Calculate inventory valuation using FIFO method using the following information The following transactions occurred in the month of May for Parts Pearl Inc. May 1 Opening inventory 200 units @ OMR 4.000 May 7 Purchase 100 units @ OMR 4.100 May 13 Purchase 200 units @ OMR 4.500 May 18 Sale 250 units May 24 Purchase 250 units @ OMR 4.300 May 26 Sale 375 units May 31 Ending inventory 125 units

Calculate inventory valuation using FIFO method using the following information The following transactions occurred in the month of May for Parts Pearl Inc. May 1 Opening inventory 200 units @ OMR 4.000 May 7 Purchase 100 units @ OMR 4.100 May 13 Purchase 200 units @ OMR 4.500 May 18 Sale 250 units May 24 Purchase 250 units @ OMR 4.300 May 26 Sale 375 units May 31 Ending inventory 125 units

Name: 1. Calculate inventory valuation using FIFO method using the followin
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Description: 1. Calculate inventory valuation using FIFO method using the following informationThe following transactions occurred in the month of May for Parts Pearl Inc.May 1 Opening inventory 200 units @ OMR 4.000May 7 Purchase 100 units @ OMR 4.100May 13 Pur

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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es Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactions for March. Date March 1 Activities March 5 Beginning inventory Purchase March 9 Sales March 18 March 25 Purchase Purchase March 29 Sales Totals Units Acquired at Cost 115 units @ $50 per unit 415 units @ $55 per unit 150 units @$60 per unit 230 units @ $62 per unit 910 units. Units Sold at Retail 435 units @ $85 per unit 190 units @ $95 per unit 625 units For specific identification, units sold include 50 units from beginning inventory, 385 units from the March 5 purchase, 55 units from the March 18 purchase, and 135 units from the March 25 purchase. 4. Compute gross profit earned by the company for each of the four costing methods. Note: Round your average cost per unit to 2 decimal places and final answers to nearest whole dollar. FIFO LIFO Weighted Average Specific Identification Sales Less: Cost of goods sold Gross profit $ 0 $ 0 $ 0 $ 0
Below is the Inventory purchases of Carrigan Corrugated Company. Beginning balance January 1st purchase January 8th purchase January 17th purchase January 27th purchase January 31st purchase Units Cost per Unit 173 $ 1.25 257 $ 1.15 300 $ 0.95 287 $ 1.10 164 $ 1.30 139 $ 1.35 At the end of January, a physical inventory revealed that 1,205 units were sold and the remainder were left as ending inventory. Calculate the Cost of Goods Sold and the ending Inventory balance using the FIFO method. (round all answers using two (2) decimal places)
The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 25 units @ $29 $725 June 16 Purchase 32 units @ $34 1,088 Nov. 28 Purchase 40 units @ $37 1,480 97 units $3,293 There are 17 units of the product in the physical inventory at November 30. The periodic inventory system is used. Round answers to the nearest whole dollar. a. Determine the inventory cost by the FIFO method. $4 b. Determine the inventory cost by the LIFO method. $4 c. Determine the inventory cost by the average cost methods.
A company's inventory records report the following in November of the current year: Date November 1 Beginning inventory November 2 Purchase November 8 Sales November 12 Purchase Multiple Choice O O 6 units @ $55 = $330 Using the LIFO perpetual inventory method, what was the amount recorded in the cost of goods sold account for the 12 units sold? $554 Activities $398 $642 Units Acquired at Cost 5 units @ $50 = $250 10 units @ $52 = $520 Units Sold at Retail 12 units @ $84
Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Units Sold at Retail Units Acquired at Cost 100 units @ $50 per unit 400 units@ $55 per unit Date Mar. Mar. Mar. Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Activities 1 Beginning inventory 5 Purchase 9 Sales 420 units @ $85 per unit 120 units @ $60 per unit 200 units @ $62 per unit 160 units @ $95 per unit Totals 820 units 580 units 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, the March 9 sale consisted of 80 units from beginning inventory and 340 units from the March 5 purchase; the March 29 sale consisted of 40 units from the March 18 purchase and 120 units from the March 25 purchase. es Complete this question by einering your answers in the tabs below. Perpetual FIFO Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to…
The inventory records for Radford Company reflected the following Beginning inventory on May 1 First purchase on May 7 second purchase on May 17 Third purchase on May 23 1,800 units @ $5.20 1,900 units @ $5.40 2,100 units @ $5.50 1,700 units @ $5.60 Sales on May 31 5,700 units @ $7.10 What is the weighted average cost per unit for May? Multiple Choice $5.37 $5.43
Use the following information from Marvel Company for themonth of July. July 1 Beginning inventory 75 units @ $25 eachJuly 3 Purchase 348 units @ $27 eachJuly 8 Sale 300 unitsJuly 15 Purchase 257 units @ $28 eachJuly 23 Sale 275 units Assume that Marvel uses a periodic FIFO inventory system. What is the dollar value of its ending inventory? a. $2,940 c. $2,625 e. $2,705 b. $2,685 d. $2,852
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Required information Skip to question [The following information applies to the questions displayed below.] Collier Co. uses a perpetual inventory system. It entered into the following purchases and sales transactions for April. Date Activities Units Acquired at Cost Units Sold at Retail April 1 Beginning inventory 100 units @ $51.00 per unit April 4 Purchase 225 units @ $56.00 per unit April 8 Sales 260 units @ $86.00 per unit April 17 Purchase 85 units @ $61.00 per unit April 24 Purchase 150 units @ $63.00 per unit April 28 Sales 130 units @ $96.00 per unit Totals 560 units 390 units 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, and (c) weighted average.
Date April 1 April 7 A company's inventory records indicate the following data for the month of April: Activities Beginning inventory Purchase Units Acquired at Cost 880 units @ $36 = $31,680 760 units @ $40 Units Sold at Retail = $30,400 April 11 Sale 1,360 units @ $110 April 16. April 22 Purchase Sale 680 units @ $44 = : $29,920 400 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 380 units from the April 16 purchase, 80 units from the April 7 purchase, and 100 units from beginning inventory. Multiple Choice
Required information Skip to question [The following information applies to the questions displayed below.] Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date Activities Units Acquired at Cost Units Sold at Retail March 1 Beginning inventory 210 units @ $53.20 per unit March 5 Purchase 280 units @ $58.20 per unit March 9 Sales 370 units @ $88.20 per unit March 18 Purchase 140 units @ $63.20 per unit March 25 Purchase 260 units @ $65.20 per unit March 29 Sales 240 units @ $98.20 per unit Totals 890 units 610 units 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 120 units from beginning inventory, 250 units from the March 5 purchase, 100 units from the March 18 purchase, and 140 units from the March 25 purchase. Note: Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.
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