←A company reports the following beginning inventory and two purchases for the month of January. On January 26, thecompany sells 390 units. Ending inventory at January 31 totals 150 units.Beginning inventory on January 1Purchase on January 9Purchase on January 25January 1Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based onthe weighted average method. (Round your per unit costs to 2 decimal places.)January 9DateAverage cost January 9January 25Average cost January 25January 26Total January 26Goods purchasedCost perunitUnits35080110# of unitsUnit Cost$ 3.403.603.70Weighted Average - Perpetual:Cost of Goods Sold# ofunitssoldCost perunitCost of GoodsSold# of unitsInventory BalanceCost per unit Inventory Balance$0.00i S : ←A company reports the following beginning inventory and two purchases for the month of January. On January 26, thecompany sells 390 units. Ending inventory at January 31 totals 150 units.Beginning inventory on January 1Purchase on January 9Purchase on January 25January 1Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based onthe weighted average method. (Round your per unit costs to 2 decimal places.)January 9DateAverage cost January 9January 25Average cost January 25January 26Total January 26Goods purchasedCost perunitUnits35080110# of unitsUnit Cost$ 3.403.603.70Weighted Average - Perpetual:Cost of Goods Sold# ofunitssoldCost perunitCost of GoodsSold# of unitsInventory BalanceCost per unit Inventory Balance$0.00i S :

Opening Stock = 350 units @ $3.40 Goods Purchased on Jan 9 = 80 units @ $3.60 Goods Purchased on…

