6. Assuming that the company used a perpetual inventory system, the total quantity and cost of materials purchased for the month of April should be: a. 700 units at P 5,800 b. 700 units at P 5,810 c. 700 units at P 5,400 d. 700 units at P 6,200

6. Assuming that the company used a perpetual inventory system, the total quantity and cost of materials purchased for the month of April should be: a. 700 units at P 5,800 b. 700 units at P 5,810 c. 700 units at P 5,400 d. 700 units at P 6,200

Name: The following data on materials purchases and issues during the month
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: The following data on materials purchases and issues during the month of April werereported:April IBeginning balanceReceivedReceived400 units at P6100 units at P751113100 units at P8400 unitsIssued15Received200 units at P622Issued250 units50 units30

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

6. Trini Comnpany had the following transactions for the month. Number of Units Cost per Unit Beginning Inventory Purchased May 31 $4 $5 1000 1200 Purchased July 15 1300 $6 Purchased Nov. 1 1300 $7 Totals (goods available) Ending Inventory 4800 900 Calculate the ending inventory dollar value for each of the following cost allocation methods, using periodic inventory updating. Provide your calculations. A. firs B. last-in, first-out (LIFO) C. weighted average (AVG) first-out (FIFO)
What is the Weighted average cost per unit?
95) A company's inventory records indicate the following data for the month of April: Date April 1 Beginning inventory Purchase April 7 April 11 April 16 April 22 April 29 Activities Sale Purchase Sale Purchase A) $40,720. B) $31,600. C) $62,800. D) $53,680. E) $35,922. Units Acquired at Cost 700 units @ $36 = $25, 200 580 units @ $40 = $23, 200 500 units @ $44 = $22,000 480 units @ $50 = $24,000 Units Sold at Retail 1,000 units @ $110 400 units @ $110 If the company uses the first-in, first-out (FIFO) method and the periodic inventory system, what is the value of cost of goods sold?
Calculate January's ending inventory and cost of goods sold for the month using LIFO, perpetual system.
Consider the following transactions for A67 Company for the month shown in chronological order: # of units Unit cost Sales Beginning Inventory 800 $50 Purchased 600 $52 Sold 400 $80 Sold 350 $90 Ending Inventory 650 In the table below, calculate the dollar value for the period for each of the following items using the listed cost allocation methods and using perpetual inventory updating. PLEASE NOTE: All dollar amounts will be rounded to whole dollars using "$" 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)
answer the number 3 and 4 question only
Mojo Industries tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period, as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the accounting period, January 31. The inventory's selling price is $11 per unit. Transactions Inventory, January 1 Sale, January 10 Purchase, January 12 Sale, January 17 Purchase, January 26 Required: Unit Cost $3.50 a. Weighted average cost. b. First-in, first-out. 4.00 5.00 Units Total Cost $ 1,085 1,440 310 (210) 360 (170) 80 400 1. Compute the amount of goods available for sale, ending inventory, and cost of goods sold at January 31 under each of the following inventory costing methods: c. Last-in, first-out. d. Specific identification, assuming that the January 10 sale was from the beginning inventory and the January 17 sale was from the January 12 purchase.
Akira Company had the following transactions for the month. Total Cost Beginning inventory Purchased Mar. 31 Number of Units A. First-in, First-out (FIFO) B. Last-in, First-out (LIFO) C. Weighted Average (AVG) 130 180 150 460 Purchased Oct. 15 Total goods available for sale Ending inventory Calculate the gross margin for the period for each of the following cost allocation methods, using periodic inventory updating. Assume that all units were sold for $30 each. Round your intermediate calculations to 2 decimal places and final answers to the nearest dollar amount. 70 $1,300 2,160 2,250 5,710 Gross Margin ?
he following data are available for Sellco for the fiscal year ended on January 31, 2020: Sales 1,600 units Beginning inventory 500 units @ $ 4 Purchases, in chronological order 600 units @ $ 5 800 units @ $ 6 500 units @ $ 8 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 $80,000. Calculate net income under FIFO and LIFO. (Round unit cost to 2 decimal places.)
The units of Product YY2 available for sale during the year were as follows: Dates Transactions Units Unit cost 1-Jan Beginning inventory 10 30 1-Apr Purchase 30 32 16-Jun Purchase 40 35 28-Nov Purchase 20 36 There were 25 units of YY2 in the ending inventory of the year. Instructions: Compute the cost of the ending inventory and the cost of goods sold for the year under the following method (just the number, no $ sign). 1. FIFO Cost of ending inventory Cost of goods sold 2. LIFO Cost of ending inventory Cost of goods sold 3. Weighted average Cost of ending inventory Cost of goods sold
Ch 9 Problem Set B Problem 9-1 Part B The company uses the perpetual inventory method. It began the month of March with 100 units of inventory, at a unit cost of $55. Purchases during March March 5, 60 units at $60 each. March 18, 200 units at $65 each March 29, 40 units at $75 each. Sales during March March 12, 60 units. March 25, 210 units. All units were sold to customer for $100 each. 1. Use the following format to set up this inventory costing problem, as shown in Video #2. Inventory Date Units Cost per Total Cost Date Units Total Cost Unit Beg Balance Units Cost Beginning Balance + Purchases Goods Available for Sale - Sold Ending Balance
en H [The following information applies to the questions displayed below] A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 300 units. Ending inventory at January 31 totals 130 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 January 1 January 9 Total January Required: Assume the perpual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method January 25 Total January 25 January 26 Total January 26 Goods purchased Number of Cost per unite unit 60 at $2.70 100 at 5 284 Number of units sold 270 Units 270 60 100 30 60 Unit Cost $2.50 2.70 Perpetual EIEO: Cost of Goods Sold Cost per Cost of Goods unit Sold Inventory Balance Cost per whit Number of units 270 at 30 at 60 at $ 270 = 100 at Saved $ 270- $ 284- $ 270 $ 284 Inventory Balance 162.00 $ 162.00