36. Inventory records for DD Incorporated revealed thefollowing:Number UnitDateTransactionof Units CostApr. 1 Beginning inventory 100 $82.00Apr. 10 Purchase1,500 S84.00DD sold 1,550 units of inventory during the month. Endinginventory assuming LIFO would be $37. Inventory records for MM Company revealed thefollowing:NumberUnitDateTransactionof UnitsCostMar. 1 Beginning inventory 100 $25.00Mar. 6 Purchase400 $25,50Mar. 16 Purchase500 $25.70Mar, 23 Purchase400 $26.00MM sold 1,370 units of inventory during the month. Endinginventory assuming FIFO would be $38. Inventory records for SC Company revealed thefollowing:NumberUnitDateTransactionof UnitsCostMar. 1 Beginning inventory 100 $38.00Mar. 3 Purchase600 S39.00Mar. 23 Purchase300 $40.00SC sold 990 units of inventory during the month. Endinginventory assuming Weighted Average would be2$

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Description: 36. Inventory records for DD Incorporated revealed thefollowing:Number UnitDateTransactionof Units CostApr. 1 Beginning inventory 100 $82.00Apr. 10 Purchase1,500 S84.00DD sold 1,550 units of inventory during the month. Endinginventory assuming LIFO

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36. Inventory records for DD Incorporated revealed the following: Number Unit Date Transaction of Units Cost Apr. 1 Beginning inventory 100 $82.00 Apr. 10 Purchase 1,500 $84.00 DD sold 1,550 units of inventory during the month. Ending inventory assuming LIFO would be $

36. Inventory records for DD Incorporated revealed the following: Number Unit Date Transaction of Units Cost Apr. 1 Beginning inventory 100 $82.00 Apr. 10 Purchase 1,500 $84.00 DD sold 1,550 units of inventory during the month. Ending inventory assuming LIFO would be $

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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Marian Company reported the following items for the month of July: $476,300 Cost of goods sold $73,900 Ending inventory Days' inventory outstanding is: (Round intermediate numbers to two decimal places, final answer to the nearest day) Sales revenue Beginning inventory A. 131 days B. 123 days C. 365 days D. 115 days $235,000 $84,100
Inventory records for Capetown, Incorporated revealed the following: Number of Date April 1 April 20 Transaction Units Unit Cost Beginning Inventory Purchase 460 310 $ 2.39 2.51 Capetown sold 630 units of inventory during the month. Cost of goods sold assuming LIFO would be: (Do not round your intermediate calculations. Round your answer to the nearest dollar amount.)
Beginning Inventory at FIFO: 15 Units @ $16 = $240 Beginning Inventory at LIFO: 15 Units @ $12 = $1801. Compute the inventory turnover ratio for the month of January under the FIFO and LIFO inventory costing methods. 2. Which costing method is the more accurate indicator of the efficiency of inventory management?
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
The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 20 units @ $32 $640 June 16 Purchase 30 units @ $34 1,020 Nov. 28 Purchase 41 units @ $35 1,435 91 units $3,095 There are 11 units of the product in the physical inventory at November 30. The periodic inventory system is used. Determine the difference in gross profit between the LIFO and FIFO inventory cost systems. Enter the answer as a positive number. FIFO Cost of Goods Sold $fill in the blank 1 LIFO Cost of Goods Sold $fill in the blank 2 Difference fill in the blank 3
20
Inventory records for Dunbar Incorporated revealed the following: Date Transaction Numberof Units UnitCost Apr. 1 Beginning inventory 400 $ 2.11 Apr. 20 Purchase 380 2.65 Dunbar sold 580 units of inventory during the month. Ending inventory assuming LIFO would be: (Do not round your intermediate calculations. Round your answer to the nearest dollar amount.) Multiple Choice $422. $844. $1,007. $530.
The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 24 units @ $32 $768 June 16 Purchase 30 units @ $35 1,050 Nov. 28 Purchase 38 units @ $39 1,482 92 units $3,300 There are 15 units of the product in the physical inventory at November 30. The periodic inventory system is used. a. Determine the inventory cost by the FIFO method. b. Determine the inventory cost by the LIFO method. c. Determine the inventory cost by the average cost methods. Round answer to two decimal places. %24 %24 %24
Suppose that Pharoah has the following inventory data: July 1 Beginning inventory 25 units at $5.00 5 Purchases 101 units at $5.50 14 Sale 67 units 21 Purchases 50 units at $6.00 30 Sale 47 units Assuming that a perpetual inventory system is used, what is the cost of goods sold on a LIFO basis for July? O $650.50 ○ $980.50 O $330.00 O $485.00
Use the following information for questions 17-19 Maxwell Inc. uses the periodic inventory system. During its first year of operations, Maxwell made the following purchases, listed in chronological order of acquisition: 40 units at $100 per unit 70 units at $80 per unit 170 units at $60 per unit Sales for the year totaled 270 units. 17. Ending inventory using the average cost method (rounded) is: A. $650 B. $1,000 C. $707 D. $600
During the year, TRC Corporation has the following inventory transactions. Date Jan. 1 Beginning inventory Apr. 7 Purchase Jul.16 Purchase Oct. 6 Purchase Weighted Average Cost Total Beginning Inventory Purchases: Apr 07 Jul 16 Oct 06 Transaction Sales revenue Gross profit For the entire year, the company sells 450 units of inventory for $70 each. 3. Using weighted-average cost, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. (Round "Average Cost per unit" to 2 decimal places and all other answers to the nearest whole number.) Number of Units 60 140 210 120 530 Cost of Goods Available for Sale # of units 60 140 210 120 530 Average Cost per unit Cost of Goods Available for Sale $ $ Unit Cost 3,120 $ 52 54 57 58 7,560 11,970 6.960 29,610 Total Cost $ 3,120 7,560 11,970 6,960 $29,610 Cost of Goods Sold - Weighted Average Cost of units Sold Average Cost of Cost per Unit Goods Sold Ending Inventory - Weighted Average Cost # of units in Ending Inventory…
Case D Tompkins Company reports the following Inventory record for November. Date November 1 November 4 November 7 November 13 November 22 INVENTORY Activity Beginning balance Purchase Sale (@ $53 per unit) Purchase Sale (@ $53 per unit) # of Units 135 320 Cost/Unit $ 18 19 245 525 21 520 Selling, administrative, and depreciation expenses for the month were $15,500. Tompkins's effective tax rate is 40 percent. Required: 1. Calculate the cost of ending Inventory and the cost of goods sold under each of the following methods using periodic Inventory system: 2-a. What is the gross profit percentage under the FIFO method? 2-b. What is net income under the LIFO method? 3. Tompkins applied the lower of cost or market method to value its Inventory for reporting purposes at the end of the month. Assuming Tompkins used the FIFO method and that Inventory had a market replacement value of $17.70 per unit, what would Tompkins report on the balance sheet for Inventory? Complete this question by…