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) $ B. Last-in, First-out (LIFO) $ C. Weighted Average (AVG) $

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) $ B. Last-in, First-out (LIFO) $ C. Weighted Average (AVG) $

Name: Akira Company had the following transactions for themonth.NumberCosto
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Description: Akira Company had the following transactions for themonth.NumberCostof Unitsper UnitBeginning Inventory140$10Purchased Mar. 3116013Purchased Oct. 1514016Ending Inventory70?Calculate the ending inventory dollar value for the periodfor each of the fol

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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Required information Skip to question [The following information applies to the questions displayed below.] The following are the transactions for the month of July. Units Unit Cost Unit Selling Price July 1 Beginning Inventory 44 $ 10 July 13 Purchase 220 12 July 25 Sold (100) $ 16 July 31 Ending Inventory 164 Required: a. Calculate cost of goods available for sale and ending inventory under LIFO. Assume a periodic inventory system is used. b. Calculate sales, cost of goods sold, and gross profit, under LIFO. Assume a periodic inventory system is used.
FLCL Company had the following transactions for the month: Calculate the ending inventory dollar value for the period 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
From the following, calculate the cost of ending inventory and cost of goods sold for the LIFO method, ending inventory is 50 units. Note: Round your answers to the nearest cent. Beginning inventory and purchases January 1 April 101 May 15 July 22 August 19 September 30 November 10 December 15. 5 Cost of ending inventory Cost of goods sold 10 12 15 18. 20 32 16 THIE cont $1.40 1.90 2.40 2.65 3.40 3.60 3.80 4.20 Answer is complete but not entirely correct. $ $ 204.75 365.40
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
What is the Weighted average cost per unit?
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
Use the following information (M) from Marvel Company for the month of July to answer the question: Perpetual: Assume that Marvel uses a perpetual FIFO inventory system. What is the dollar value of its ending inventory?
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)
Akira Company had the following transactions for the month. Number Total of Units Cost Beginning inventory 150 $1,500 Purchased Mar. 31 180 2,160 Purchased Oct. 15 150 2,250 Total goods available for sale 480 5,910 Ending inventory 60 Calculate the gross margin for the period for each of the following cost allocation methods, using periodic inventory updating. Assume that all units were sold for $26 each. Round your intermediate calculations to 2 decimal places and final answers to the nearest dollar amount. Gross Margin A. First-in, First-out (FIFO) $1 B. Last-in, First-out (LIFO) $1 C. Weighted Average (AVG)
Consider the following transactions for A67 Company for the month shown in chronological order: # of units Unit cost Sales Beginning Inventory 800 $50 Purchased 600 $52 Sold 400 $80 Sold 350 $90 Ending Inventory 650 In the table below, calculate the dollar value for the period for each of the following items using the listed cost allocation methods and using perpetual inventory updating. PLEASE NOTE: All dollar amounts will be rounded to whole dollars using "$" with commas as needed (i.e. $12,345), except for the Weighted Average cost per unit, which will be rounded to two decimal places and include "$". Weighted average cost per unit = per unit. Cost Allocation Method Cost of Goods Available Cost of Goods Sold Ending Inventory Sales Gross Margin First-in, First-out (FIFO) Last-in, First-out (LIFO) Weighted Average (AVG)
Garrett Company has the following transactions during the months of April and May: Date Transaction Units Cost/Unit April 1 Balance 300 17 Purchase 200 $5.10 25 Sale 150 28 Purchase 100 5.80 May 5 Purchase 250 5.10 18 Sale 300 22 Sale 50 The cost of the inventory on April 1 is $5, $4, and $2 per unit, respectively, under the FIFO, average, and LIFO cost flow assumptions. Required: 1. Compute the inventories at the end of each month and the cost of goods sold for each month for the following alternatives: FIFO periodic Cost of Goods Sold Ending Inventory April $ ____________ $ ____________ May $ ____________ $ ____________ FIFO perpetual Cost of Goods Sold Ending Inventory April $ ____________ $ ____________ May $ ____________ $ ____________ LIFO periodic Cost of Goods Sold Ending Inventory April $ ____________ $ ____________ May $ ____________ $ ____________ LIFO…
Trìni Company had the following transactions for the month. Number Cost of Units per Unit Total Beginning inventory 1,050 $22 $23,100 Purchased May 31 1,040 23 23,920 Purchased Jul. 15 1,340 26 34,840 Purchased Nov. 1 1,210 27 32,670 Totals (goods available) 4,640 114,530 Ending inventory 910 Calculate the ending inventory dollar value 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