Alternative Inventory Methods Frate Company was formed on December 1, 2015, and uses the periodic inventory system. The following information is available from Frate's inventory records for Product Ply: Units Unit Cost January 1, 2016 (beginning inventory) $11.00 1,500 Purchases: January 6, 2016 2,200 12.00 January 25, 2016 1,900 12.50 February 17, 2016 1,300 13.00 March 27, 2016 1,600 13.50 A physical inventory on March 31, 2016 shows 3,000 units on hand. Required: For each method, enter your answers in chronological order. Prepare schedules to compute the ending inventory at March 31, 2016, under each of the following inventory methods: (For the weighted average method, round the average cost per unit to two decimal places.) 1. FIFO FRATE COMPANY Computation of Inventory for Product Ply Under FIFO Inventory Method March 31, 2016 Units Unit cost Total cost March 31, 2016 inventory

Alternative Inventory Methods Frate Company was formed on December 1, 2015, and uses the periodic inventory system. The following information is available from Frate's inventory records for Product Ply: Units Unit Cost January 1, 2016 (beginning inventory) $11.00 1,500 Purchases: January 6, 2016 2,200 12.00 January 25, 2016 1,900 12.50 February 17, 2016 1,300 13.00 March 27, 2016 1,600 13.50 A physical inventory on March 31, 2016 shows 3,000 units on hand. Required: For each method, enter your answers in chronological order. Prepare schedules to compute the ending inventory at March 31, 2016, under each of the following inventory methods: (For the weighted average method, round the average cost per unit to two decimal places.) 1. FIFO FRATE COMPANY Computation of Inventory for Product Ply Under FIFO Inventory Method March 31, 2016 Units Unit cost Total cost March 31, 2016 inventory

Name: Alternative Inventory MethodsFrate Company was formed on December 1,
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Description: Alternative Inventory MethodsFrate Company was formed on December 1, 2015, and uses the periodic inventory system. The following information is available from Frate's inventory records for Product Ply:UnitsUnit CostJanuary 1, 2016 (beginning invento

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 [The following information applies to the questions displayed below.] Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date March 1 March 5 March 9 March 18 March 25 March 29 Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals Units Acquired at Cost 70 units @ $50.40 per unit 210 units @ $55.40 per unit 70 units @ $60.40 per unit 120 units @ $62.40 per unit 470 units Units Sold at Retail 230 units @ $85.40 per unit 100 units @ $95.40 per unit 330 units 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, units sold include 50 units from beginning inventory, 180 units from the March 5 purchase, 30 units from the March 18 purchase, and 70 units from the March 25 purchase.
Periodic System- Calculating Ending Inventory and Cost of Sales using LIFO The following information is available for Water Inc. Date January 1 (beginning inventory) 440 Purchases: January 10 January 15 January 30 Units Unit Cost $50.00 330 52.00 660 440 52.50 55.00 The company maintains a periodic inventory system. A physical inventory count shows 550 units in stock on January 31. What is (a) ending inventory on January 31, and (b) cost of goods sold for January, using the LIFO inventory method? • Note: Round your final answers below to the nearest whole dollar. • Use your rounded ending inventory answer to compute part b. cost of goods sold. a. Ending inventory on January 31 $ 0 b. Cost of goods sold for January $ 0
Required information Skip to question [The following information applies to the questions displayed below.] Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date Activities Units Acquired at Cost Units Sold at Retail March 1 Beginning inventory 210 units @ $53.20 per unit March 5 Purchase 280 units @ $58.20 per unit March 9 Sales 370 units @ $88.20 per unit March 18 Purchase 140 units @ $63.20 per unit March 25 Purchase 260 units @ $65.20 per unit March 29 Sales 240 units @ $98.20 per unit Totals 890 units 610 units 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 120 units from beginning inventory, 250 units from the March 5 purchase, 100 units from the March 18 purchase, and 140 units from the March 25 purchase. Note: Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.
Periodic Inventory System Raynolde Company uses a periodic inventory system. At the end of 2016, the following information is available: Purchase returns and allowances $ 1,400 Inventory, 12/31/2016 11,900 Purchases 21,200 Inventory, 1/1/2016 10,800 Purchases discounts 600 Required: Prepare a schedule to compute Raynolde Company's cost of goods sold for 2016. RAYNOLDE COMPANY Cost of Goods Sold Schedule For the Year Ended December 31, 2016
Required information [The following information applies to the questions displayed below.] Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date March 1 March 5 March 9 March 18 March 25 March 29 Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals Units Acquired at Cost 100 units @ $51.00 per unit 225 units @ $56.00 per unit 85 units. @ $61.00 per unit 150 units @ $63.00 per unit. 560 units Units Sold at Retail 260 units @ $86.00 per unit 130 units @ $96.00 per unit 390 units 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, units sold include 65 units from beginning inventory, 195 units from the March 5 purchase, 45 units from the March 18 purchase, and 85 units from the March 25 purchase.
raw A company's inventory records indicate the following data for the month of April Units Acquired at Cost 780 units@ $36- $28,080 660 units@ $40 - $26,400 Date April 1 April 7 April 11 April 16 April 22 Sale O Activities Beginning inventory Purchase Sale Multiple Choice O Purchase O 400 units @ $110 The company uses a periodic inventory system. Determine the cost assigned to ending inventory using the specific identification method. Ending inventory consists of 280 units from the April 16 purchase, 80 units from the April 7 purchase, and 100 units from beginning inventory. $31,220. $23,480 $19,120 $36.850 580 units@ $44- $25,520 $22.960. Units Sold at Retail 1,160 units @ $110 . P C
Required information [The following information applies to the questions displayed below.] Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date Activities Units Acquired at Cost Units Sold at Retail March 1 March 5 Beginning inventory Purchase 250 units @ $54.00 per unit 300 units March 9 Sales March 18 Purchase March 25 Purchase 160 units 300 units @ $59.00 per unit $64.00 per unit 410 units @ $89.00 per unit @ $66.00 per unit March 29 Sales Totals 280 units $99.00 per unit 1,010 units 690 units 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 140 units from beginning inventory, 270 units from the March 5 purchase, 120 units from the March 18 purchase, and 160 units from the March 25 purchase. Note: Round weighted average cost per unit to two decimals and final answers to nearest whole dollar. Gross Margin FIFO LIFO…
Inventory Costing Methods Oppenheimer Inc. reported the following information for the month of May: Inventory, May 1 58 units @ $18 Purchase: Мay 7 48 units @ $20 May 18 61 units @ $21 May 27 40 units @ $22 During May, Oppenheimer sold 133 units. The company uses a periodic inventory system. Required: What is the value of ending inventory and cost of goods sold for May under the following assumptions. Assumption Cost of Goods Sold Ending Inventory 1. Of the 133 units sold, 49 cost $18, 34 cost $20, 46 cost $21, and 4 cost $22. $ 2. FIFO %$4 3. LIFO 2$ 4. Weighted average method (Round average unit cost to the nearest cent, $ and round all other calculations and your final answers to the nearest dollar.)
QUESTION : Bale Company uses a perpetual inventory system and had the following beginning inventory. purchases and sales during the fiscal year ended December 31, 2017: Jan. 1 Beginning inventory 280 units @ $80 Feb. 10 Purchase 195 units @ $84 Feb. 20 Sale 360 units @ $160 Mar. 13 Purchase 290 units @ $78 Sept. 5 Purchase 255 units @ $64 Oct. 10 Sale 510 units @ $160 Required: Part I Calculate the ending inventory and cost