A company had the following purchases and sales during its first year of operations: Purchases Sales January: 22 units at $180 14 units February: May: 32 units at $185 12 units 27 units at $190 16 units September: 24 units at $195 15 units November: 22 units at $200 28 units On December 31, there were 42 units remaining in ending inventory. Using the Perpetual LIFO inventory valuation method, what is the cost of the ending inventory? (Assume all sales were made on the last day of the month.)

A company had the following purchases and sales during its first year of operations: Purchases Sales January: 22 units at $180 14 units February: May: 32 units at $185 12 units 27 units at $190 16 units September: 24 units at $195 15 units November: 22 units at $200 28 units On December 31, there were 42 units remaining in ending inventory. Using the Perpetual LIFO inventory valuation method, what is the cost of the ending inventory? (Assume all sales were made on the last day of the month.)

Name: A company had the following purchases and sales during its first year
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: A company had the following purchases and sales during its first year of operations:PurchasesSalesFebruary:January: 22 units at $180 14 units32 units at $185 12 unitsMay:27 units at $190 16 unitsSeptember: 24 units at $195 15 unitsNovember: 22 units

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

Aztec Corporation uses a periodic inventory system and the retail inventory method to estimate ending inventory and cost of goods sold. The following data are available for the month of September: Beginning inventory Net purchases Net markups Net markdowns Net sales Cost $ 21,000 10,500 The company used the average cost flow method and estimated inventory at the end of September to be $17.437.50. If the company had used the LIFO cost flow method, the cost-to-retail percentage would have been 50% Retail $ 35,000 2 4,000 1,000 ? Required: Compute net purchases at retail and net sales for the month of September using the information provided. Note: Do not round your intermediate calculations. Net purchases at retail $ Net sales $ Answer is complete but not entirely correct. 18,000 21,470
Salmone Company reported the following purchases and sales of its only product. Salmone uses a perpetual inventory system. Determine the cost assigned to ending inventory using LIFO. Date Activities Units Acquired at Cost Units Sold at Retail May 1 Beginning Inventory 200 units @ $15 5 Purchase 245 units @ $17 10 Sales 165 units @ $25 15 Purchase 125 units @ $18 24 Sales 115 units @ $26
Simplex Company has a fiscal year end on December 31. The company has only one product in inventory, and all units of that product are identical (homogenous). The opening balance unit price is $19 per unit. Complete the following schedule to calculate the value of ending inventory using the weighted-average cost method under the perpetual inventory system. Then calculate the cost of goods sold for the year 2019.
Sales during the year were 700 units. Beginning Inventory was 400 units at a cost of $10 per unit. Purchase 1 was 500 units at $12 per unit. Purchase 2 was 300 units at $14 per unit. Required: a. Assume the periodic inventory system is used. Calculate cost of goods sold and ending Inventory using FIFO method. (Enter all values as a positive value.) Periodic FIFO Beg. Inventory Purchases: Purchase 1 Purchase 2 Total Periodic LIFO Beg. Inventory Purchases: Purchase 1 Purchase 2 Cost of Goods Available for Sale Cost of Goods Available for Sale Total # of units Cost per unit Cost of Goods Available for Sale Cost of Goods Available for Sale # of units b. Assume the periodic Inventory system is used. Calculate cost of goods sold and ending Inventory using LIFO method. (Enter all values as a positive value.) Cost of Goods Sold Cost per unit Cost per unit # of units sold Cost of Goods Sold Cost of Goods Sold Cost per unit # of units sold Inventory Balance Cost per unit Cost of Goods Sold # of…
Fulbright Corp. uses the periodic inventory system. During its first year of operations, Fulbright made the following purchases (listed in chronological order of acquisition): 41 units at $103 per unit 75 units at $82 per unit 171 units at $62 per unit Sales for the year totaled 275 units, leaving 12 units on hand at the end of the year. In comparing the ending inventory balances of FIFO and LIFO, the ending inventory value under FIFO less the ending inventory balance under LIFO results in a difference of: Multiple Choice $53. $492. $0. $(492).
During the year, TRC Corporation has the following inventory transactions. Date Transaction Number of Units Unit Cost Total Cost January 1 Beginning inventory 45 $37 $1,665 April 7 Purchase 125 39 4,875 July 16 Purchase 195 42 8,190 October 6 Purchase 105 43 4,515 470 $19,245 For the entire year, the company sells 414 units of inventory for $55 each. Required:1-a & b. Using FIFO, calculate ending inventory and cost of goods sold.1-c & d. Using FIFO, calculate sales revenue and gross profit.2-a & b. Using LIFO, calculate ending inventory and cost of goods sold.2-c & d. Using LIFO, calculate sales revenue and gross profit.3-a & b. Using weighted-average cost, calculate ending inventory and cost of goods sold.3-c & d. Using weighted-average cost, calculate sales revenue and gross profit.4. Determine which method will result in higher profitability when inventory costs are rising.
The following units of an inventory item were available for sale during the year: Beginning inventory 8 units at $50 First purchase 16 units at $51 Second purchase 21 units at $52 Third purchase 15 units at $54 The firm uses the periodic inventory system. During the year, 22 units of the item were sold. The value of ending inventory rounded to the nearest dollar using average cost is (Round average cost per unit to three decimal places.) Oa. $1,174 Ob. $1,975 Oc. $1,100 Od. $1,114
The following data has been provided by Lee Company regarding its inventory purchases and sales throughout the year. Transaction Units Cost per Unit January 1 Balance 185 $86 March 14 Sale 54 May 23 Purchase 136 90 August 21 Sale 100 November 5 Purchase 171 91 November 18 Sale 100 November 30 Sale 100 December 5 Sale 100 December 10 Purchase 25 95 Required: Compute the cost of goods sold and ending inventory using the perpetual inventory system for the LIFO cost flow assumption. Ending inventory Cost of goods sold
On November 1, Lacy Company began business with the purchase of 250 units of inventory for $21,625. During the month, Lacy had the following inventory transactions: Date November 6 Purchased 100 units @ $75 per unit 11 Sold 200 units 17 Sold 85 units 24 Purchased 100 units @ $125 per unit 28 Purchased 50 units @ $110 per unit 30 Sold 100 units Required:Compute the cost of the inventory at the end of November under the following alternatives: Inventory Cost a. FIFO periodic $fill in the blank 1 b. FIFO perpetual $fill in the blank 2 c. LIFO periodic $fill in the blank 3 d. LIFO perpetual $fill in the blank 4 e. Weighted average $fill in the blank 5 f. Moving average (Round unit costs to 2 decimal places.) $fill in the blank 6
1. Compute the inventory at April 30 on each of the following bases. Assume that perpetual inventory records are kept in units only. Find the ending inventory using the LIFO method? 2. If the perpetual inventory record is kept in dollars, and costs are computed at the time of each withdrawal, what amount would be shown as ending inventory under Average-cost?
sharad
ksk.1