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
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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…

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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

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Lower-of-Cost-or-Market Stalberg Company's beginning inventory and purchases during the fiscal year ended December 31, 20--, were as follows: Units Unit Price Total Cost Jan. 1 Beginning inventory 10 $16 $160 Mar. 5 1st purchase 10 22 220 Sept. 9 2nd purchase 10 25 250 Dec. 8 3rd purchase 10 30 300 40 $930 There are 10 units of inventory on hand on December 31. For the weighted-average method, round calculations to two decimal places. If required, round your final answers to the nearest cent. 1. Calculate the total amount to be assigned to the ending inventory under each of the following periodic inventory methods: a. FIFO$fill in the blank 406f79042004059_1 b. Weighted-average$fill in the blank 406f79042004059_2 2. Assume that the market price per unit (cost to replace) of Stalberg's inventory on December 31, 20--, was $26. Calculate the total amount to be assigned to the ending…
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…
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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
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A company began January with 4,000 units of its principal product. The cost of each unit is $7. Inventory transactions 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 Perpetual Average Sales Beginning Inventory Sale - January 5 Subtotal Average Cost Purchase - January 10 Subtotal Average Cost 5,000 units were on hand at the end of the month. Sale - January 12 Subtotal Average Cost Units 3,000 4,000 7,000 Units 2,000 1,000 3,000 6,000 5. Calculate January's ending inventory and cost of goods sold for the month using Average cost, perpetual system. Note: Round average cost per unit to 4 decimal places. Enter sales with a negative sign. Number of units Purchases Unit Cost* $8 9 10,000 4,000 2,000 X 6,000 3,000 9,000 1,000 X Inventory on hand Cost per unit 7.0000 $ 28,000 0 8.0000 Answer is not complete. Inventory Value 28,000 24,000 52,000 Total Cost $…
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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…
3. Calculate January's ending inventory and cost of goods sold for the month using FIFO, perpetual system.
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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.