E7-10Alternative Inventory Methods Nevens Company uses a periodic inventory system. During November, thefollowing transactions occurred:LO 7.5DateTransactionUnitsCost/UnitNovember$3.50Balance8.1SalePurchasePurchase500350300134.00200150215.00SHOWME HOW28SaleRequired:1. Compute the cost of goods sold for November and the inventory at the end of November for each of thefollowing cost flow assumptions:a.FIFOb. LIFOc.Average cost2. Next Level What can you conclude about the effects of the inventory cost flow assumptions on the financialstatements?マワ11AltornMethode Porkthe follouing transas 7-52Chapter 7Inventories: Cost Measurement and Flow AssumptionsP7-13Dollar-Value LIFO Kwestel Company adopted the dollar-value LIFO method for inventory valuation at the be-ginning of 2015. The following information about the inventory at the end of cach year is available from Kwestel'srecords:LO 7.7YearCurrent CostIndex$ 8,00010,80011,50014,00010,50020141001202015201613014520172018125Required:Calculate the dollar-value LIFO inventory at the end of each year. Round to the nearest dollar.

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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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Akira Company had the following transactions for the month. Number of units Cost per Unit Beginning inventory 150 $ 10 Purchased Mar. 31 160 12 Purchased Oct. 15 130 15 Ending inventory 50 ? 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 (AVG)
Blue Ltd. uses the perpetual inventory system and reports the following inventory transactions for the month of June: Date June 1 Beginning inventory 12 15 16 23 27 Explanation Purchases Sale Gross profit $ Purchases Purchases Sales Your answer is incorrect. Units 1,370 FIFO 2,430 I (2,540 ) 4,070 1,400 (5,230) Unit Cost/Price $6 G $ 7 12 Show Transcribed Text Average Cost 8 9 15 Calculate the gross profit for the month of June using (1) FIFO and (2) average cost. (Round average cost final answers to 2 decimal places, e.g. 1.25. Do not round intermediate calculations.) Total Cost $8,220 17,010 32,560 12,600
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Inventory Costing Methods and the Periodic MethodKay & Company experienced the following events in March: Date Event Units Unit Cost Total Cost Mar. 1 Purchased inventory 100 @ $16 $1,600 Mar. 3 Sold inventory 60 Mar. 15 Purchased inventory 100 @ 18 $1,800 Mar. 20 Sold inventory 40 If Kay & Company uses the weighted-average cost method, calculate the company’s cost of goods sold and ending inventory as of March 31 assuming the periodic method.(Round answer to two decimal places, if needed.)
am.105.
UMET's Stores had the following inventory transactions in 2020: Transaction Units Cost per unit 1/1 Balance 50 $6 2/14 Sale 25 5/23 Purchase 100 8 8/21 Sale 50 11/5 Purchase 25 12 11/18 Sale 95 Required: Compute tge cost of goods sold and the ending inventory using the periodic inventory system for each of the following cost flow assumptions: a. FIFO b. LIFO c. Weighted average
The following are the transactions for the month of July. Units Unit Cost Unit Selling Price July 1 Beginning Inventory 55 $ 10 July 13 Purchase 275 11 July 25 Sold (100 ) $ 14 July 31 Ending Inventory 230 Calculate cost of goods available for sale and ending inventory, then sales, cost of goods sold, and gross profit, under FIFO. Assume a periodic inventory system is used. How would i creat a FIFO periodic table?
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Inventory Costing Methods and the Perpetual MethodKay & Company experienced the following events in March: Date Event Units Unit Cost Total Cost Mar. 1 Purchased inventory 100 @ $16 $1,600 Mar. 3 Sold inventory 60 Mar. 15 Purchased inventory 100 @ 18 $1,800 Mar. 20 Sold inventory 40 Assume the perpetual inventory system is used. Use the weighted-average inventory costing method to calculate the company’s cost of goods sold and ending inventory as of March 31. Round weighted-average cost per unit to two decimal places. Use rounded answer for subsequent calculations. Round all other answers to the nearest dollar. March 3 Cost of goods sold Answer March 20 Weighted-average cost per unit Answer Cost of goods sold Answer March 31 Total cost of goods sold Answer Ending inventory Answer
You have the following information for Bramble Inc. for the month ended June 30, 2022. Bramble uses a periodic inventory system. Date Description Quantity Unit Cost orSelling Price June 1 Beginning inventory 40 $31 June 4 Purchase 135 34 June 10 Sale 110 61 June 11 Sale return 15 61 June 18 Purchase 55 37 June 18 Purchase return 10 37 June 25 Sale 65 67 June 28 Purchase 35 41
A & B please
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