125 June 1 June 12 June 15 $ June 23 S June 27 $ (a2) Calculate the cost of the ending inventory and the cost of goods sold for each cost flow assumption, using a perpetual inventory system. Assume a sale of 400 units occurred on June 15 for a selling price of $8 and a sale of 50 units on June 27 for $9. (Round answers to O decimal places, es 125) FIFO Cost of the ending inventory $ Cost of goods sold LIFO $ Moving Average
[The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. Date Activities Units Acquired at Cost Units sold at Retail Jan. 1 Beginning inventory 145 units @ $ 7.00 = $ 1,015 Jan. 10 Sales 105 units @ $ 16.00 Jan. 20 Purchase 70 units @ $ 6.00 = 420 Jan. 25 Sales 85 units @ $ 16.00 Jan. 30 Purchase 190 units @ $ 5.50 = 1,045 Totals 405 units $ 2,480 190 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 215 units, where 190 are from the January 30 purchase, 5 are from the January 20 purchase, and 20 are from beginning inventory. Required:1. Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification.2. Determine…
Akira Company had the following transactions for the month. Sales for the month are $25 per unit. # of Units Cost per Unit Beginning Inventory 150 $10 Purchased Mar. 31 160 $12 Purchased Oct. 15 130 $15 Ending Inventory 50 ? In the table below, calculate the dollar value for the period for each of the following items using the listed cost allocation methods and using periodic inventory updating. PLEASE NOTE: All dollar amounts will be rounded to whole dollars using "$" with commas as needed (i.e. $12,345), except for the Weighted Average cost per unit, which will be rounded to two decimal places and include "$". Weighted average cost per unit = ___?_____ per unit Cost Allocation Method Cost of Goods Available Cost of Goods Sold Ending Inventory Sales Gross Margin First-in, First-out (FIFO) Last-in, First-out (LIFO) Weighted Average (AVG)
The Stilton Company has the following inventory and credit purchases during the fiscal year ended December 31, 2023. Beginning Feb. 10 Aug. 21 640 units @ $75/unit 350 units @ $72/unit 230 units @ $85/unit Stilton Company has two credit sales during the period. The units have a selling price of $135 per unit. Sales Mar. 15 430 units Sept. 10 335 units Stilton Company uses a perpetual inventory system. Required: 1. Calculate the dollar value of cost of goods sold and ending inventory using: (Do not round intermediate calculations. Round "Average cost per unit" to 2 decimal places. Round the final answers to 2 decimal places.) Ending Inventory Cost of Goods Sold a FIFO b. Moving weighted average
Assume Ava Co has the following purchases of inventory during the first month of operations Number of Units Cost per unit First Purchase 332 3.5 Second Purchase 205 4.5 Assuming Ava sells 335 units at $11 each, what is the value of their ending inventory if they use LIFO?
The following lots of a Commodity P were available for sale during the year. Beginning inventory 5 units at $61 First purchase 15 units at $63 Second purchase 10 units at $74 Third purchase 10 units at $77 The firm uses the periodic system, and there are 20 units of the commodity on hand at the end of the year. What is the amount of cost of goods sold for the year according to the average cost method? Oa. $1,510 Ob. $1,250 Oc. $1,375 Od. $1,380 Previous Next

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