Beginning inventory Purchased goods during the period Sold goods during the period Purchased goods during the period Number of Units 140 240 80 220 Given the information above for R Company, R's cost of goods sold is $_ Cost per Unit $75 77 125 80

Beginning inventory Purchased goods during the period Sold goods during the period Purchased goods during the period Number of Units 140 240 80 220 Given the information above for R Company, R's cost of goods sold is $_ Cost per Unit $75 77 125 80

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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nventory Write-Down The following information is taken from Aden Company's records: Product Group Units Cost/Unit Market/Unit A 1 600 $1.10 $0.90 B 1 250 1.50 1.55 C 2 200 4.90 5.15 D 2 100 6.50 6.40 E 3 80 25.00 24.60 Required: What is the correct inventory value if the company applies the LCNRV rule to each of the following?
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The following data represent the beginning inventory and, in order of occurrence, the purchases and sales of Per Beginning Inventory Sale No. 1 Purchase No. 1 Sale No. 2 Purchase No. 2 Totals Select one: O Units Unit Cost Total Cost Units Sold 50 $124 $6,200 A. $5,952 B. $4,320 C. $4,800 D. $4,224 30 40 120 100 88 3,000 40 32 Assuming Petroni, Inc. uses FIFO perpetual inventory procedures, the ending inventory cost is: 3,520 $12,720 72
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of 2 Book Hint Ask F erences Ac raw ill Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method. Date January 1 January 9 Total January 9 January 25 Total January 25 January 26 Total January 26 Goods purchased Number Number of Cost per of units Cost per Cost of Goods Number of units unit unit sold Sold units 80 at $3.20 100 at $ 3.34 Perpetual LIFO: Cost of Goods Sold 100 at 80 at at wwwwww $ 3.00 = $ 3.20 = at $ 3.00 = at $ 3.20 = at $ 3.34 = delete Inventory Balance $ $ 960 256 $1,216 $ 960 $ 960 256 334 1,550 home 7:0 9/29
TB MC Qu. 05-131 (Algo) A company has the following products... A company has the following products in its ending Inventory. Compute lower of cost or market for inventory applied separately to each product Cost per Market per Unit Unit $ 726 $ 696 $ 526 $ 566 $ 676 $ 701 Product Quantity 10 15 20 Product A Product B Product C
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The following inventory information is gathered from the accounting records of Tucker Enterprises: # of Units x Unit Cost = Total Beginning Inventory 4000 x 5 Purchases 6000 x 7 Sales 9000 x 10 Ending Inventory 1000 a. Calculate Ending Inventory # of Units Unit Cost Ending Inventory 1.FIFO 0 $- 2.LIFO 0 $- 3.Weighted Average Cost 0 $- $- $- $- b. Cost of Goods Sold # of Units # of Units Unit cost Unit cost Cost of Goods Sold 1.FIFO $- 2.LIFO $- 3.Weighted Average Cost $- $- 0 $- c.Gross profit using each of the following methods: Sales Cost of Goods Sold Gross Profit 1.FIFO $- $- $- 2.LIFO $- $- $- 3.Weighted Average Cost $- $- $-
[The following information applies to the questions displayed below.] Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Monson uses a perpetual inventory system. Also, on December 15, Monson sells 15 units for $23 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 10 units @ $9.00 cost 20 units @ $15.00 cost 15 units @ $17.00 cost Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method. Perpetual LIFO: Goods purchased Cost of Goods Sold Cost of Goods # of Date Cost per Cost per Cost of ( unit # of units Available for units unit Sol Sale sold December 7 10 at $ 9.00 $ 90.00 20 at $ 15.00 $ 300.00 December 14 Total December 14 15 at $ 23.00 = December 15 Total December 15 15 at $ 17.00 $ 255.00 %3D December 21 Totals
Given the following: Numberpurchased Costper unit Total January 1 inventory 32 $ 4 $ 128 April 1 52 6 312 June 1 42 7 294 November 1 47 8 376 173 $ 1,110 a. Calculate the cost of ending inventory using the FIFO (ending inventory shows 53 units). b. Calculate the cost of goods sold using the FIFO (ending inventory shows 53 units).