Abshire Corp uses the periodic inventory system. The following table shows beginning inventory and inventory purchases for 2023 Cost per unit $34 $37 $41 $43 Beginning Inventory March 10 June 11 October 15 Units 2,140 1,498 899 1,648 Cost of Goods Sold ($) Abshire Corp sold 3,773 units for $73 each Required: Fill in the following table with amounts for Cost of Goods Sold for 2023 based on the FIFO, LIFO, and weighted average inventory valuation methods. You may round your final answer to the nearest dollar FIFO Totals 72,760 55,426 36,859 70,864 133/21 LIFO 153,005 Weighted Average 143910

Abshire Corp uses the periodic inventory system. The following table shows beginning inventory and inventory purchases for 2023 Cost per unit $34 $37 $41 $43 Beginning Inventory March 10 June 11 October 15 Units 2,140 1,498 899 1,648 Cost of Goods Sold ($) Abshire Corp sold 3,773 units for $73 each Required: Fill in the following table with amounts for Cost of Goods Sold for 2023 based on the FIFO, LIFO, and weighted average inventory valuation methods. You may round your final answer to the nearest dollar FIFO Totals 72,760 55,426 36,859 70,864 133/21 LIFO 153,005 Weighted Average 143910

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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During 2024, a company sells 20 units of inventory. The company has the following inventory purchase transactions for 2024: Number of Unit Units 15 Cost $50 10 92 25 Date January 1 September 8 Transaction Beginning inventory Purchase Ending inventory Cost of goods sold Total Cost $750 920 $1,670 Calculate ending inventory and cost of goods sold for 2024 assuming the company uses the weighted-average cost method. (Ro weighted-average unit cost to 4 decimal places. Round your final answers to the nearest dollar amount.)
1) During 2021, a company sells 30 units of inventory at $60. The company has the following inventory purchase transactions for 2021: Date Jan. 1 Sep. 8 Transaction Beginning inventory Purchase Number of Units 25 20 45 Unit Cost $50 55 Total Cost $1,250 1,100 $2,350 Calculate ending inventory and cost of goods sold and gross profit for 2021 assuming the company uses both FIFO and LIFO.
Aiello Inc. had the following inventory in fiscal 2016. The company uses the LIFO method of accounting for inventory. Beginning Inventory, January 1, 2016: 130 units @ $15.00 Purchase 200 units @ $18.00 Purchase 50 units @ $13.50 Purchase 110 units @ $15.75 Ending Inventory, December 31, 2016: 120 units The company’s cost of goods sold for fiscal 2016 is: Group of answer choices $6,090.00 $1,800.00 $5,305.75 $6,157.50
The following is the information for ABC Corporation for the inventory transactions. The company sold 70 units on Jan 31 at $30/unit Date Units Unit Cost $10 $11 $12 $13 1-Jan 20 25-Jan 40 26-Jan 40 28-Jan 50 a. Calculate the cost of goods sold on January 31, 2020, using the FIFO method b. Calculate the ending inventory using the FIFO method c. Record journal entry for purchase on Jan 28 assuming thatit was a credit purchase d. Record journal entry for sale on Jan 31 assuming thatit was a credit sale
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The following data are available for Sellco for the fiscal year ended on January 31, 2020: Sales 830 units Beginning inventory 230 units @ $ 4 Purchases, in chronological order 290 units @ $ 5 450 units @ $ 7 250 units @ $ 7 Required:a. Calculate cost of goods sold and ending inventory under the cost flow assumptions, FIFO, LIFO and Weighted average (using a periodic inventory system): (Round unit cost to 2 decimal places.) b. Assume that net income using the weighted-average cost flow assumption is $15,300. Calculate net income under FIFO and LIFO. (Round unit cost to 2 decimal places.)
Givens Company uses a periodic inventory system.Its records show the following for the month of december 2019,in which 68 units were sold at$100 per unit. Units Units Cost Total Cost December 1 Beginning inventory 30 $9 $270 15 Purchase 25 $11 $275 24 Purchase 35 $12 $420 Totals 90 $965 Required: (show all calculate the Cost of Goods Sold on December 31,2019 for Given Company using the following cost flow assumptions: a.Calculate the Cost of Goods Sold on December 31,2019 for Given Company using the following cost flow assumptions: i)Weighted Average Cost method and ii) First-In-First-Out(FIFO) method. b.calculate the Gross Profit for the month ended December 31,2019 for Given Company using the following cost flow assumptions: i)Weighted Average Cost method and ii) First-In-First-Out(FIFO) method.
During 2021, a company sells 260 units of inventory for $90 each. The company has the following inventory purchase transactions for 2021: Number of Units Unit Date Transaction Cost. Total Cost Jan. 1 Beginning inventory May 5 Purchase Nov. 3 Purchase 67 $62 $ 4,154 166 63 10,458 12,220 188 65 421 $26,832 Calculate ending inventory and cost of goods sold for 2021 assuming the company uses FIFO. Ending inventory Cost of goods sold 吕口 F3 88 F4 4) FI1 F5 FB F9 F12 F10 @ # $ 4 & 3 5 6 7 8 { W E Y F H J K > ? C V alt command option command .. .* V • * co B.
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: Inventory, December 31, prior year For the current year: Purchase, March 21 Purchase, August 1 Inventory, December 31, current year Ending inventory Cost of goods sold FIFO Units 1,960 LIFO 5,100 2,950 4,030 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. Unit Cost $5 Average Cost 7 8
Tamarisk Company uses a periodic inventory system. For April, when the company sold 550 units, the following information is available. April 1 inventory April 15 purchase April 23 purchase Units Unit Cost $26 Ending inventory 230 360 410 1,000 31 Cost of goods sold $ 34 Total Cost $5,980 11.160 Compute the April 30 inventory and the April cost of goods sold using the LIFO method. 13,940 $31.080
Haresh
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.