Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for A76 Company, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for last-in, first-out (LIFO). Number of Units Unit Cost Sales Beginning inventory 260 $130 Sold 160 $170 Purchased 500 133 Sold 400 172 Purchased 420 140 Sold 370 204 Ending inventory 250 LIFO (perpetual) Inventory Cost of Goods Purchased Cost of Goods Sold Cost of Inventory Number Number Number of Units Unit Cost Total Cost of Units Unit Cost Total Cost of Units Unit Cost Beginning Sale Purchase Sale Purchase 00 00

Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for A76 Company, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for last-in, first-out (LIFO). Number of Units Unit Cost Sales Beginning inventory 260 $130 Sold 160 $170 Purchased 500 133 Sold 400 172 Purchased 420 140 Sold 370 204 Ending inventory 250 LIFO (perpetual) Inventory Cost of Goods Purchased Cost of Goods Sold Cost of Inventory Number Number Number of Units Unit Cost Total Cost of Units Unit Cost Total Cost of Units Unit Cost Beginning Sale Purchase Sale Purchase 00 00

Name: LIFO (perpetual) InventoryCost of Goods PurchasedCost of Goods SoldCo
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Description: LIFO (perpetual) InventoryCost of Goods PurchasedCost of Goods SoldCost of Inventory FNumberNumberNumberof UnitsUnit CostTotal Costof UnitsUnit CostTotal Costof UnitsUnit CostBeginningSalePurchase$4SalePurchaseSaleTotal Purchases$4Total COGSGross Ma

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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Cruz Company uses LIFO for inventory costing and reports the following financial data. It also recomputed inventory and cost of goods sold using FIFO for comparison purposes. LIFO inventory LIFO cost of goods sold PIPO inventory FIFO cost of goods sold Current assets (using LIFO) Current assets (using FIFO) Current liabilities Year 2 $ 160 740 240 660 220 300 200 Year 1 $ 110 680 110 645 180 100 170 1. Compute its current ratio, inventory turnover, and days' sales in inventory for Year 2 using (a) LIFO numbers and (b) FIFO numbers.
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Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for A76 Company, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for last-in, first-out (LIFO). Number of units Unit cost Unit sales Beginning invengtory 240 $100 Sold 160 $140 Purchased 520 $103 Sold 400 $142 Purchased 400 $110 Sold 370 $144 Ending inventory 230
Given the following: Numberpurchased Costper unit Total January 1 inventory 30 $ 5 $ 150 April 1 50 8 400 June 1 40 9 360 November 1 45 10 450 165 $ 1,360 a. Calculate the cost of ending inventory using the LIFO (ending inventory shows 51 units). b. Calculate the cost of goods sold using the LIFO (ending inventory shows 51 units).
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Requirements: Complete the Ending Inventory and Cost of Goods Sold schedules for each inventory costing method; FIFO, LIFO, WAVG. Complete the Income Statement and Cash Flow Statement under each inventory costing method. Explain the differences in Net Income under each inventory costing method. Notes: Operating Expenses and taxes were paid in cash. The company's beginning cash balance was $1,200. Cost of Goods Available For Sale Unit Total Units Price Cost Beginning Inventory 150.0 15.0 First Purchase (cash) 100.0 16.0 Second Purchase (cash) 190.0 17.2 Total Cost of Goods Available for Sale Weighted Average Cost Cost of Goods Available For Sale Unit Total Units Price Cost Beginning Inventory 150.0 15.0 First Purchase (cash)…