CAISCO Sales Inc. had a beginning inventory of May comprising of 700 units that had a cost of $80/unit. A summary of purchases and sales during the month of May are as follows:DateMay 2May 6May 10May 19May 23May 30UnitsUnit Cost Purchased Units sold$83$85$88Multiple Choice$102,700$105,6001,200$99,600800Assume that CAISCO Sales Inc. uses a periodic inventory system. What is the value of ending inventory using FIFO?$97,500300400900500None of the other alternatives are correct

Name: CAISCO Sales Inc. had a beginning inventory of May comprising of 700
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: CAISCO Sales Inc. had a beginning inventory of May comprising of 700 units that had a cost of $80/unit. A summary of purchases and sales during the month of May are as follows:DateMay 2May 6May 10May 19May 23May 30UnitsUnit Cost Purchased Units sold

Under FIFO inventory method, cost of goods goods consists of earliest available units. Under…

Business

Accounting

CAISCO Sales Inc. had a beginning inventory of May comprising of 700 units that had a cost of $80/unit. A summary of purchases and sales during the month of May Date May 2 May 6 May 10 May 19 May 23 May 30 Units Unit Cost Purchased Units sold 400 $83 $85 $88 1,200 800 300 900 500 Assume that CAISCO Sales Inc. uses a periodic inventory system. What is the value of ending inventory using FIFO?

CAISCO Sales Inc. had a beginning inventory of May comprising of 700 units that had a cost of $80/unit. A summary of purchases and sales during the month of May Date May 2 May 6 May 10 May 19 May 23 May 30 Units Unit Cost Purchased Units sold 400 $83 $85 $88 1,200 800 300 900 500 Assume that CAISCO Sales Inc. uses a periodic inventory system. What is the value of ending inventory using FIFO?

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

Addison, Inc. uses a perpetual inventory system. Below is information about one inventory item for the month of September. Sep. 1 Inventory 20 units at $20 4 Sold 10 units 10 Purchased 30 units at $25 17 Sold 20 units 30 Purchased 10 units at $30 If Addison uses LIFO, the September 17 cost of goods sold would be: Oa. $500 Ob. $400 Oc. $600 Od. $450
Use the following information (M) from Marvel Company for the month of July to answer the question: Perpetual: Assume that Marvel uses a perpetual LIFO inventory system. What is the dollar value of its ending inventory?
Calculate the cost of goods sold for may and the ending inventory at may 31 using the FIFO formula.
You have the following information for Van Gogh Inc. for the month ended October 31, 2022. Van Gogh uses a periodic method for inventory. Date Description Units Unit Cost or Selling Price Oct. 1 Beginning inventory 60 $24 Oct. 9 Purchase 120 26 Oct. 11 Sale 100 35 Oct. 17 Purchase 100 27 Oct. 22 Sale 60 40 Oct. 25 Purchase 70 29 Oct. 29 Sale 110 40 Weighted-average cost per unit $26.543
The following data has been provided by Lee Company regarding its inventory purchases and sales throughout the year. Transaction Units Cost per Unit January 1 Balance 185 $86 March 14 Sale 54 May 23 Purchase 136 90 August 21 Sale 100 November 5 Purchase 171 91 November 18 Sale 100 November 30 Sale 100 December 5 Sale 100 December 10 Purchase 25 95 Required: Compute the cost of goods sold and ending inventory using the perpetual inventory system for the LIFO cost flow assumption. Ending inventory Cost of goods sold
You have the following information for Van Gogh Inc. for the month ended October 31, 2025.Van Gogh uses a periodic method for inventory. Date Description Units unit cost Selling price per unit 1-Oct Beginning inventory 60 $24 9-Oct Purchase 120 $26 11-Oct Sale 100 $35 17-Oct Purchase 100 $27 22-Oct Sale 60 $40 25-Oct Purchase 70 $29 29-Oct Sale 110 $40 1. Calculate (i) ending inventory, (ii) cost of goods sold, (iii) gross profit, and (iv) gross profitrate under LIFO.2. Calculate (i) ending inventory, (ii) cost of goods sold, (iii) gross profit, and (iv) gross profit rateunder FIFO.3. Calculate (i) ending inventory, (ii) cost of goods sold, (iii) gross profit, and (iv) gross profit rateunder Average-cost (round cost per unit to three decimal places.) Please dont provide solution image based thanku
sharad
Wittmann Co. began operations on July 1. It uses a perpetual inventory system. During July, the company had the following purchases and sales. PurchasesDate Units Unit Cost Sales UnitsJuly 1 5 $122July 6 3July 11 7 $136July 14 5July 21 8 $147July 27 5Instructions(a) Determine the ending inventory under a perpetual inventory system using (1) FIFO, (2) moving-average cost, and (3) LIFO.(b) Which costing method produces the highest ending inventory valuation?
You have the following information for Bramble Inc. for the month ended October 31, 2022. Bramble uses a periodic method for inventory. Date Description Units Unit Cost or Selling Price Oct. 1 Beginning inventory 54 $23 Oct. 9 Purchase 132 25 Oct. 11 Sale 108 34 Oct. 17 Purchase 103 26 Oct. 22 Sale 55 39 Oct. 25 Purchase 65 28 Oct. 29 Sale 121 39
You have the following information for Coronado Inc. for the month ended June 30, 2022. Coronado uses a periodic inventory system. Date Description Quantity Unit Cost orSelling Price June 1 Beginning inventory 40 $23 June 4 Purchase 135 26 June 10 Sale 110 53 June 11 Sale return 15 53 June 18 Purchase 55 29 June 18 Purchase return 10 29 June 25 Sale 65 59 June 28 Purchase 35 33 Calculate ending inventory, cost of goods sold, gross profit under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost.
Use this inventory information for the month of March to answer the following questions. Assuming that a periodic inventory system is used, what is ending inventory (rounded) under theaverage-cost method? What is cost of goods sold on a FIFO basis? What is ending inventory under the LIFO method?
Solve it by creating tables in average cost and fifo lifo method Harbor Company uses a periodic inventory system. The company’s records show the beginning inventory of product no. T-12 on January 1 and the purchases of this item during the current year to be as follows: Date Purchases Units Unit cost Total cost January 1 Beginning inventory 800 11.25 9,000 February 23 Purchase 1,000 13.20 13,200 April 20 Purchase 3,200 10.50 33,600 May 4 Purchase 3,800 12.21 46,398 November 30 Purchase 1,100 10.64 11,704 Totals 9,900 units $113,902 A physical count indicates 1,500 units in inventory at year-end. Determine the cost of the ending inventory based on each of the following methods of. Inventory valuation Average cost method FIFO LIFO Harbor Company uses a periodic inventory system. The company’s records show the beginning inventory of product no. T-12 on January 1 and the purchases of…