A company had the following purchases and sales during its first year of operations:PurchasesSales6 units10 units at $12020 units at $125January:February:May:September: 12 units at $1355 units15 units at $1309 units8 unitsNovember:10 units at $14013 unitsOn December 31, there were 26 units remaining in ending inventory. Using the perpetual LIFO inventory costingmethod, what is the value of cost of goods sold? (Assume all sales were made on the last day of the month.)

"LIFO" stands for last-in, first-out, meaning that the recently purchased inventory items are…

Answered: A company had the following purchases…

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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Akira Company had the following transactions for the month. Number of units Cost per Unit Beginning inventory 150 $ 10 Purchased Mar. 31 160 12 Purchased Oct. 15 130 15 Ending inventory 50 ? Calculate the ending inventory dollar value for the period for each of the following cost allocation methods, using periodic inventory updating. Provide your calculations. first-in, first-out (FIFO) last-in, first-out (LIFO) weighted average (AVG)
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Adler Inc. has the following information for four inventory items, reported using the retail method, on July 31. The normal profit margin is 20% of selling price. Cost to Sell Cost per Replacement Cost Item Selling Price per No. Quantity Unit per Unit Unit per Unit #101 80 $20 $5 $15 $12 #102 50 22 4 14 15 #211 30 35 5 30 28 #212 40 40 8 28 35 Required Determine the inventory cost to report on the balance sheet on July 31 assuming that the company applies the lower of cost or market value rule to each individual inventory item. Note Do not use any negative signs with your answers. Per Unit Total Total Cost Cost to Cost Replacement Total Sell per Replacement Ceiling Floor Market Cost Lower of Selling Price Item per per No. Quantity Unit Unit Unit per Unit Cost #101 80 $20 $5 $15 $12 $ 0 $ #102 50 22 #211 30 35 45 14 15 0 30 28 0 #212 40 40 8 28 35 0 000 O 0 ос 00 Cost or Market 0 $ 0 $ 0 $ 0 $ 0 0 0 0 0 0 0 0 0 0 $ 0 $ 0 $ 0
The following are the transactions for the month of July. Units Unit Cost Unit Selling Price July 1 Beginning Inventory 55 $ 10 July 13 Purchase 275 11 July 25 Sold (100 ) $ 14 July 31 Ending Inventory 230 Calculate cost of goods available for sale and ending inventory, then sales, cost of goods sold, and gross profit, under FIFO. Assume a periodic inventory system is used. How would i creat a FIFO periodic table?
Calculate the cost of goods sold dollar value for A65 Company for the month, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for first-in, first-out (FIFO). Number of units Unit cost Sales Beginning inventory 800 $ 50 purchased 600 52 Sold 400 $ 80 Sold 350 90 Ending inventory 650 Use this chart: FIFO (perpetual) Inventory Cost of Goods Purchased Cost of Goods Sold Cost of Inventory Remaining Number of Units Unit Cost Total Cost Number of Units Unit Cost Total Cost Number of Units Unit Cost Total Cost Beginning Purchase Sale…
FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 34 units at $48 Sale 31 units at $70 First purchase 39 units at $50 Sale 31 units at $71 Second purchase 16 units at $52 Sale 11 units at $73 The firm uses the perpetual inventory system, and there are 16 units of the item on hand at the end of the year. a. What is the total cost of the ending inventory according to FIFO? $4 b. What is the total cost of the ending inventory according to LIFO? $
Balamb Corporation had the following transactions for the month: Calculate the ending inventory dollar value for the period for each of the following cost allocation methods, using periodic inventory updating. Provide your calculations. first-in, first-out (FIFO) last-in, first-out (LIFO) weighted average
A company had the following purchases and sales during its first year of operations: Purchases Sales January: 10 units at $120 6 units February: 20 units at $125 5 units May: 15 units at $130 9 units September: 12 units at $135 8 units November: 10 units at $14013 units On December 31, there were 26 units remaining in ending inventory. Using the perpetual LIFO inventory costing method, what is the cost of the ending inventory? (Assume all sales were made on the last day of the month.) $3,405.
You have the following information for Bramble Inc. for the month ended June 30, 2022. Bramble uses a periodic inventory system. Date Description Quantity Unit Cost orSelling Price June 1 Beginning inventory 40 $31 June 4 Purchase 135 34 June 10 Sale 110 61 June 11 Sale return 15 61 June 18 Purchase 55 37 June 18 Purchase return 10 37 June 25 Sale 65 67 June 28 Purchase 35 41
Perez Company had the following information for the year ending December 31: Units Unit Cost Beginning inventory 360 $34 Purchase: April 6 290 35 Sale: May 4 380 Purchase: July 19 590 39 Sale: September 9 450 Purchase: October 10 140 45 Perez uses the perpetual inventory system and the FIFO method. Required: Using FIFO (a) Compute the cost of ending inventory. (b) Compute the cost of goods sold for the year. Cost of ending inventory Cost of goods sold
Calculate the cost of goods sold dollar value for B65 Company for the month, considering the following transactions under first-in, first-out (FIFO) cost allocation methods and using perpetual inventory. Beginning inventory Purchased Sold Sold Ending inventory $6,000 $0 $4,950 $3,000 Number of Units 100 80 50 25 105 Unit Cost $66 75. Sales $120 125
A company had the following purchases during the current year: January: February: May: September: November: 10 units at $120 20 units at $125 15 units at $130 12 units at $135 10 units at $140 On December 31, there were 26 units remaining in ending inventory. Using the LIFO inventory valuation method, what is the cost of the ending inventory? ☐ $3,280. ○ $3,200. ○ $3,540. ☐ $3,445. ○ $3,640.

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