A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 360 units. Ending inventory at January 31 totals 130 units. Units Unit Cost 320 $ 3.10 Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 70 3.30 100 3.40

A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 360 units. Ending inventory at January 31 totals 130 units. Units Unit Cost 320 $ 3.10 Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 70 3.30 100 3.40

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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Waterway Company had a beginning inventory on January 1 of 180 units of Product 4-18-15 at a cost of $20 per unit. During the year, purchases were as follows. Mar. 15 July 20 450 units 320 units at $23 at $25 Sept. 4 Dec. 2 350 units at $27 100 units at $29 Waterway Company uses a periodic inventory system. Sales totaled 1,180 units.
Crane Enterprises uses a periodic inventory system for buckets it sells. It had a beginning inventory on April 1 of 72 units at a cost of $ 6 per unit. During April, the following purchases and sales were made. Purchases April 7 62 units at $ 7.00 13 124 units at $ 8.00 23 94 units at $ 9.00 29 52 units at $ 10.00 332 Sales April 5 124 units at $ 20 11 94 units at $ 20 20 84 units at $ 20 30 42 units at $ 20 344 Compute the April 30 ending inventory and April cost of goods sold under (a) average cost, (b) FIFO, and (c) LIFO. (Round cost per unit to 2 decimal places, e.g. 15.25 and final answer to 0 decimal places, e.g. 1,525.)
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 340 units. Date Units Unit Cost Total Cost Beginning Inventory January 1 200 $ 80 $ 16,000 Purchase January 15 500 90 45,000 Purchase January 24 300 110 33,000 Required: Calculate the number and cost of goods available for sale. Calculate the number of units in ending inventory. Calculate the cost of ending inventory and cost of goods sold using the (a) FIFO, (b) LIFO, and (c) weighted average cost methods.
DeForest Company had the following transactions for the month. Sales for the month are $85 per unit. Number of Units Cost per Unit Total Beginning inventory Purchased Apr. 30 Purchased Aug. 15 500 $40 $20,000 27,000 26,000 24,500 97,500 600 45 650 40 Purchased Dec. 10 700 35 Totals (goods available) Ending inventory 2,450 550 In the table below, calculate the dollar value for the period for each of the following items using the listed cost allocation methods and using periodic inventory updating. PLEASE NOTE: All dollar amounts will be rounded to whole dollars using "$" with commas as needed (i.e. $12,345), except for the Weighted Average cost per unit, which will be rounded to two decimal places and include "$" (i.e. $12,345.67).
Beech Soda, Inc. uses a perpetual inventory system. The company's beginning inventory of a particular product and its purchases during the month of January were as follows: Quantity Unit Cost Total Cost Beginning inventory (Jan. 1) 23 $ 14 $ 322 Purchase (Jan. 11) 15 $ 20 300 Purchase (Jan. 20) 26 $ 22 572 Total 64 $ 1,194 On January 14, Beech Soda, Inc. sold 28 units of this product. The other 36 units remained in inventory at January 31. Assuming that Beech Soda uses the FIFO cost flow assumption, the cost of goods sold to be recorded at January 14 is:
A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 330 units. Ending inventory at January 31 totals 140 units. Units Unit Cost Beginning inventory on January 1 300 $ 2.80 Purchase on January 9 70 3.00 Purchase on January 25 100 3.14 Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method.
Current Attempt in Progress At the beginning of its operations in July 2024, Crane Pet Shop Ltd. began with 7,790 units of inventory that it purchased at a cost of $14.60 each. The company's purchases during July were as follows: July 5 Sales during July: July 2 July 27 6,150 units @ $18.00 6,970 units 4,100 units Crane Pet Shop uses a periodic inventory system.
The beginning inventory at Dunne Co. and data on purchases and sales for a three-month period are as follows: Date Transaction Number of Units Per Unit Total Apr. 3 Inventory 60 $525 $31,500 8 Purchase 120 630 75,600 11 Sale 80 1,750 140,000 30 Sale 50 1,750 87,500 May 8 Purchase 100 700 70,000 10 Sale 60 1,750 105,000 19 Sale 30 1,750 52,500 28 Purchase 100 770 77,000 June 5 Sale 60 1,840 110,400 16 Sale 80 1,840 147,200 21 Purchase 180 840 151,200 28 Sale 90 1,840 165,600 Required: 1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibit 4, using the last-in, first-out method. Under LIFO, if units are in inventory at two different costs, enter the units with the HIGHER unit cost first in the Cost of Goods Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column.
Calculate January's ending inventory and cost of goods sold for the month using LIFO, perpetual system.
At the beginning of the year, Culver Ltd. had 860 units with a cost of $7 per unit in its beginning inventory. The following inventory transactions occurred during the month of January: Jan. 3 9 15 Sold 710 units on account for $10 each. Purchased 1,000 units on account for $8 per unit. Sold 790 units for cash at $9 each.
Beech Soda, Inc. uses a perpetual inventory system. The company's beginning inventory of a particular product and its purchases during the month of January were as follows: Quantity Unit Cost Total Cost Beginning inventory (Jan. 1) 20 $ 11 $ 220 Purchase (Jan. 11) 12 $ 17 204 Purchase (Jan. 20) 23 $ 19 437 Total 55 $ 861 On January 14, Beech Soda, Inc. sold 25 units of this product. The other 30 units remained in inventory at January 31. Assuming that Beech Soda uses the FIFO cost flow assumption, the 30 units of this product in inventory at January 31 have a total cost of:
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.