Brief Exercise 6-5 (Algo) Calculate ending inventory and cost of goods sold using FIFO (LO6-3) During the year, Wright Company sells 520 remote-control airplanes for $120 each. The company has the following inventory purchase transactions for the year. Date January 1 May 5 November 3 FIFO Beginning Inventory Purchases: Transaction. Beginning inventory Purchase Purchase May 5 November 3 Calculate ending inventory and cost of goods sold for the year, assuming the company uses FIFO. Cost of Goods Available for Sale Number of units 40 300 250 Cost per unit $ Number of Units 40 300 250 590 62 65 70 Cost of Goods Available for Sale $ 2,480 19.500 Unit Cost $62 65 70 17 500 Total Cost $2,480 19,500 17,500 $39,480 Number of units Cost of Goods Sold Cost per unit Cost of Goods Sold Ending Inventory Cost per unit Number of units Ending Inventory

Brief Exercise 6-5 (Algo) Calculate ending inventory and cost of goods sold using FIFO (LO6-3) During the year, Wright Company sells 520 remote-control airplanes for $120 each. The company has the following inventory purchase transactions for the year. Date January 1 May 5 November 3 FIFO Beginning Inventory Purchases: Transaction. Beginning inventory Purchase Purchase May 5 November 3 Calculate ending inventory and cost of goods sold for the year, assuming the company uses FIFO. Cost of Goods Available for Sale Number of units 40 300 250 Cost per unit $ Number of Units 40 300 250 590 62 65 70 Cost of Goods Available for Sale $ 2,480 19.500 Unit Cost $62 65 70 17 500 Total Cost $2,480 19,500 17,500 $39,480 Number of units Cost of Goods Sold Cost per unit Cost of Goods Sold Ending Inventory Cost per unit Number of units Ending Inventory

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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< FIFO and LIFO costs under perpetual inventory system The following units of an item were available for sale during the year: Beginning inventory 20 units at $41 Sale 16 units at $59 First purchase 33 units at $44 Sale 24 units at $61 Second purchase 25 units at $47 Sale 23 units at $62 The firm uses the perpetual ihventory system, and there are 15 units of the item on hand at the end of the year. a. What is the total cost of the ending inventory according to FIFO? b. What is the total cost of the ending inventory according to LIFO?
ces During the year, Wright Company sells 470 remote-control airplanes for $110 each. The company has the following inventory purchase transactions for the year. Number of Unit Units Cost Total Cost 60 $82 $4,920 250 85 21,250 200 90 18,000 510 $44,170 Calculate ending inventory and cost of goods sold for the year, assuming the company uses LIFO. Date January 1 May 5 November 31 LIFO Beginning Inventory Purchases May 5 November 3 Total Transaction Beginning inventory Purchase Purchase Cost of Goods Available for Sale Number Cost per of units unit 60 $ 82 250 $ 85 200 $ 90 510 Cost of Goods Available for Sale $ 4,920 S 21,250 18,000 44,170 Cost of Goods Sold Number of units Cost per Cost of Goods Sold unit Ending Inventory Number Cost per of units unit Ending Inventory
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The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 25 units @ $29 $725 June 16 Purchase 27 units @ $34 918 Nov. 28 Purchase 44 units @ $36 1,584 96 units $3,227 There are 10 units of the product in the physical inventory at November 30. The periodic inventory system is used. a. Determine the inventory cost by the FIFO method.$fill in the blank 1 b. Determine the inventory cost by the LIFO method.$fill in the blank 2 c. Determine the inventory cost by the average cost methods. Round answer to two decimal places.$fill in the blank 3
During the year, TRC Corporation has the following inventory transactions. Date Jan. 1 Beginning inventory Apr. 7 Purchase Jul.16 Purchase Oct. 6 Purchase Weighted Average Cost Total Beginning Inventory Purchases: Apr 07 Jul 16 Oct 06 Transaction Sales revenue Gross profit For the entire year, the company sells 450 units of inventory for $70 each. 3. Using weighted-average cost, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. (Round "Average Cost per unit" to 2 decimal places and all other answers to the nearest whole number.) Number of Units 60 140 210 120 530 Cost of Goods Available for Sale # of units 60 140 210 120 530 Average Cost per unit Cost of Goods Available for Sale $ $ Unit Cost 3,120 $ 52 54 57 58 7,560 11,970 6.960 29,610 Total Cost $ 3,120 7,560 11,970 6,960 $29,610 Cost of Goods Sold - Weighted Average Cost of units Sold Average Cost of Cost per Unit Goods Sold Ending Inventory - Weighted Average Cost # of units in Ending Inventory…
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Case D Tompkins Company reports the following Inventory record for November. Date November 1 November 4 November 7 November 13 November 22 INVENTORY Activity Beginning balance Purchase Sale (@ $53 per unit) Purchase Sale (@ $53 per unit) # of Units 135 320 Cost/Unit $ 18 19 245 525 21 520 Selling, administrative, and depreciation expenses for the month were $15,500. Tompkins's effective tax rate is 40 percent. Required: 1. Calculate the cost of ending Inventory and the cost of goods sold under each of the following methods using periodic Inventory system: 2-a. What is the gross profit percentage under the FIFO method? 2-b. What is net income under the LIFO method? 3. Tompkins applied the lower of cost or market method to value its Inventory for reporting purposes at the end of the month. Assuming Tompkins used the FIFO method and that Inventory had a market replacement value of $17.70 per unit, what would Tompkins report on the balance sheet for Inventory? Complete this question by…
LIFO During the year, TRC Corporation has the following inventory transactions. Unit Cost $ 52 54 57 58 Date Transaction Jan. 1 Beginning inventory Apr. 7 Purchase Jul.16 Purchase Oct. 6 Purchase Total Beginning Inventory Purchases: 2. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. Apr 07 Jul 16 Oct 06 For the entire year, the company sells 450 units of inventory for $70 each. Sales revenue Gross profit Cost of Goods Available for Sale Cost of Goods Available for Sale $ # of units 0 Number of Units 60 140 210 120 530 Cost per unit 69 $ 0 0 0 0 0 Total Cost $ 3,120 7,560 11,970 6,960 $29,610 # of units Cost of Goods Sold Cost per unit Cost of Goods Sold Ending Inventory # of units Cost Ending per unit Inventory