3. The records of Watawala Company contain the following information relating to the inventory item of K730 for October 20X6 Oct. 1 3 9 14 19 22 26 28 31 Beginning Inventory purchase Sale Sale Purchase Sale Purchase Sale Sale Units 20 40 10 45 50 30 20 10 5 Unit Cost Rs.4 Rs.5 Rs.7 Rs.9 Using the periodic inventory system compute the cost of ending inventory and cost of goods sold. Use the FIFO and LIFO inventory costing methods

3. The records of Watawala Company contain the following information relating to the inventory item of K730 for October 20X6 Oct. 1 3 9 14 19 22 26 28 31 Beginning Inventory purchase Sale Sale Purchase Sale Purchase Sale Sale Units 20 40 10 45 50 30 20 10 5 Unit Cost Rs.4 Rs.5 Rs.7 Rs.9 Using the periodic inventory system compute the cost of ending inventory and cost of goods sold. Use the FIFO and LIFO inventory costing methods

Name: 3. The records of Watawala Company contain the following information
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Description: 3. The records of Watawala Company contain the following information relating to the inventoryitem of K730 for October 20X6Oct. 139141922262831Beginning InventorypurchaseSaleSalePurchaseSalePurchaseSaleSaleUnits20401045503020105Unit CostRs.4Rs.5Rs.7

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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Blue Ltd. uses the perpetual inventory system and reports the following inventory transactions for the month of June: Date June 1 Beginning inventory 12 15 16 23 27 Explanation Purchases Sale Gross profit $ Purchases Purchases Sales Your answer is incorrect. Units 1,370 FIFO 2,430 I (2,540 ) 4,070 1,400 (5,230) Unit Cost/Price $6 G $ 7 12 Show Transcribed Text Average Cost 8 9 15 Calculate the gross profit for the month of June using (1) FIFO and (2) average cost. (Round average cost final answers to 2 decimal places, e.g. 1.25. Do not round intermediate calculations.) Total Cost $8,220 17,010 32,560 12,600
Required:Hemming uses a periodic inventory system. (a) Determine the costs assigned to ending inventory and to cost of goods sold using FIFO.
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(Appendix 68) Inventory Costing Methods: Periodic FIFO Bordeaux Company has the following information related to purchases and sales of one of its inventory items: Date Units Purchased at Cost Units Sold at Retail Description Beginning Inventory Purchase 1 Sale 1 Purchase 2 June 1 150 units $10-$1,500 200 units @ $12= $2,400 9 14 22 29 Sale 2 Assume that Bordeaux uses a periodic inventory system. Required: Calculate the cost of goods sold and the cost of ending inventory using the FIFO inventory costing method. Cost of goods sold Cost of ending inventory. 250 units $18= $4,500 more Check My Work uses remaining 300 units @ $25 225 units @ $25 Previous
Snow-Tech Inc. sells an Xpert ski that is popular with ski enthusiasts. The following information shows Snow-Tech's purchases and sales of Xpert skis during November: Date Nov. 1 Beginning inventory 5 12 19 22 Explanation 25 Purchases Sales Purchases Sales Purchases Unit Units Cost/Price $296 301 34 23 (40) 42 (48) 33 44 461 306 513 311
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The following data regarding purchases and sales of a commodity were taken from the related inventory account (perpetual inventory system is used): May 1 Balance 25 units at $41 6 Sale 20 units 8 Purchase 20 units at $42 16 Sale 10 units 20 Purchase 20 units at $43 23 Sale 25 units 30 Purchase 15 units at $45 (a) Determine the total cost of the inventory balance at May 31, using the first-in, first-out method. Also, identify the quantity, unit price, and total cost of each lot/layer in the ending inventory. (b) Determine the total cost of the inventory balance at May 31, using the last-in, first-out method. Also, identify the quantity, unit price, and total cost of each lot/layer in the ending inventory. (a) FIFO (b) LIFO
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