9. Tinker Bell Company has the following:Unit Cost$11UnitsInventory, Jan. 18,000Purchase, Jun. 1913,00012Purchase, Nov. 85,00013If Tinker Bell has 9,000 units on hand onDecemeber 31, the cost of the ending inventoryunder LIFO isa. $106,000b. $119,000c. $100,000d. $99,000

GIVEN THAT LIFO METHOD IS USED, SO THE UNITS FIRST PURCHASED WILL LIE IN THE STOCK ATH THE YEAR…

Answered: 9. Tinker Bell Company has the…

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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Question 18 Choose the correct answer from the choices.
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The following three identical units of Item JC07 are purchased during April: Item Beta Units Cost April 2 Purchase $264 April 15 Purchase 268 April 20 Purchase 272 Total $804 Average cost per unit $268 ($804 ÷ 3 units) Assume that one unit is sold on April 27 for $367. Determine the gross profit for April and ending inventory on April 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost method. Gross Profit Ending Inventory a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost 3.
FINISH THE FOLLOWING BLANK AREAS Units cost per unit Sales price per unit Beginning inventory 70 $ 60.00 purchase 3/27 185 $ 68.00 purchase 4/23 240 $ 78.00 total sales 377 141 Operating expenses under each method 17,000 income tax expense under each method 21% of income before taxes FIFO units $$ LIFO units $$ weighted Average units $$ Beginning inventory 70 $ 4,200.00 Beginning inventory 70 $ 4,200.00 Beginning inventory 70 $ 4,200.00 purchases 425 purchases 425 purchases 425 available 495 available 495 available 495 ending inventory ending inventory ending inventory CGS 377 CGS 377 CGS 377 Available in $$ Available in units unit price
Cost flow methodsThe following three identical units of Item P401C are purchased duringApril: Item Beta Units Cost April 2 Purchase 1 $100 15 Purchase 1 120 20 Purchase 1 140 Total 3 $360 Average cost per unit $120 ($360 / 3 units) Assume that one unit is sold on April 27 for $300.Determine the gross profit for April and ending inventory on April 30using the (A) first-in, first-out (FIFO); (B) last-in, first-out (UFO); and (C)weighted average cost methods.
20
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Units Unit cost/Selling price P4.00 Aug. 1. Beginning Purchase Purchase 20,000 10,000 20,000 15,000 15,000 40,000 3,000 7 4.20 10 4.30 12 Sale 7,80 Purchase Sale Sales return 16 4.60 20 8.10 28 ? The sale return relates to the August 20 sale. 4. If the FIFO cost flow method is used, the sales return would be costed back into inventory at what total amount?
5
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
Given the following: FIFO method: 16 units left in inventory Jan 1 Beginning inventory 9 units at $105 = $945 April 13 Purchased 14 units at $120 = $1,680 Sept. 17 Purchased 20 units at $130 = $2,600 Dec. 10 Purchased 14 units at $140 = $1,960 The cost of goods sold is: A. None of these B. $4,965 C. $5,225 D. $10,000 E. $5,000
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9. Tinker Bell Company has the following: Unit Cost $11 Units Inventory, Jan. 1 8,000 Purchase, Jun. 19 13,000 12 Purchase, Nov. 8 5,000 13 If Tinker Bell has 9,000 units on hand on Decemeber 31, the cost of the ending inventory under LIFO is a. $106,000 b. $119,000 c. $100,000 d. $99,000