O Question 3 - THFE - Connect+A ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducation.com%252F#/acti..E AppsE Reading listTHFESavedHelpSave & ExitSubmit3.A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells350 units. Ending inventory at January 31 totals 150 units.UnitsUnit CostBeginning inventory on January 1Purchase on January 9Purchase on January 25$ 3.003.203.3432080100X 00:36:46Required:Assume the periodic inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based onthe FIFO method.SkippedPeriodic FIFOCost of Goods Available for SaleCost of Goods SoldInventory Balance# ofunitsCost perunitCost of GoodsAvailable forSale# of unitsin endinginventory# of unitsCost perunitCostGoods SoldCost perunitEndingInventorysoldBeg. Inventory$Purchases:January 9January 25Total$$$McGrawHill< Prev3 of 11Next >10:54 AM1/3/2022PrroxT10 ll () ENG

Name: O Question 3 - THFE - Connect+A ezto.mheducation.com/ext/map/index.ht
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: O Question 3 - THFE - Connect+A ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducation.com%252F#/acti..E AppsE Reading listTHFESavedHelpSave & ExitSubmit3.A company reports the follow

FIFO is the method of valuation of inventory, where it is assumed that the product first purchased…

Business

Accounting

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. Unit Cost $ 3.00 Units Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 320 80 3.20 100 3.34 Required: Assume the periodic inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method. Periodic FIFO Cost of Goods Available for Sale Cost of Goods Sold Inventory Balance # of units in ending inventory Cost of Goods # of units Cost per unit Available for Sale # of units Cost per sold Cost of Goods Sold Cost per unit Ending Inventory unit Beg. Inventory Purchases: January 9 January 25 Total

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. Unit Cost $ 3.00 Units Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 320 80 3.20 100 3.34 Required: Assume the periodic inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method. Periodic FIFO Cost of Goods Available for Sale Cost of Goods Sold Inventory Balance # of units in ending inventory Cost of Goods # of units Cost per unit Available for Sale # of units Cost per sold Cost of Goods Sold Cost per unit Ending Inventory unit Beg. Inventory Purchases: January 9 January 25 Total

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

Mojo Industries 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 accounting period, January 31. The inventory's selling price is $14 per unit. Transactions Unit Cost Inventory, January 1 $ 5.00 Units 190 Total Cost $ 950 Sale, January 10 (140) Purchase, January 12 5.50 240 1,320 Sale, January 17 (100) Purchase, January 26 6.50 70 455 Required: 1. Compute the amount of goods available for sale, ending inventory, and cost of goods sold at January 31 under each of the following inventory costing methods: a. Weighted average cost. b. First-in, first-out. c. Last-in, first-out. d. Specific identification, assuming that the January 10 sale was from the beginning inventory and the January 17 sale was from the January 12 purchase. 2-a. Of the four methods, which will…
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
Subject - account Please help me. Thankyou.
Trini Company had the following transactions for the month. Calculate the ending inventory dollar value 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)
Maxell Company uses the FIFO method to assign costs to inventory and cost of goods sold. The company uses a periodic inventory system. Consider the following information: Date Description # of units Cost per unit January 1 Beginning inventory 290 $ 4 June 2 Purchase 80 $ 3 November 5 Sales 310 What amounts would be reported as the cost of goods sold and ending inventory balances for the year? Multiple Choice Cost of goods sold $1,220; Ending inventory $180 Cost of goods sold $1,240; Ending inventory $140 Cost of goods sold $1,160; Ending inventory $240 Cost of goods sold $1,300; Ending inventory $210
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: Cost Retail Beginning inventory $23,000 $ 37,000 Net purchases 11,500 ?question mark Net markups Net markdowns Net sales ?question mark The company used the average cost flow method and estimated inventory at the end of September to be $19,607.50. If the company had used the LIFO cost flow method, the cost-to-retail percentage would have been 50%. 4,200 1,200 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.
Morgenstern Ltd. has the following units and costs for the month of April. Beginning inventory, April 1, 1,000 units at $20 (Cost) Purchase 1, April 9, 1,200 units at $23 (cost) Sold, April 12, 2,100 units at $40 (Retail) Purchase 2, April 22, 800 units at $25 (Cost) If Morgenstern uses a perpetual inventory system, what is the cost of ending inventory under FIFO at April 30? a.$18,000 b.$22,300 c.$45,300 d.$49,600
Cullumber Company uses a perpetual inventory system and reports the following for the month of June. Date June 1 12 23 30 (a1) Explanation Units June 1 Inventory Purchase Purchase June 12 Inventory June 15 June 23 June 27 $ $ $ $ $ 130 Calculate the weighted-average cost per unit, using a perpetual inventory system. Assume a sale of 400 units occurred on June 15 for a selling price of $7 and a sale of 50 units on June 27 for $8. (Round intermediate calculations to O decimal places, e.g. 152 and final answers to 3 decimal places, e.g. 5.125.) eTextbook and Media Save for Later 370- 200 250 Unit Cost $5 6 7 Total Cost $650 2,220 1,400 Attempts: 0 of 10 used Submit Answer
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.
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
Nittany Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 1: Ending inventory Cost of goods sold Inventory, December 31, prior year For the current year: Purchase, March 21 Purchase, August 1 Inventory, December 31, current year Required: Compute ending inventory and cost of goods sold for the current year under FIFO, LIFO, and average cost inventory costing methods. Note: Round "Average cost per unit" to 2 decimal places and final answers to nearest whole dollar amount. FIFO Units 1,870 LIFO 5,030 2,980 4,090 Unit Cost $4 Average Cost
Princess Company uses a periodic inventory system. The company's records for the month of February were as follows: After analyzing the transactions, calculate the ending inventory at February 28th and cost of goods sold using the FIFO and LIFO methods.