A company began January with 6,000 units of its principal product. The cost of each unit is $8. Inventory transactions fothe month of January are as follows:Date of PurchaseJanuary 10January 18TotalsTotalDate of SaleJanuary 5January 12January 20TotalSalesUnits* Includes purchase price and cost of freight.Average CostBeginning InventoryPurchases:5,0006,00011,000Problem 8-5 (Static) Part 4January 10January 18Units3,0002,0004,0009,0008,000 units were on hand at the end of the month.4. Calculate January's ending inventory and cost of goods sold for the month using Average cost, periodic system.Unit Cost*PurchasesNumber Unitof units Cost$910Cost of Goods Available for SaleCost ofGoodsAvailable forSale48,0006,000 $8.00 $5,000 $9.006,000 $10.0017,000$Total Cost$ 45,00060,000$ 105,00045,00060,000153,000Cost of Goods Sold - Average CostAverageCost perUnitNumber ofunits soldCost ofGoods Sold0Ending Inventory - Average CostNumber ofAverageunits inendinginventoryCost perunitEndingInventory

Name: A company began January with 6,000 units of its principal product. Th
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: A company began January with 6,000 units of its principal product. The cost of each unit is $8. Inventory transactions fothe month of January are as follows:Date of PurchaseJanuary 10January 18TotalsTotalDate of SaleJanuary 5January 12January 20Tota

Periodic inventory system is system where the count of inventory is done on periodic basis. Thus the…

Business

Accounting

A company began January with 6,000 units of its principal product. The cost of each unit is $8. Inventory transacti the month of January are as follows: Date of Purchase January 10 January 18 Totals otal Date of Sale January 5 January 12 January 20 Total Sales Units 5,000 6,000 11,000 * Includes purchase price and cost of freight. Average Cost eginning Inventory urchases: January 10 January 18 oblem 8-5 (Static) Part 4 Units 3,000 2,000 4,000 9,000 Purchases Unit Cost* 8,000 units were on hand at the end of the month. $9 10 Calculate January's ending inventory and cost of goods sold for the month using Average cost, periodic system. 5,000 $9.00 6,000 $10.00 17,000 Total Cost $ 45,000 60,000 $ 105,000 Cost of Goods Available for Sale Cost of Goods Sold - Average Cost Cost of Goods Number Unit of units Cost Available for Sale 6,000 $8.00 $ 48,000 45,000 60,000 $ 153,000 Number of units sold Average Cost per Unit Cost of Goods Sold S 0 Ending Inventory - Average Cost Number of units in ending inventory Average Cost per unit Ending Inventory GA

A company began January with 6,000 units of its principal product. The cost of each unit is $8. Inventory transacti the month of January are as follows: Date of Purchase January 10 January 18 Totals otal Date of Sale January 5 January 12 January 20 Total Sales Units 5,000 6,000 11,000 * Includes purchase price and cost of freight. Average Cost eginning Inventory urchases: January 10 January 18 oblem 8-5 (Static) Part 4 Units 3,000 2,000 4,000 9,000 Purchases Unit Cost* 8,000 units were on hand at the end of the month. $9 10 Calculate January's ending inventory and cost of goods sold for the month using Average cost, periodic system. 5,000 $9.00 6,000 $10.00 17,000 Total Cost $ 45,000 60,000 $ 105,000 Cost of Goods Available for Sale Cost of Goods Sold - Average Cost Cost of Goods Number Unit of units Cost Available for Sale 6,000 $8.00 $ 48,000 45,000 60,000 $ 153,000 Number of units sold Average Cost per Unit Cost of Goods Sold S 0 Ending Inventory - Average Cost Number of units in ending inventory Average Cost per unit Ending Inventory GA

