What is the ending inventory? Beginning inventory was $4,000, purchasestotaled $22,000, and sales were $20,000. Whatis the ending inventory?A) $2,000B) $4,000C) $6,000D) $8,000

Step 1: Define Ending InventoryEnding inventory refers to the goods not sold during the period, and…

Answered: Beginning inventory was $4,000,…

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter7: Inventories

Section: Chapter Questions

Problem 4PEB: Beginning inventory, purchases, and sales for WCS12 are as follows: Assuming a perpetual inventory...

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Beginning inventory, purchases, and sales for WCS12 are as follows: Assuming a perpetual inventory system and using the weighted average method, determine (a) the weighted average unit cost after the October 22 purchase, (b) the cost of the merchandise sold on October 29, and (c) the inventory on October 31.
Beginning inventory, purchases, and sales for WCS12 are as follows: Assuming a perpetual inventory system and using the weighted average method, determine (a) the weighted average unit cost after the October 22 purchase, (b) the cost of goods sold on October 29, and (c) the inventory on October 31.
16:52 itc.birzeit.edu XYZ Company uses the periodic inventory method and had the following inventory information available: Units Unit Cost Total Cost Beginning 100 1/1 entory $5 $ 500 20/2 Purchase 400 $6 2,400 25/7 Purchase 200 $7 1,400 10/10 Purchase 300 $9 2,700 1,000 $7,000
Sales during the year were 980 units. Beginning Inventory was 320 units at a cost of $3 per unit. Purchase 1 was 490 units at $4 per unit. Purchase 2 was 760 units at $5 per unit. Required: a. Assume the periodic Inventory system is used. Calculate cost of goods sold and ending Inventory using FIFO method. (Enter all values as a positive value.) Periodic FIFO Beg. Inventory Purchases: Purchase 1 Purchase 2 Total Beg. Inventory Purchases: Purchase 1 Purchase 2 Cost of Goods Available for Sale Cost of Goods Available for Sale Total # of units 320 $ 490 760 1,570 Cost per unit # of units 0 3 $ 4 5 Cost per unit $ Cost of Goods Available for Sale Cost of Goods Available for Sale 960 $ 1,960 3,800 6,720 $ 0 0 Cost of Goods Sold Cost per unit 0 0 # of units sold 320 S b. Assume the periodic Inventory system is used. Calculate cost of goods sold and ending Inventory using LIFO method. (Enter all values as a positive value.) Periodic LIFO 4,990 170 5,480 Cost of Goods Sold 3 $ 980 # of units…
A company uses a periodic inventory system. The beginning inventory was $20,000, purchases amounted to $110,000, sales totaled $215,000, and the year-end inventory was $25,000. The cost of goods sold must have been: a $100,000. b $105,000 c $110,000. d some other amount.
Inventory is valued using FIFO. Opening inventory was 10 units at $2 each. Purchases were 30 units at $3 each, then issues of 12 units were made, followed by issues of 8 units. Closing inventory is valued at A $50 B $58 C $60 D $70
Company H had the following information for the year: Beginning inventory: $20,000 Purchases: $50,000 Ending inventory: $15,000 Calculate the cost of goods sold using the periodic inventory system.
Sales during the year were 1,220 units. Beginning inventory was 380 units at a cost of $6 per unit. Purchase 1 was 610 units at $7 per unit. Purchase 2 was 940 units at $8 per unit. Required: a. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using FIFO method. (Enter all values as a positive value.) b. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using LIFO method. (Enter all values as a positive value.)
Assume that the total inventory on hand at the end of the year as determined by taking a physical inventory is $63,000. Excluded from the count were purchases of $6,000 in transit under FOB shipping point terms. What is the cost of inventory reported on the balance sheet?
If beginning inventory is 40 units at $4 per unit, purchases are 20 units at $8 per unit and 10 units at $5 per unit, and sales are 30 units at $12 per unit then the value of ending inventory under FIFO is $200.
Cost of goods sold is $108,000 ,ending inventory is $12,000 and purchases is $100,010. What is beginning inventory? A) $20,000 B) 32,000 C) $120,000 D) none of the above
3) A company purchased inventory as follows:200 units at $6.50300 units at $6.20The average unit cost for inventory is a)$6.32. b)$6.50. c)$6.36. d)$6.20.

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Beginning inventory was $4,000, purchases totaled $22,000, and sales were $20,000. What is the ending inventory? A) $2,000 B) $4,000 C) $6,000 D) $8,000