Board Work 1 - Specific Identification Provided below are the movements in the inventory account of Mischief Company for January 20X1: Beginning inventory January 1 Purchases: January 10 18 28 Cost of goods available for sale Ending inventory (unsold) Cost of goods sold (sold) Units 15,000 25,000 20,000 50,000 110,000 (59,000) 51,000 Unit cost 20 22 24 26 Units x Unit cost 300,000 550,000 480,000 1,300,000 2,630,000 (1,494,000) 1,136,000 The company uses the periodic inventory system. A physical count on January 31, 20X1, shows 59,000 units of product A on hand. Determine the cost of inventory on January 31, 20X1, and the cost of goods sold under the following independent scenarios: Scenario 1: Specific identification (assuming the ending inventory is January 18 and 28, 20,000 and 39,000 units, respectively)

Board Work 1 - Specific Identification Provided below are the movements in the inventory account of Mischief Company for January 20X1: Beginning inventory January 1 Purchases: January 10 18 28 Cost of goods available for sale Ending inventory (unsold) Cost of goods sold (sold) Units 15,000 25,000 20,000 50,000 110,000 (59,000) 51,000 Unit cost 20 22 24 26 Units x Unit cost 300,000 550,000 480,000 1,300,000 2,630,000 (1,494,000) 1,136,000 The company uses the periodic inventory system. A physical count on January 31, 20X1, shows 59,000 units of product A on hand. Determine the cost of inventory on January 31, 20X1, and the cost of goods sold under the following independent scenarios: Scenario 1: Specific identification (assuming the ending inventory is January 18 and 28, 20,000 and 39,000 units, respectively)

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

Inventory data for Bramble Company are reported as follows. Date June 1 12 23 30 Explanation Units Inventory Purchase Purchase Inventory 200 600 350 130 Unit Cost Calculate cost of goods available for sale. $7 8 9 Total Cost $1,400 4,800 3,150 Assume a sale of 650 units occurred on June 15 for a selling price of $
please answer question
dont give answer of this question
sd subject-Accounting
raw A company's inventory records indicate the following data for the month of April Units Acquired at Cost 780 units@ $36- $28,080 660 units@ $40 - $26,400 Date April 1 April 7 April 11 April 16 April 22 Sale O Activities Beginning inventory Purchase Sale Multiple Choice O Purchase O 400 units @ $110 The company uses a periodic inventory system. Determine the cost assigned to ending inventory using the specific identification method. Ending inventory consists of 280 units from the April 16 purchase, 80 units from the April 7 purchase, and 100 units from beginning inventory. $31,220. $23,480 $19,120 $36.850 580 units@ $44- $25,520 $22.960. Units Sold at Retail 1,160 units @ $110 . P C
Do not give image format
A-7
MOHS RCES Attempts: 3 of 3 used (d) Inventory Calculations Keaton Accessories uses a perpetual inventory system. The company's beginning inventory of a particular product and its purchases during the month of January were as follows: tudy Quantity Unit Cost Total Cost 180 $40 $7,200 Beginning Inventory (Jan. 1) 90 45 4,050 Purchase (Jan. 9) 46 4,140 Purchase (Jan. 21) 06 360 $15,390 Total On January 24, Keaton sold 200 units of this product. The other 160 units remain in inventory at January 31. i.) Determine the cost of goods sold using each of the following flow assumptions: LIFO FIFO Average Cost $4 ii.) Determine the cost of the 160 units in inventory at January 31 using each of the following flow assumptions: LIFO FIFO Average Cost Click if you would like to Show Work for this question: Open Show Work Attempts: 0 of 3 used SAVE FOR LATER SUBMIT ANSWER (e) Ratio Analysis The parts of this question must be completed in order. This part will be..available when you complete the part…
Receipts and issues of a raw material for a period were: Date Details Units Cost per unit Cumulative Total May 1 Balance 240 $3.70 $888 May 5 Receipt 440 $3.60 $1584 May 15 Issue 240 May 31 Issue 300 Using the FIFO inventory pricing method, what is the value of closing inventory on May 31? Show solution