Answered: A company reports the following…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Akira Company had the following transactions for the month. Number Cost of Units per Unit Beginning Inventory 150 $10 Purchased Mar. 31 180 13 Purchased Oct. 15 150 16 Ending Inventory 70 ? Calculate the ending inventory dollar value for the period for each of the following cost allocation methods, using periodic inventory updating. Round your intermediate calculations to 2 decimal places and final answers to the nearest dollar amount. Ending Inventory A. First-in, First-out (FIFO) B. Last-in, First-out (LIFO) C. Weighted Average (AVG) $ %24 %24
Akira Company had the following transactions for the month. Number Total of Units Cost Beginning inventory 130 $1,300 Purchased Mar. 31 180 2,160 Purchased Oct. 15 150 2,250 Total goods available for sale 460 5,710 Ending inventory 50 Calculate the gross margin for the period for each of the following cost allocation methods, using periodic inventory updating. Assume that all units were sold for $30 each. Round your intermediate calculations to 2 decimal places and final answers to the nearest dollar amount. Gross Margin A. First-in, First-out (FIFO) B. Last-in, First-out (LIFO) C. Weighted Average (AVG) %24 %24
Required information [The following information applies to the questions displayed below.] A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 310 units. Ending inventory at January 31 totals 130 units. Units Unit Cost Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 280 $ 2.60 60 2.80 100 2.94 Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. (Round your per unit costs to 2 decimal places.) Weighted Average - Perpetual: Cost of Goods Sold Goods purchased Inventory Balance Date # of Cost per unit Cost per unit Cost of Goods Sold # of units units sold Cost per unit Inventory Balance # of units January 1 January 9 Average cost January 9 January 25
Laker Company reported the following January purchases and sales data for its only product. The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 180 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Date Activities 1-Jan Beginning inventory 10-Jan Sales 20-Jan Purchase 25-Jan Sales 30-Jan Purchase Totals 140 units 60 units 180 units 380 units Units Acquired at Cost @ $6.00 = $5.00 = $4.50 $840 300 810 $1,950 Required: 1. Compute gross profit for the month of January for Laker Company for the four inventory methods. (Use cells A2 to L12 from the given information to complete this question. Round cost per unit to 2 decimal places and final answers to the nearest whole dollars.) Specific Identification 180 5 Units sold at Retail 100 units 80 units 180 units 1-Jan 10-Jan 20-Jan 25-Jan 30-Jan 15 $15 $15 Weighted average cost per unit on: $6.00 $6.00 $5.40 $5.40 $4.59
Akira Company had the following transactions for the month. Number Total of Units Cost Beginning inventory 150 $1,500 Purchased Mar. 31 180 2,160 Purchased Oct. 15 150 2,250 Total goods available for sale 480 5,910 Ending inventory 60 Calculate the gross margin for the period for each of the following cost allocation methods, using periodic inventory updating. Assume that all units were sold for $26 each. Round your intermediate calculations to 2 decimal places and final answers to the nearest dollar amount. Gross Margin A. First-in, First-out (FIFO) $1 B. Last-in, First-out (LIFO) $1 C. Weighted Average (AVG)
Required information [The following information applies to the questions displayed below.] A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 350 units. Ending inventory at January 31 totals 150 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Date Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based or the LIFO method. January 1 January 9 Total January 9 January 25 Total January 25 January 26 Total January 26 Goods purchased # of units Units 320 80 100 Cost per # of units unit sold Unit Cost $ 4.10 4.30 4.44 Perpetual LIFO; Cost of Goods Sold Cost per unit Cost of Goods Sold # of units Inventory Balance Cost per unit Inventory Balance H N $ 0
Akira Company had the following transactions for the month. Total Cost Beginning inventory Purchased Mar. 31 Number of Units A. First-in, First-out (FIFO) B. Last-in, First-out (LIFO) C. Weighted Average (AVG) 130 180 150 460 Purchased Oct. 15 Total goods available for sale Ending inventory Calculate the gross margin for the period for each of the following cost allocation methods, using periodic inventory updating. Assume that all units were sold for $30 each. Round your intermediate calculations to 2 decimal places and final answers to the nearest dollar amount. 70 $1,300 2,160 2,250 5,710 Gross Margin ?
A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 310 units. Ending inventory at January 31 totals 130 units. Units Unit Cost Beginning inventory on January 1 280 $ 2.60 Purchase on January 9 60 2.80 Purchase on January 25 100 2.94 Required:Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on LIFO.
Check my work Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each month, as if it uses a periodic inventory system. Assume Oahu Kiki's records show the following for the month of January. Sales totaled 250 units. Beginning Inventory Date January 1 Units Unit Cost 100 $ 80 Total $ 8, Purchase January 15 450 90 40, Purchase January 24 200 110 22, Required: 1. Calculate the number and cost of goods available for sale. 2. Calculate the number of units in ending inventory. 3. Calculate the cost of ending inventory and cost of goods sold using the (a) FIFO, (b) LIFO, and (c) weighted average cost methods. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Calculate the cost of ending inventory and cost of goods sold using the (a) FIFO, (b) methods. FIFO LIFO Cost of Ending Inventory Cost of Goods Sold Weighted Average Cost
Inventory records for Eliza Company revealed the following: Date Transaction March 1 Beginning Inventory March 10 March 16 March 23 Purchase Purchase Purchase Number of Units Unit Cost 1,050 $ 7.14 530 880 530 7:33 7.45 7.70 Eliza sold 2,000 units of inventory during the month. What is the cost of goods sold assuming weighted-average cost? (Round the weighted-average unit cost to 4 decimals if necessary and round your final answer to nearest whole dollar.) Multiple Choice O $14,280 О $14,660 $14 810
Gladstone Company tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period, as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31. Unit Transactions Units Cost $ 45 Beginning inventory, January 1 Transactions during the year: a. Purchase, January 30 b. Sale, March 14 ($100 each) c. Purchase, May 1 d. Sale, August 31 ($100 each) 2,700 3,050 60 (2,350) 1,750 75 (2,000) Assuming that for Specific identification method (item 1d) the March 14 sale was selected two-fifths from the beginning inventory and three-fifths from the purchase of January 30. Required: 1. Compute the amount of goods available for sale, ending inventory, and cost of goods sold at December 31 under each of the following inventory costing methods: a. Last-in, first-out. b. Weighted average cost. c. First-in, first-out. d.…
A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 390 units. Ending inventory at January 31 totals 150 units. Units Unit Cost Beginning inventory on January 1 350 $ 3.40 Purchase on January 9 80 3.60 Purchase on January 25 110 3.70

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