5-1 [The following information applies to the questions displayed below.] The following information pertains to Mason Company for Year 2: 96 units @ $20 318 units @ $30 Beginning inventory Units purchased Ending inventory consisted of 32 units. Mason sold 382 units at $60 each. All purchases and sales were made with cash. Operating expenses amounted to $3,000. Exercise 5-4A (Algo) Part c c. Compute the amount of ending inventory using (1) FIFO, (2) LIFO, and (3) weighted average. Note: Round cost per unit to 3 decimal places and final answers to the nearest whole dollar amount. FIFO LIFO Weighted average Ending Inventory

5-1 [The following information applies to the questions displayed below.] The following information pertains to Mason Company for Year 2: 96 units @ $20 318 units @ $30 Beginning inventory Units purchased Ending inventory consisted of 32 units. Mason sold 382 units at $60 each. All purchases and sales were made with cash. Operating expenses amounted to $3,000. Exercise 5-4A (Algo) Part c c. Compute the amount of ending inventory using (1) FIFO, (2) LIFO, and (3) weighted average. Note: Round cost per unit to 3 decimal places and final answers to the nearest whole dollar amount. FIFO LIFO Weighted average Ending Inventory

Name: Required informationExercise 5-4A (Algo) Effect of inventory cost flo
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Description: Required informationExercise 5-4A (Algo) Effect of inventory cost flow (FIFO, LIFO, and weighted average) on gross margin LO5-1[The following information applies to the questions displayed below.]The following information pertains to Mason Company f

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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4 Cheyenne Corp. uses a periodic inventory system and reports the following for the month of June. Date June 1 12 23 30 Explanation Units Unit Cost Inventory Purchases Purchases. Inventory 130 370 200 240 $5 Weighted-average unit cost $ 6 7 Total Cost $650 2,220 1,400 Calculate weighted-average unit cost. (Round answer to 3 decimal places, e.g. 5.125.)
Taraz Company started a business at the beginning of Year 1. Inventory purchases and sales during the first four years of the company's business are as follows: Year 1 Year 2 Year 3 Year 4 Units Purchased 100 50 200 200 Cost per Unit $1.00 1.50 2.50 5.00 Units Sold 30 100 150 160 Taraz Company uses LIFO inventory valuation. 13. Compute Taraz Company's ending inventory as of the end of Year 4. [Note: Your answer should be in dollars, NOT in units.]
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Main.do?invoker-8takeAssignment ocate R. & K. Company's beginning inventory and purchases during the fiscal year ended December 31, 20-, were as follows: 1TI Units Unit Price Total Cost Jan. 1- Beginning inventory 20 $12 $240 Apr. 2 1st Purchase 30 $13 390 Aug. 6 2nd Purchase 25 $14 350 Nov. 9 - 3rd Purchase 25 $18 450 $1,430 There are 20 units of inventory on hand at December 31, 20--. 1. Calculate the total amount to be assigned to the ending inventory under each of the following methods: a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) 2. Assume the market price per unit (cost to replace) of the R. &. K. Company's inventory on December 31, was $16. Calculate the total amount to be assigned to the ending inventory on December 31, under each of the following methods: a. FIFO lower-of-cost-or-market b. Weighted-average lower-of-cost-or-market
Company "A" started the period with 85 units in beginning inventory that cost $2.60 each. During the period, the company purchased inventory items as follows. Company sold 315 units after purchase 3 for $10.80 each. Purchase, No. of Items, Cost1 290 $ 3.102 195 $ 3.203 50 $ 3.60Companies cost of goods sold under FIFO would be
Question 3 Use the following information for question 3 (i) and (ii). (i) Beacon Factory, Inc. uses a perpetual inventory system. The company's beginning inventory and purchases of a particular product during the month of May were as follows: Quantity Unit Cost ($) Beginning inventory (1 May) 32 5 Purchases (11 May.) 46 7.5 Purchase (25 May.) 28 6 On 24 May, Beacon Factory, Inc. sold 50 units of this product. The other units remained in inventory at 3 1 May. (i) Refer to the above data. Assuming that Beacon Factory uses the FIFO flow assumption, the ending inventory at 31 May is: A: $268. B: $295. C: $378. D: $405. (ii) Refer to the above data. Assuming that Beacon Factory uses the weighted average cost flow assumption, the cost of goods sold to be recorded at 24 May is: A: $323. B: $308. C: $273 D: $347.
C.12.
[The following information applies to the questions displayed below.] The following Information pertains to Mason Company for Year 2: Beginning inventory Units purchased 120 units @ $32 366 units @ $48 Ending Inventory consisted of 44 units. Mason sold 442 units at $96 each. All purchases and sales were made with cash. Operating expenses amounted to $3,450. Exercise 5-4A (Algo) Part b b. What is the amount of net Income using FIFO, LIFO, and weighted average? (Ignore Income tax considerations.) Note: Round cost per unit to 3 decimal places and other intermediate answers and final answers to the nearest whole dollar amount.
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