Ivanhoe Company uses a periodic inventory system and reports the following for the month of June.DateExplanation UnitsUnit CostTotal CostJune 1Inventory120$5$ 60012Purchase39062,3403323Purchase21071,47030Inventory220(a1)Calculate weighted-average unit cost. (Round answer to 3 decimal places, e.g. 5.125.)Weighted-average unit cost$

Lets understand the basics.Ending inventory and cost of goods sold can be calculated by,(1) FIFO(2)…

annoe Company uses a periodic inventory system and reports the following for the month of Jun Date Explanation Units Unit Cost Total Cost une 1 Inventory 120 $5 $600 12 28 Purchase 390 6 2,340 23 Purchase 210 7 1,470 30 Inventory 220

annoe Company uses a periodic inventory system and reports the following for the month of Jun Date Explanation Units Unit Cost Total Cost une 1 Inventory 120 $5 $600 12 28 Purchase 390 6 2,340 23 Purchase 210 7 1,470 30 Inventory 220

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Ivanhoe Company uses a periodic inventory system and reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 120 $5 $600 12 Purchase 390 6 2,340 23 Purchase 210 7 1,470 30 Inventory 220 (a1) Your answer is correct. Calculate weighted-average unit cost. (Round answer to 3 decimal places, e.g. 5.125.) Weighted-average unit cost $ (a2) eTextbook and Media 6,125 Attempts: 2 of 5 used Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round answers to O decimal places, eg. 125.) FIFO LIFO Average-cost Cost of the ending inventory $ $ $ Cost of goods sold $
Sunland Company uses a perpetual inventory system and reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 140 $5 $700 12 Purchase 360 6 2,160 23 Purchase 220 7 1.540 30 Inventory 270 (a1) Your answer is partially correct. Calculate the weighted-average cost per unit, using a perpetual inventory system. Assume a sale of 400 units occurred on June 15 for a selling price of $7 and a sale of 50 units on June 27 for $8. (Round intermediate calculations to O decimal places, e.g. 152 and final answers to 3 decimal places, e.g. 5.125.) June 1 $ June 12 $ June 15 $ June 23 $ June 27 $ 5
Akira Company had the following transactions for the month. Numberof Units TotalCost Beginning inventory 130 $1,300 Purchased Mar. 31 190 2,280 Purchased Oct. 15 160 2,400 Total goods available for sale 480 5,980 Ending inventory 70 ? 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 $29 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) $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
Required information [The following information applies to the questions displayed below.] 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 Purchase on January 9 Purchase on January 25 280 $ 2.60 60 2.80 100 2.94 Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method. Perpetual LIFO: Cost of Goods Sold Goods purchased Inventory Balance Date Cost per unit # of units Cost per unit Cost of Goods Cost per unit Inventory Balance # of units # of units sold Sold January 1 January 9 Total January 9 January 25
Tablet Company, which uses a periodic inventory system, reports the following in its inventory records forJune: Units Unit CostBeginning Inventory 10 $12.00Purchase #1 5 $10.00Purchase #2 5 $14.00 During June, Tablet Company sold 12 units. Using the weighted-average cost method, compute the June 30 ending inventory balance for this product.
Addison, Inc. uses a perpetual inventory system. Below is information about one inventory item for the month of September. Sep. 1 Inventory 20 units at $20 4 Sold 10 units 10 Purchased 30 units at $25 17 Sold 20 units 30 Purchased 10 units at $30 If Addison uses LIFO, the September 17 cost of goods sold would be: Oa. $500 Ob. $400 Oc. $600 Od. $450
Inventory data for an item for November are: Date Description 1-Nov 4-Nov 15-Nov 17-Nov 28-Nov 30-Nov Beg. Inventory Purchased Sold Purchased Purchased Sold Units and Prices 15 units at $10 each 50 units at $12 each 45 units for $40 each 30 units at $15 each 10 units at $20 each 50 units for $45 each Suppose this company employs a periodic inventory system using Weighted Average assumptions. What is the average cost per unit used for inventory in November? Please round to the penny.
The Luann Company uses the periodic inventory system. The following July data are for an item in Luann's inventory: July 1 Beginning inventory 30 units @ 10 Purchased $9 per unit 50 units @ $11 per unit 15 Sold 60 units 26 Purchased 25 units @ $13 per unit Calculate the cost of goods sold for July and ending inventory at July 31 using (a) first-in, first-out, (b) last-in, first-out, and (c) the weighted-average cost methods. Note: Round your cost per unit to three decimal places, if needed. Then round your final answers to the nearest dollar. A. First-in, First-out: Ending Inventory Cost of Goods Sold: B. Last-in, first-out: Ending Inventory Cost of Goods Sold: C. Weighted-average cost: Ending Inventory Cost of Goods Sold
A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 330 units. Ending inventory at January 31 totals 140 units. Units Unit Cost Beginning inventory on January 1 300 $ 2.80 Purchase on January 9 70 3.00 Purchase on January 25 100 3.14 Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method.
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.)
Waterway Company uses a periodic inventory system. For April, when the company sold 450 units, the following information is available. April 1 inventory April 15 purchase April 23 purchase (a) Units Unit Cost 260 360 380 1,000 $29 Weighted average cost per unit 35 38 Total Cost $ $7,540 12,600 Calculate weighted average cost per unit. (Round answer to 2 decimal places, eg. 2.76) 14,440 $34,580
Atlas Company uses the perpetual inventory costing system. The company has provided the following data for the current period: Units Total $ 800.00 $1,540.00 $ 960.00 $6,000.00 Date Transaction 1-Nov Beginning balance 4-Nov Purchases 40.00 70.00 40.00 6-Nov Purchases 7-Nov Sales 100.00 Calculate the total purchases for the period given per FIFO $20.00 $22.00 $24.00 $60.00