Aircard Corporation tracks the number of units purchased and sold throughout each accounting period but applies its inventorycosting method at the end of each period as if it uses a periodic inventory system. The following are the transactions for the month ofJuly.UnitsUnit Cost$ 30July 1July 5July 13July 17July 25July 27Beginning InventorySold2,0001,0006,0003,0008,0005,000Purchased34SoldPurchased36SoldCalculate the cost of goods available for sale, ending inventory, and cost of goods sold if Aircard uses (a) FIFO, (b) LIFO, or (c) weightedaverage cost. (Round "Cost per Unit" to 2 decimal places.)Weighted AverageCostFIFOLIFOCost of Goods Available for Sale552,000$552,000$552,000Ending InventoryCost of Goods Sold

Calculation of weighted average cost per unit : Date Particulars Calculation Cost per unit…

Answered: Aircard Corporation tracks the number…

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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Scoresby Inc. tracks the number of units purchased and sold throughout each year but applies its inventory costing method at the end of the year, as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31.Transactions Units Unit Costa. Inventory, Beginning 4,000 $ 30 cost per unitFor the year: b. Purchase, March 5 10,000 $31 cost per unit c. Purchase, September 19 6,000 units $33 cost per unitd. Sale, April 15 (sold for $75 per unit) 4,400 e. Sale, October 31 (sold for $78 per unit) 9,000 f. Operating expenses (excluding income tax expense), $607,000 ________________________________________Required:3. 3. Compute the cost of ending inventory and cost of goods sold under (a) FIFO, (b) LIFO, and (c) weighted average cost.4. 4. Prepare an income statement that shows the FIFO method, LIFO method and weighted average method.
Gladstone Limited 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 annual accounting period, December 31. Transactions Beginning inventory, January 1 Transactions during the year: a. Purchase, January 30 b. Sale, March 14 ($12 each) c. Purchase, May 1 d. Sale, August 31 ($12 each) Required: Units 1,900 Unit Cost $ 4.00 2,500 6.00 (1,700) 1,200 (1,900) 8.00 1. Compute the amount of goods available for sale, ending inventory, and cost of goods sold at December 31, under each of the following inventory costing methods. For Specific identification, assuming that the March 14, sale was selected two-fifths from the beginning inventory and three-fifths from the purchase of January 30. Assume that the sale of August 31, was selected from the remainder of the beginning…
Scrappers Supplies 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 annual accounting period, December 31. Unit Cost $33 Transactions Units Beginning inventory, January 1 Transactions during the year: a. Purchase on account, March 2 b. Cash sale, April 1 ($49 each) c. Purchase on account, June 30 d. Cash sale, August 1 ($49 each) 190 295 (340) 240 35 39 (95) TIP: Although the purchases and sales are listed in chronological order, Scrappers determines the cost of goods sold after all of the purchases have occurred. Required: 1. Compute the cost of goods available for sale, cost of ending inventory, and cost of goods sold at December 31 under each of the following inventory costing methods: (Round "Cost per Unit" to 2 decimal places.) a. Last-in, first-out. b.…
Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each month, as if it uses a periodic inventory system. Assume Oahu Kiki's records show the following for the month of January. Sales totaled 260 units. Beginning Inventory Purchase Purchase Date January 1 January 15 January 24 Units 100 360 240 Unit Cost $ 75 95 115 Total Cost $ 7,500 34,200 27,600 Required: 1. Calculate the number and cost of goods available for sale. 2. Calculate the number of units in ending inventory. 3. Calculate the cost of ending inventory and cost of goods sold using the (a) FIFO, (b) LIFO, and (c) weighted average cost methods.
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 $ 29,000 $ 46,000 Net purchases 14,500 ? question mark Net markups 10,700 Net markdowns 2,700 Net sales ? question mark The company used the average cost flow method and estimated inventory at the end of September to be $24,998.00. If the company had used the LIFO cost flow method, the cost-to- retail percentage would have been 50%. Required: Compute net purchases at retail and net sales for the month of September using the information provided.
Aircard Corporation 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 perpetual inventory system. The following are the transactions for the month of July. July 1 July 5 Units Unit Cost Beginning Inventory 2,700 $ 47 Sold 1,350 July 13 Purchased 6,700 51 July 17 Sold 3,700 July 25 July 27 Purchased Sold 8,700 57 5,700 Calculate the cost of ending inventory and cost of goods sold assuming a perpetual inventory system is used in combination with (a) FIFO and (b) LIFO. Complete this question by entering your answers in the tabs below. Required A Required B Calculate the cost of ending inventory and cost of goods sold assuming a perpetual inventory system is used in combination with FIFO. Beginning Inventory Purchases July 13 FIFO (Perpetual) Units Cost per Unit Total $ 0 July 25 Total Purchases Goods Available for Sale Cost of Goods Sold Units from Beginning Inventory Units…
Aircard Corporation 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. The following are the transactions for the month of July. July 1 July 5 July 13 July 17 July 25 July 27 Beginning Inventory Sold Purchased Sold Purchased Sold Cost of Goods Available for Sale Ending Inventory Cost of Goods Sold Units 2,000 1,000 6,000 S 3,000 8,000 5,000 $ Calculate the cost of goods available for sale, ending inventory, and cost of goods sold if Aircard uses (a) FIFO, (b) LIFO, or (c) weighted average cost. (Round "Cost per Unit" to 2 decimal places.) Unit Cost $ 45 47 Answer is complete but not entirely correct. LIFO Weighted Average Cost 764,000 194,250 147,000 FIFO 764,000 $ 343,000 421,000 $ 49 764,000 343,000 147,000
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)
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.
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.
Gladstone Company 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 annual accounting period, December 31. Unit Transactions Units Cost $ 45 Beginning inventory, January 1 Transactions during the year: a. Purchase, January 30 b. Sale, March 14 ($100 each) c. Purchase, May 1 d. Sale, August 31 ($100 each) 2,700 3,050 60 (2,350) 1,750 75 (2,000) Assuming that for Specific identification method (item 1d) the March 14 sale was selected two-fifths from the beginning inventory and three-fifths from the purchase of January 30. Required: 1. Compute the amount of goods available for sale, ending inventory, and cost of goods sold at December 31 under each of the following inventory costing methods: a. Last-in, first-out. b. Weighted average cost. c. First-in, first-out. d.…
Calculate the ending inventory and cost of goods sold dollar values for ABC Company for the month, considering the following transactions under three different cost allocation methods and using periodic inventory updating: |(a) First-in, first-out (FIFO) (b) Last-in, first-out (LIFO) Number of Unit Cost Sales Price Units Beginning Inventory 100 $20 Purchase 400 22 Sold 300 $30 Purchase 200 24 Sold 180 $35 Ending Inventory 220

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