A company just starting business made the followingfour inventory purchases in June:June 1 10 units @ $30 each = $ 300June 10 20 units @ $ 40 each = $ 800June 15 20 units @ $ 50 each = $1,000June 28 15 units @ $ 60 each = $ 900A physical count of merchandise inventory on June30 reveals that there are 20 units on hand.Required:Using the FIFO method, what is the value of endinginventory on June 30Cost of Goods Sold on June 30

Explanation of FIFO Method:The FIFO (First-In, First-Out) method is an inventory valuation technique…

Answered: A company just starting business made…

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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Shown below is the activity for one of the products of Random Creations: January 1 balance, 80 units @ $50 $4,000 Purchases: January 18: January 28: Sales: 40 units @ $51 40 units @ $52 January 12: January 22: January 31: 30 units 30 units 45 units Required: Compute the January 31 ending inventory and cost of goods sold for January, assuming Random Creations uses LIFO and a periodic inventory system. Ending inventory Cost of goods sold
Wan Tan Corp. made the following four inventory purchases in June: June 1 150 units $5.20 June 10 200 units $5.85 June 15 200 units $6.30 June 28 150 units $6.60 On June 22, 450 units were sold. The company uses the perpetual inventory system and the weighted average to value the inventory. Calculate the cost of goods sold for the sale. Round to the nearest whole dollar. Select one: a. $2,580 b. $2,628 c. $2,700 d. $1,572
Use the following to answer the question(s) below: Shown below is the activity for one of the products of Random Creations: January 1 balance, 100 units @ $50 Purchases: January 18: 40 units @ $51 January 25: 40 units @ $52 Sales: January 22: 60 units January 31: 50 units 25-1) Required: Compute the January 31 cost of ending inventory, assuming Random Creations uses FIFO and periodic inventory system. Cost of ending inventory: $____________________ Your computations: (no credit if not shown). 25-2) Required: Compute the cost of goods sold for January, assuming Random Creations uses LIFO and periodic inventory system. Cost of goods sold: $____________________ Your computations: (no credit if not shown) 25-3) Required: Compute the cost of goods sold for January, assuming Random Creations uses LIFO and perpetual inventory system. Cost of goods sold: $____________________ Your computations: (no credit if not shown)…
Concord has the following inventory information. July 1 Beginning Inventory 30 units at $15 90 units at $23 7 Purchases 22 Purchases 10 units at $20 O $2060. O $2090. O $2270. O $2173. $450 2070 200 $2720 A physical count of merchandise inventory on July 31 reveals that there are 30 units on hand. Using the FIFO inventory method, the amount allocated to cost of goods sold for July is
Company just starting business made the following purchases in August: August 1 300 units $1,560 August 12 400 units 2,340 August 24 400 units 2,520 August 30 300 units 1,980 1,400 units $8,400 A physical count of the inventory on August 31 reveals that there are 500 units on hand. Using the FIFO inventory method in a perpetual inventory system, how much is the value of the ending inventory on August 31? $5,670 $3,240 O $2,730 $5,160
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Question: A company just starting business made the following four inventory purchases in June: June 1 10 units @ $30 each = $ 300 June 10 20 units @ $ 40 each June 15 20 units @ $ 50 each = = $ 800 $1,000 June 28 15 units @ $ 60 each = $ 900 A physical count of merchandise inventory on June 30 reveals that there are 20 units on hand. Required: Using the Average Cost method, what is the value of ending inventory on June 30 Cost of Goods Sold on June 30
Shellhammer Company's inventory records show the following data for the month of September: Inventory, September 1 100 Purchases: September 8 Units September 18 350 Ending inventory 450 Cost of goods sold Unit Cost $3.34 3.50 A physical inventory on September 30 shows 200 units on hand. Calculate the value of ending inventory and cost of goods sold if the company uses FIFO inventory costing and a periodic inventory system. 3.70

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