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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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.
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.
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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