5. Cost Flow (FIFO). The Pine Shop shows the following data related to an item ofinventory:Inventory, January 1100 units @ P50Purchase, January 9300 units @ P54Purchase, January 1990 units @ P60Inventory, January 31150 unitsa. What value should be assigned to the ending inventory using FIFCb. What value should be assigned to cost of goods sold using FIFO?

Name: 5. Cost Flow (FIFO). The Pine Shop shows the following data related t
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: 5. Cost Flow (FIFO). The Pine Shop shows the following data related to an item ofinventory:Inventory, January 1100 units @ P50Purchase, January 9300 units @ P54Purchase, January 1990 units @ P60Inventory, January 31150 unitsa. What value should be a

FIFO method: Under this method of inventory valuation, it is assumed that item of inventory…

Answered: a. What value should be assigned to the…

Business

Accounting

a. What value should be assigned to the ending inventory using FIFO? b. What value should be assigned to cost of goods sold using FIFO?

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter20: Accounting For Inventory

Section20.2: Determining The Cost Of Merchandise Inventory

Problem 1WT

See similar textbooks

Similar questions

Use the last-in, first-out method (LIFO) cost allocation method, with perpetual inventory updating, to calculate (a) sales revenue, (b) cost of goods sold, and c) gross margin for B75 Company, considering the following transactions.
Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for A76 Company, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for first-in, first-out (FIFO).
Inventory Costing: Average Cost Refer to the information for Filimonov Inc. and assume that the company uses a perpetual inventory system. Required: Calculate the cost of goods sold and the cost of ending inventory using the average cost method. ( Note: Use four decimal places for per-unit calculations and round all other numbers to the nearest dollar.)
Inventory Costing: LIFO Refer to the information for Filimonov Inc. and assume that the company uses a perpetual inventory system. Required: Calculate the cost of goods sold and the cost of ending inventory using the LIFO inventory costing method.
Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for A76 Company, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for weighted average (AVG).
Uncle Butchs Hunting Supply Shop reports the following information related to inventory: Calculate Uncle Butchs ending inventory using the retail inventory method under the FIFO cost flow assumption. Round the cost-to-retail ratio to 3 decimal places.
Trini Company had the following transactions for the month. Calculate the cost of goods sold dollar value for the period for each of the following cost allocation methods, using periodic inventory updating. Provide your calculations. A. first-in, first-out (FIFO) B. last-in, first-out (LIFO) C. weighted average (AVG)
Calculate the cost of goods sold dollar value for A74 Company for the sale on March 11, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average (AVG).
Based on the data in Exercise 7-15 and assuming that cost was determined by the FIFO method, show how the merchandise inventory would appear on the balance sheet.
Calculate the cost of goods sold dollar value for B74 Company for the sale on November 20, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average (AVG).
Inventory Write-Down Byron Company has five products in its inventory and uses the FIFO cost flow assumption. Specific data for each product are as follows: Required: 1. What is the correct inventory value, assuming the LCNRV rule is applied to each item of inventory? 2. What is the correct inventory value, assuming the LCNRV rule is applied to the total of inventory? 3. Next Level Comment on any differences that result from applying the LCNRV rule to individual items compared to the total of inventory.
Calculate the cost of goods sold dollar value for A65 Company for the month, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for first-in, first-out (FIFO).