4. Calculate the Ending inventory from the following information using LIFO, SIMPLE AVERAGE methods of Material issues: The details relating to the purchase and sales of Material X is given below. Calculate the Ending inventory and Cost of goods sold for the Material X: Date PARTICULARS OMR 1.1.2017 Opening stock of Material X 250 units at 1.200 5.1.2017 Purchased 350 units of Material X at 7.12017 Purchased 425 units of Material X at 10.1.2017 Sold 800 units 12.1.2017 Purchased 550 units of Material X at 15.1.2017 Sold 620 units 1.275 1.340 1.425 1.500 20.1.2017 Sold 120 units

4. Calculate the Ending inventory from the following information using LIFO, SIMPLE AVERAGE methods of Material issues: The details relating to the purchase and sales of Material X is given below. Calculate the Ending inventory and Cost of goods sold for the Material X: Date PARTICULARS OMR 1.1.2017 Opening stock of Material X 250 units at 1.200 5.1.2017 Purchased 350 units of Material X at 7.12017 Purchased 425 units of Material X at 10.1.2017 Sold 800 units 12.1.2017 Purchased 550 units of Material X at 15.1.2017 Sold 620 units 1.275 1.340 1.425 1.500 20.1.2017 Sold 120 units

Name: 4. Calculate the Ending inventory from the followinginformation using
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: 4. Calculate the Ending inventory from the followinginformation using_LIFO, SIMPLE AVERAGE methods ofMaterial issues:The details relating to the purchase and sales of Material X isgiven below. Calculate the Ending inventory and Cost of goodssold for

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

! Required information Use the following information for the Exercises 8-10 below. (Algo) [The following information applies to the questions displayed below.] Hemming Company reported the following current-year purchases and sales for its only product. Activities Beginning inventory Sales Purchase Sales Purchase Sales Purchase Totals Date January 1 January 10 March 14 March 15 July 30 October 5 October 26 Units Acquired at Cost @ $11.40 @$16.40 @ $21.40 = 235 units 360 units 435 units 135 units 1,165 units @ $26.40 = $ 2,679 5,904 9,309 3,564 $ 21,456 Units Sold at Retail 170 units 290 units 410 units 870 units @ $41.40 @ $41.40 @ $41.40
Required: Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. Date January 01 January 09 January 19 January 25 January 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals Perpetual FIFO Units available 175 units from beginning inventory 130 units purchased on January 19 275 units purchased on January 30 Totals Units Acquired at Cost Units Cost Total cost per unit 175 130 275 580 $10.00 $1,750.00 135 $9.00 $7.00 1,170.00 Cost of Goods Sold - Jan 9 Units Cost per unit Cost of goods sold $1,350.00 135 $10.00 $9.00 $7.00 1,925.00 $4,845.00 $1,350.00 Units Sold at Retail Units Selling Total Sales price per unit 135 140 275 $19.00 0 $19.00 $2,565.00 2,660.00 $5,225.00 Cost of Goods Sold - Jan 25 Units Cost Cost of per unit goods sold $10.00 $9.00 $7.00 $0.00 Ending Inventory Units Cost per unit $10.00 $9.00 $7.00 Inventory $0.00
! Required information [The following information applies to the questions displayed below.] Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Monson uses a perpetual inventory system. Also, on December 15, Monson sells 15 units for $39 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 10 units @ $25.00 cost 20 units@ $31.00 cost 15 units @ $33.00 cost Of the units sold, 8 are from the December 7 purchase and 7 are from the December 14 purchase. Determine the costs assigned to ending inventory when costs are assigned based on specific identification.
Problem 1 of 2 (note additional problem below): Calculate the cost of goods sold dollar value and the value of ending inventory for En Cee Yo0 Company for the sale on March 11, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for (a) first-in, first-out (FIFO); (b) last-in, first-out (LIF0); and (c) weighted average (AVG). You must show your work and calculations--answers that are correct but do not show calculations are graded as a zero grade. Place your answers in the shaded cells. Number of Units Unit Cost 110 $ Beginning inventory, March 1 Purchased inventory, March 8 86 140 $ 90 Sold inventory for $110 per unit, March 11 95 If you use the FIFO method, the dollar value of COGS is → and the dollar value of ending inventory is- If you use the LIFO method, the dollar value of COGS is - and the dollar value of ending inventory is- If you use the Weighted Average method, the dollar value of…
TB MC Qu. 05-165 (Algo) Salmone Company reported the following... Salmone Company reported the following purchases and sales for its only product. Salmone uses a periodic inventory system Determine the cost assigned to cost of goods sold using LIFO. Date May 1 May 5 May 10 May 15 May 24 Activities Beginning inventory Purchase Sales Purchase Sales Multiple Choice Units Acquired at Cost 162 units@ $10 $1,620- 232 units@ $12- $2,784 112 units@ $13= $1,456 Units Sold at Retail 152 units @ $20 102 units @ $21
Use the following information for the Exercises below. [The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. Units sold at Retail Units Acquired at Cost 165 units@ $9.00 = $1,485 Date Activities Jan. 1 Beginning inventory 125 units @ $18.00 Jan. 10 Sales Jan. 20 Purchase 110 units@ $8.00 = 088 125 units @ $18.00 Jan. 25 Sales Jan. 30 Purchase 230 units@ $7.50 = 1,725 505 units $4,090 250 units Totals The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 255 units, where 230 are from the January 30 purchase, 5 are from the January 20 purchase, and 20 are from beginning inventory. Exercise 5-3 Perpetual: Inventory costing methods LO P1 Required: 1. Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. 2. Determine the cost assigned to ending inventory and to cost…
Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does nct indice Problem 6-3A Perpetual: Alternative cost flows LO P1 Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions Date Activities Units Acquired at Cost 660 units@ $60 per unit 330 units@ $57 per unit 110 units @ $45 per unit Units Sold at Retail Jan. 1 Beginning inventory Feb. 10 Purchase 13 Purchase 15 Sales 21 Purchas Mar. Mar. 715 units@ $70 per unit 160 units @ $65 per unit 570 units @ $61 per unit Aug. Sept. 5 Purchase Sept. 10 Sales 730 units @ $70 per unit Totals 1,830 units 1,445 units Required: 1. Compute cost of goods available for sale and the number of units available for sale. Answer is complete but not entirely correct. 2$ 20,133 Cost of goods available for sale Number of units available for sale 1,830 units Prev 1 of 3 Next >
A. First In, First Out Number of Units Dollar Per Unit Value Total Value Cost of Goods Sold .. ... B. Last In, First Out Number of Units Dollar Per Unit Value Total Value Cost of Goods Sold ... ... C. Weighted Average Number of Units Dollar Per Unit Value Total Value Cost of Goods Sold ... ...
Given the following: Numberpurchased Costper unit Total January 1 inventory 32 $ 4 $ 128 April 1 52 6 312 June 1 42 7 294 November 1 47 8 376 173 $ 1,110 a. Calculate the cost of ending inventory using the FIFO (ending inventory shows 53 units). b. Calculate the cost of goods sold using the FIFO (ending inventory shows 53 units).
please assist