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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Quantity Unit Cost Total Cost $ 14 $ 322 $ 20 $ 22 $ 1,194 23 Beginning inventory (Jan. 1) Purchase (Jan. 11) 15 300 Purchase (Jan. 20) 26 572 Total 64 On January 14, Beech Soda, Inc. sold 28 units of this product. The other 36 units remained in inventory at January 31. BY Using LIFO calculate the cost of goods sold value
P6-3B Smythe Company Inc. had a beginning inventory of 200 units of Product ERV at a cost of $6 per unit. During the year, purchases were: Jan. 24 600 units at $ 9 350 units at $10 Smythe Company uses a periodic inventory system. Sales totaled 1,900 units. 800 units at $7 400 units at $8 Aug. 19 Nov. 30 Apr. 12 Instructions (b) Determine the ending inventory and the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average-cost). Prove the accuracy of the cost of goods sold under the FIFO and LIFO methods. (Round average unit cost to three decimal places.) (c) Which cost flow method results in the lowest inventory amount for the balance sheet? The lowest cost of goods sold for the income statement? S PhotoGrid
17 )
Question 18 Choose the correct answer from the choices.
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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
20
Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 14 $102 $1,428 Sept. 12 Purchases 48 105 5,040 Sept. 19 Purchases 50 106 5,300 Sept. 26 Purchases 23 23 107 2,461 Totals 135 $14,229 (a) Compute the ending inventory at September 30 using the FIFO, LIFO and average-cost methods. (Round average cost per unit to 3 decimal places, e.g. 125.153 and final answers to O decimal places, e.g. 125.) The ending inventory at September 30 $ FIFO $ LIFO $ AVERAGE COST (b) Compute the cost of goods sold at September 30 using the FIFO, LIFO and average-cost methods. (Round average cost per unit to 3 decimal places, e.g. 125.153 and final answers to O decimal places, e.g. 125.) Cost of goods sold EA FIFO +A $ LIFO AVERAGE-COST $
Date Activities Units Acquired at Cost 10 units @ $25 = $250 15 units @ $28 = $420 Units Sold August 2 August 18 August 29 August 31 Purchase Purchase Sales 20 unit Purchase 14 units @ $29 = $406 What is the per unit value of ending inventory on August 31? Answers should be rounded to the nearest cent. Multiple Choice $28.42 $26.80 $29.00 $25.00 O $30.35
Bleistine Company had the following transactions for the month. F3 # 3 E Beginning inventory Purchased Jun. 1 Purchased Nov. 1 Ending inventory Calculate the ending inventory dollar value for FIFO periodic. 3,850 110 O4,560 O4,730 KA F4 $ 4 R F5 do 5 Number of Units % 880 750 800 110 F6 T < 6 DELL (7) Cost per Unit $35 40 43 ? F7 Y & 7 (DELL F8 U * 00 F9 8 F10 PrtScr F11 86°F
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