Assume Huxley has the following purchases of inventory during the first month of operations Number of Units Cost per unit First Purchase 166 2.1 Second Purchase 430 3.9 Assuming Huxley sells 261 units at $13 each, what is the value of the ending inventory if FIFO is used

Assume Huxley has the following purchases of inventory during the first month of operations Number of Units Cost per unit First Purchase 166 2.1 Second Purchase 430 3.9 Assuming Huxley sells 261 units at $13 each, what is the value of the ending inventory if FIFO is used

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

During the year, TRC Corporation has the following inventory transactions. Date Transaction Number of Units Unit Cost Total Cost January 1 Beginning inventory 45 $37 $1,665 April 7 Purchase 125 39 4,875 July 16 Purchase 195 42 8,190 October 6 Purchase 105 43 4,515 470 $19,245 For the entire year, the company sells 414 units of inventory for $55 each. Required:1-a & b. Using FIFO, calculate ending inventory and cost of goods sold.1-c & d. Using FIFO, calculate sales revenue and gross profit.2-a & b. Using LIFO, calculate ending inventory and cost of goods sold.2-c & d. Using LIFO, calculate sales revenue and gross profit.3-a & b. Using weighted-average cost, calculate ending inventory and cost of goods sold.3-c & d. Using weighted-average cost, calculate sales revenue and gross profit.4. Determine which method will result in higher profitability when inventory costs are rising.
The following units of an inventory item were available for sale during the year: Beginning inventory 8 units at $50 First purchase 16 units at $51 Second purchase 21 units at $52 Third purchase 15 units at $54 The firm uses the periodic inventory system. During the year, 22 units of the item were sold. The value of ending inventory rounded to the nearest dollar using average cost is (Round average cost per unit to three decimal places.) Oa. $1,174 Ob. $1,975 Oc. $1,100 Od. $1,114
am. 106.
need answer
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.)
Assume Ava Co. has the following purchases of inventory during the first month of operations Number of Units Cost per unit First Purchase 140 2.4 Second Purchase 105 4.7 Assuming Ava Co sells 120 units at $14 each, what is the cost of goods sold if they use LIFO?
A company sells three different products.The following inventory information is available on December 31: Inventory Item Units Cost per unit $4.00 Market value unit per $3.50 $1.50 300 Y 600 $2.00 1,500 $3.00 $4.00 After applying the lower of cost or market (LCM) rule to inventory, what amount should be reported for total ending inventory on its Dec. 31 balance sheet? O a. $6,600 O b. $6,450 O c. $6,900 O d. $7,950
1. A firm's purchases and sales during a period occur in the following order: Beginning inventory 3 units @ $390 per unit Purchase 7 units @ $385 per unit Sale 5 units Purchase 4 units @ $380 per unit Sale 8 units Purchase 5 units @ $370 per unit Using LIFO and a perpetual inventory system, the firm's cost of sales for the period is: A $4,605. B. $4,995. C. $5,145.
Inventory records for Marvin Company revealed the following: Date Transaction Numberof Units UnitCost Mar. 1 Beginning inventory 980 $ 7.24 Mar. 10 Purchase 600 7.70 Mar. 16 Purchase 780 8.12 Mar. 23 Purchase 600 8.52 Marvin sold 2,000 units of inventory during the month. Cost of goods sold assuming FIFO would be: (Do not round your intermediate calculations. Round your answer to the nearest dollar amount.) Multiple Choice $15,576. $17,040. $16,210. $15,126.
he following data are available for Sellco for the fiscal year ended on January 31, 2020: Sales 1,600 units Beginning inventory 500 units @ $ 4 Purchases, in chronological order 600 units @ $ 5 800 units @ $ 6 500 units @ $ 8 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 $80,000. Calculate net income under FIFO and LIFO. (Round unit cost to 2 decimal places.)
During the year, TRC Corporation has the following inventory transactions. Date Transaction Number of Units Unit Cost Total Cost January 1 Beginning inventory 60 $52 $3,120 April 7 Purchase 140 54 7,560 July 16 Purchase 210 57 11,970 October 6 Purchase 120 58 6,960 530 $29,610 For the entire year, the company sells 450 units of inventory for $70 each. Required: 1-a & b. Using FIFO, calculate ending inventory and cost of goods sold.1-c & d. Using FIFO, calculate sales revenue and gross profit.2-a & b. Using LIFO, calculate ending inventory and cost of goods sold.2-c & d. Using LIFO, calculate sales revenue and gross profit.3-a & b. Using weighted-average cost, calculate ending inventory and cost of goods sold.3-c & d. Using weighted-average cost, calculate sales revenue and gross profit.4. Determine which method will result in higher profitability when inventory costs are rising.
The Stilton Company has the following inventory and credit purchases during the fiscal year ended December 31, 2023. Beginning Feb. 10 Aug. 21 640 units @ $75/unit 350 units @ $72/unit 230 units @ $85/unit Stilton Company has two credit sales during the period. The units have a selling price of $135 per unit. Sales Mar. 15 430 units Sept. 10 335 units Stilton Company uses a perpetual inventory system. Required: 1. Calculate the dollar value of cost of goods sold and ending inventory using: (Do not round intermediate calculations. Round "Average cost per unit" to 2 decimal places. Round the final answers to 2 decimal places.) Ending Inventory Cost of Goods Sold a FIFO b. Moving weighted average