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

The beginning inventory of merchandise at Dunne Co. and data on purchases and sales for a three-month period ending June 30 are as follows: Date Transaction Numberof Units Per Unit Total Apr. 3 Inventory 90 $450 $40,500 8 Purchase 180 540 97,200 11 Sale 121 1,500 181,500 30 Sale 76 1,500 114,000 May 8 Purchase 150 600 90,000 10 Sale 90 1,500 135,000 19 Sale 45 1,500 67,500 28 Purchase 150 660 99,000 June 5 Sale 90 1,575 141,750 16 Sale 120 1,575 189,000 21 Purchase 270 720 194,400 28 Sale 135 1,575 212,625 Required: 1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 4, using the last-in, first-out method. Under LIFO, if units are in inventory at two different costs, enter the units with the HIGHER unit cost first in the Cost of Merchandise Sold Unit Cost column and…
The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31 are as follows: Date Transaction Number of Units Per Unit Total Jan. 1 Inventory 9,000 $ 60.00 $ 540,000 10 Purchase 21,000 70.00 1,470,000 28 Sale 10,250 140.00 1,435,000 30 Sale 5,750 140.00 805,000 Feb. 5 Sale 3,500 140.00 490,000 10 Purchase 39,500 75.00 2,962,500 16 Sale 15,000 150.00 2,250,000 28 Sale 10,000 150.00 1,500,000 Mar. 5 Purchase 25,000 82.00 2,050,000 14 Sale 30,000 150.00 4,500,000 25 Purchase 10,000 88.40 884,000 30 Sale 19,000 150.00 2,850,000 The beginning inventory for Midnight Supplies and data on purchases and sales for a three-month period are shown in Problem 6-1A. Instructions Determine the inventory on March 31 and the cost of goods sold for the three-month period, using the first-in, first-out method and the periodic inventory system. Determine the inventory on…
[The following information applies to the questions displayed below.] A company began January with 4,000 units of its principal product. The cost of each unit is $7. Inventory transactions for the month of January are as follows: Date of Purchase January 10 January 18 Totals * Includes purchase price and cost of freight. Date of Sale January 5 January 12 January 20 Total Average Cost Total Sales Beginning Inventory Purchases: January 10 January 18 Units 3,000 4,000 7,000 Units 5,000 units were on hand at the end of the month. 4. Calculate January's ending inventory and cost of goods sold for the month using Average cost, periodic system. 2,000 1,000 3,000 6,000 Number of units Purchases Unit Cost* $8 9 Cost of Goods Available for Sale Unit Cost 4,000 $7.00 3,000 $8.00 4,000 $9.00 11,000 Cost of Goods Available for Sale $ 28,000 Total Cost $ 24,000 36,000 $ 60,000 24,000 36,000 $ 88,000 Answer is not complete. Cost of Goods Sold - Average Cost Number of units sold 77,000 X Average Cost…
nkt.3
Culver Corporation uses a periodic inventory system and reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 116 $4 $464 12 Purchases 464 6 2,784 23 Purchases 290 8 00 2,320 30 Inventory 270 (a) Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (For calculation purposes, round average cost to 3 decimal places, eg. 5.275. Round answers to O decimal places, e.g. 125.) FIFO The cost of the ending inventory $ The cost of goods sold $ LIFO $ $ Average-Cost
raw A company's inventory records indicate the following data for the month of April Units Acquired at Cost 780 units@ $36- $28,080 660 units@ $40 - $26,400 Date April 1 April 7 April 11 April 16 April 22 Sale O Activities Beginning inventory Purchase Sale Multiple Choice O Purchase O 400 units @ $110 The company uses a periodic inventory system. Determine the cost assigned to ending inventory using the specific identification method. Ending inventory consists of 280 units from the April 16 purchase, 80 units from the April 7 purchase, and 100 units from beginning inventory. $31,220. $23,480 $19,120 $36.850 580 units@ $44- $25,520 $22.960. Units Sold at Retail 1,160 units @ $110 . P C
! Required information [The following information applies to the questions displayed below.] A company began January with 8,000 units of its principal product. The cost of each unit is $9. Inventory transactions for the month of January are as follows: Date of Purchase January 10 January 18 Totals Total Date of Sale January 5 January 12 January 20 Total Includes purchase price and cost of freight. Perpetual FIFO: Sales Beginning Inventory Purchases: January 10 January 18 Units 5,000 8,000 13,000 11,000 units were on hand at the end of the month. Units 3. Calculate January's ending inventory and cost of goods sold for the month using FIFO, perpetual system. 3,000 3,000 4,000 10,000 5,000 8,000 21,000 Purchases Unit Cost* $ 10 11 Cost of Goods Available for Sale Cost of Number Unit Goods of units Cost Available for Sale 8,000 $9.00 $ 72,000 10.00 11.00 Total Cost $ 50,000 88,000 $ 138,000 50,000 88,000 $ 210,000 Cost of Goods Sold - January 5 Number of units sold 0 0 0 Cost per unit $…
Required information [The following information applies to the questions displayed below.] A company began January with 7,000 units of its principal product. The cost of each unit is $6. Inventory transactions for the month of January are as follows: Date of Purchase January 10 January 18 Totals Total * Includes purchase price and cost of freight. Date of Sale January 5 January 12 January 20 Total Sales LIFO Beginning Inventory Purchases: Units 6,000 7,000 13,000 January 10 January 18 Units 10,000 units were on hand at the end of the month. 3,000 3,000 4,000 10,000 2. Calculate January's ending inventory and cost of goods sold for the month using LIFO, periodic system. Cost of Goods Available for Sale Cost of Goods Available for Sale Number Cost per of units unit Purchases Unit Cost* $7 8 7,000 $ 6.00 6,000 $ 7.00 7,000 $ 8.00 20,000 $ $ 42,000 Total Cost $ 42,000 56,000 $ 98,000 42,000 56,000 140,000 Cost of Goods Sold - Periodic LIFO Cost of Goods Sold Number of units sold Cost per…
Inventory - Perpetual Moving Weighted Average The following information was available from the inventory records of the Bean Company for January: Balance at January 1 Purchases: January 6 January 26 Sales (at $15/unit): January 7 January 31 Balance at January 31 Units 2,000 3,000 2,700 (2,500) (3,500) 1,700 Unit Cost $9.77 10.30 10.71 Total Cost $19,540 30,900 28,917 Assuming that Bean uses a perpetual moving weighted average system, record the entry/entries needed on January 31. Keep unit costs to 3 decimals.
The beginning inventory for Dunne Co. and data on purchases and sales for a three-month period are shown in Problem 7-1B. Date Transaction Number of units Per unit ($) Total ($) April 3 Inventory 25 1.200 30.000 8 Purchase 75 1.240 93.000 11 Sale 40 2.000 80.000 30 Sale 30 2.000 60.000 May 8 Purchase 60 1.260 76.500 10 Sale 50 2.000 100.000 19 Sale 20 2.000 40.000 28 Purchase 80 1.260 100.800 June 5 Sale 40 2.250 90.000 16 Sale 25 2.250 56.250 21 Purchase 35 1.264 44.240 28 Sale 44 2.250 99.000 Instructions1. Determine the inventory on June 30, 2014, and the cost of goods sold for the threemonth period, using the first-in, first-out method and the periodic inventory system.2. Determine the inventory on June 30, 2014, and the cost of goods sold for the threemonth period, using the last-in, first-out method and the periodic inventory system.3. Determine the inventory on June 30, 2014, and the cost of goods sold for the threemonth period,…