A company reports the pilowing beginning 450 units. Ending inventory at January 31 totals 170 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Perpetual LIFO: Date January 1 January 9 January 25 Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on LIFO. January 26 Totals Goods purchased # of units ory and two purchases for the f118 Cost per unit # of units sold Units Unit Cost 410 90 120 $4.00 4.20 4.30 Cost of Goods Sold Cost per Cost of Goods unit Sold January. On Inventory Balance Cost per unit # of units ary 26, the company sells Inventory Balance

A company reports the pilowing beginning 450 units. Ending inventory at January 31 totals 170 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Perpetual LIFO: Date January 1 January 9 January 25 Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on LIFO. January 26 Totals Goods purchased # of units ory and two purchases for the f118 Cost per unit # of units sold Units Unit Cost 410 90 120 $4.00 4.20 4.30 Cost of Goods Sold Cost per Cost of Goods unit Sold January. On Inventory Balance Cost per unit # of units ary 26, the company sells Inventory Balance

Name: A company reports the following beginning inventory and two purchases
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Description: A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells450 units. Ending inventory at January 31 totals 170 units.Beginning inventory on January 1Purchase on January 9Purchase

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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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.
Akira Company had the following transactions for the month. Numberof Units Costper Unit Beginning Inventory 150 $10 Purchased Mar. 31 170 15 Purchased Oct. 15 150 18 Ending Inventory 50 ? 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) $fill in the blank 1 B. Last-in, First-out (LIFO) $fill in the blank 2 C. Weighted Average (AVG) $fill in the blank 3
From the following, calculate the cost of ending inventory and cost of goods sold for the FIFO method, ending inventory is 54 units. Note: Round your answers to the nearest cent. Beginning inventory and purchases January 1 April 10 May 15 July 22 August 19 September 30 November 10 December 15 Cost of ending inventory Cost of goods sold Units 4 11 11 16 EX 17 21 31 17 Unit cost $ 2.50 3.00 3.50 3.75 4.50 4.70 4.90 5.30
Required information [The following information applies to the questions displayed below.] The following are the transactions for the month of July. Unit Selling July 1 July 13 July 25 July 31 Beginning Inventory Purchase Units 43 Unit Cost $ 10 Price 215 11 Sold Ending Inventory (100) 158 $ 14 Required: a. Calculate cost of goods available for sale and ending inventory under FIFO. Assume a periodic inventory system is used. b. Calculate sales, cost of goods sold, and gross profit, under FIFO. Assume a periodic inventory system is used. Complete this question by entering your answers in the tabs below. Required A Required B Calculate cost of goods available for sale and ending inventory under FIFO. Assume a periodic inventory system is used. FIFO (Periodic) Beginning Inventory Units Cost per Unit Total 43 $ 10 $ 430 Purchases July 13 Goods Available for Sale 215 $ 11 $ 2,365 $ 258 Cost of Goods Sold Units from Beginning Inventory 43 $ 10 Units from July 13 Purchase $ 11 Total Cost of…
Akira Company had the following transactions for the month. Numberof Units Costper Unit Beginning Inventory 150 $10 Purchased Mar. 31 160 15 Purchased Oct. 15 150 18 Ending Inventory 50 ? 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) $fill in the blank 1 B. Last-in, First-out (LIFO) $fill in the blank 2 C. Weighted Average (AVG) $fill in the blank 3
Akira Company had the following transactions for the month. Number Cost of Units per Unit Beginning Inventory 140 $10 Purchased Mar. 31 160 13 Purchased Oct. 15 140 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) $4 B. Last-in, First-out (LIFO) $4 C. Weighted Average (AVG)
The following information relates to inventory for Happy Eddie Incorporated: Date Transaction Quantity Cost March 1 Beginning Inventory 20 March 7 Purchase 15 March 12 Purchase 20 $2 $3 $4 A physical count revealed 30 units remained on hand at March 31. At what amount would Happy Eddie report its ending inventory using LIFO cost flow assumption? $170 $55 $110 $70
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
Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. Date Activities Units Acquired at Cost 170 units @ $9.50 = $1,615 Units sold at Retail Jan. 1 Beginning inventory Jan. 10 Sales 130 units @ $18.50 Jan. 20 Purchase 120 units @ $8.50 = 1,020 Jan. 25 Sales 130 units @ $18.50 Jan. 30 Purchase 240 units @ $8.00 =1,920 Totals 530 units $4,555 260 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 270 units, where 240 are from the January 30 purchase, 5 are from the January 20 purchase, and 25 are from beginning inventory. Exercise 5-3 Perpetual: Inventory costing methods LO P1 Required: 1. Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. 2 Determine the cost assigned to…
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Calculate the cost of goods sold dollar value for A66 Company for the month, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for last-in, first-out (LIFO). Number of Units Unit Cost Sales $50 Beginning inventory Purchased Sold Sold Ending inventory Beginning Purchase. Sale Sale 880 Number of units 400 350 760 Cost of Goods Purchased Unit Cost 52 Total Purchases $100 110 Total Cost LIFO (perpetual) Inventory Cost of Goods Sold Number of units 000¹ Unit Cost Total COGS Total Cost $ Cost of Inventory Remaining Number of units 0000 Unit Cost 000000 Total Cost