**Transcription for an Educational Website:**A company uses a periodic inventory system. On August 1, the company had 6 items of beginning inventory with a cost of $13 per unit. On August 3, the company purchased 16 units at $14 per unit. Then, on August 5, the company sold 12 units. Using FIFO, the cost of the 12 units sold is _____.**Diagram Explanation:**There is an interactive box labeled "Cost of the units sold" with an arrow pointing to a blank space for input. This is likely a part of an online quiz or exercise, prompting the user to calculate and enter the cost based on the provided information and FIFO (First In, First Out) inventory method.

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Description: **Transcription for an Educational Website:**A company uses a periodic inventory system. On August 1, the company had 6 items of beginning inventory with a cost of $13 per unit. On August 3, the company purchased 16 units at $14 per unit. Then, on A

FIFO is First In First Out. Cost of Goods sold under FIFO method will consists of units that are…

Business

Accounting

A company uses a periodic inventory system. On August 1, the company had 6 items of beginning inventory with a cost of $ per unit. On August 3, the company purchased 16 units at $14 per unit. Then, on August 5, the company sold 12 units. Using FIFO, the cost of the 12 units sold is Cost of the units sold

A company uses a periodic inventory system. On August 1, the company had 6 items of beginning inventory with a cost of $ per unit. On August 3, the company purchased 16 units at $14 per unit. Then, on August 5, the company sold 12 units. Using FIFO, the cost of the 12 units sold is Cost of the units sold

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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Hanifee Company uses the periodic inventory system. For the current month, the beginning inventory consisted of 200 units that cost $65 each. During the month, the company made two purchases: 300 units at $69 each and 150 units at $70 each. The company also sold 500 units during the month. Using the periodic weighted-average cost method, what is the cost of ending inventory?
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:
The company uses the perpetual inventory method. It began the month of March with 100 units of inventory, at a unit cost of $55. Purchases during March March 5, 60 units at $60 each. March 18, 200 units at $65 each March 29, 40 units at $75 each. Sales during March March 12, 60 units. March 25, 210 units. All units were sold to customer for $100 each. 1. Use the following format to set up this inventory costing problem, Inventory Date Units Cost per Total Cost Date Units Total Cost Unit Beg Balance Units Cost Beginning Balance + Purchases Goods Available for Sale - Sold Ending Balance 2. Use the moving weighted average method to calculate the cost of goods sold for each sale. the lutal cost ol goods sold for the month, and ending inventory. 3. Assuming that the March 12 sale came from beginning inventory, and the March 25 sale was comprised of 25 units from beginning inventory, all 60 units of the March 5 purchase, and the temainder from the March 18 purchase, use specific…
The Corton Company uses a periodic inventory system. For the month of October, the beginning inventory consisted of 4,800 units that cost $12 each. Two purchases were made in October, one for 2,000 units at $13 each, and one for 8,000 units at $13.50 each. Additionally, Corton sold 8,600 units during the month. If the FIFO method is used, the ending inventory is a.) $74,400. b.) $75,800. c.) $80,292. d.) $83,700.
Blossom Company began operations on January 1. The company uses a periodic inventory system. It purchased three shredders as part of its inventory. The first shredder had a cost of $57the second one cost $64; and the third shredder cost $70. The company decided to use LIFO and sold two shredders in January. If the company had used FIFO, by how much would gross profit for the period be greater or less than using the LIFO method
Subject - account Please help me. Thankyou.
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:
1. The Pattasar Electric Appliances company uses perpetual inventory system and first-in, first-out (FIFO) method to calculate cost of goods sold and for the ending inventory valuation. The company has made the following purchases and sales during the month of February 2018. Feb. 01: Inventory at the beginning of the month; 24 units @ $1,000 per unit. Feb. 04: Sales: 16 units. Feb. 07: Purchases; 12 units @ $1,020 per unit. Feb. 10: Purchases; 10 units @ $1,050 per unit. Feb. 14: Sales; 16 units. Feb. 23: Sales; 12 units. During the month, all sales have been made @ $1600 per unit. Instruction 1. Compute the cost of goods sold and the cost of inventory in hand at the end of the month of February 2018. 2. Prepare journal entries to record the above transactions under perpetual inventory system.
Simple Plan Enterprises uses a perlodic Inventory system. Its records showed the following: Inventory, December 31, using FIFO - 44 Units @ $17 = $748 Inventory, December 31, using LIFO – 44 Units @ $13 = $572 Transactions in the Following Year Purchase, January 9 Purchase, January 20 Sale, January 11 (at $41 per unit) Sale, January 27 (at $42 per unit) Units Unit Cost Total Cost $ 1,088 2,014 56 18 106 19 86 62 Required: 1. Compute the number and cost of goods avallable for sale, the cost of ending Inventory, and the cost of goods sold under FIFO and LIFO. 2 Compute the Inventory turnover ratio under the FIFO and LIFO Inventory costing methods. 3. Does the Inventory method used make a significant difference In the Inventory turnover ratlo? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute the number and cost of goods available for sale, the cost of ending inventory, and the cost of goods sold under FIFO and LIFO. FIFO LIFO…
Ayayai Corp. uses a periodic inventory system. Its records show the following for the month of May, in which 69 units were sold. Date May 1 15 24 (a) Explanation Inventory Purchase Purchase Total Units Unit Cost 32 25 43 100 $8 Weighted-average unit cost $ 9 10 Total Cost $256 225 430 $911 Calculate the weighted-average unit cost. (Round answer to 3 decimal places, e.g. 5.125.) Ayayai Corp. uses a periodic inventory system. Its records show the following for the month of May, in which 69 units were sold. Date May 1 15 24 (a) Explanation Inventory Purchase Purchase Total Units 32 25 43 100 Unit Cost $8 Weighted average unit cost $ 9 10 Total Cost $256 225 430 c $911 Calculate the weighted-average unit cost. (Round answer to 3 decimal places, e.g. 5.125.)
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
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.