Co. C has the following units of beginning inventory and purchases for the year: beginning inventory 300 units at $20 each and a 2/28 purchase 300 units at $40 each. Using the FIFO method, if the ending inventory is 200 units, what is the cost of the ending inventory?

Co. C has the following units of beginning inventory and purchases for the year: beginning inventory 300 units at $20 each and a 2/28 purchase 300 units at $40 each. Using the FIFO method, if the ending inventory is 200 units, what is the cost of the ending inventory?

Name: Co. C has the following units of beginning inventory and purchases for
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Co. C has the following units of beginning inventory and purchases for the year: beginning inventory 300 units at $20 each and a 2/28 purchase 300 units at $40 each. Using the FIFO method, if the ending inventory is 200 units, what is the cost of the

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

FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 30 units at $43 Sale 21 units at $65 First purchase. 16 units at $46 Sale 13 units at $65 Second purchase 20 units at $47 Sale 17 units at $67 The firm uses the perpetual inventory 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?
Easton Company uses the periodic inventory system and had the following inventory & sales activity for the month of May 2019: Date Activity Quantity Unit Price 5/1 Beginning Inventory 140 $11 5/5 Purchase 120 $13 5/15 Purchase 270 $15 5/25 Purchase 420 $17 Sales were 430 units at $25. Using the Weighted Average method, determine the dollar value of Ending Inventory for the month of May.
FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 34 units at $48 Sale 31 units at $70 First purchase 39 units at $50 Sale 31 units at $71 Second purchase 16 units at $52 Sale 11 units at $73 The firm uses the perpetual inventory system, and there are 16 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? $4 b. What is the total cost of the ending inventory according to LIFO? $
FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 35 units at $46 Sale 30 units at $67 First purchase 33 units at $47 Sale 30 units at $67 Second purchase 28 units at $49 Sale 22 units at $67 The firm uses the perpetual inventory system, and there are 14 units of the item on hand at the end of the yea 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?
You have the following information for Cullumber Inc. for the month ended October 31, 2025. Cullumber uses a periodic system for inventoryDate Description Units Unit Cost or Selling Price Oct. 1 Beginning inventory Units $60 Unit cost or selling price:$24 Oct. 9 Purchase Units:$140 Unit cost or selling price:$26 Oct. 11 Sale Units:$95 Unit cost or selling price: $45 Oct. 17 Purchase Units:$95 Unit cost or selling price:$ 270 Oct. 22 Sale Units: $60 Unit cost or selling price:$50 Oct. 25 Purchase Units:$70 Unit cost or selling price:$29 Oct. 29 Sale Units:$105 Unit cost or selling price: $50Calculate the gross profit rate under each of the following methods 1. LIFO.2. FIFO.3. Average - cost. (Round answers to 1 decimal ppl save e.g 51.2%)
Akira Company had the following transactions for the year. Sales for the year are $25 per unit. Number of units Cost per Unit Beginning Inventory 150 $10 Purchased Mar. 31 160 12 Purchased Oct. 15 130 15 Ending Inventory 50 ? In the table below, calculate the dollar value for the period for each of the following items using the listed cost allocation methods and using periodic inventory updating. PLEASE NOTE: All dollar amounts will be rounded to whole dollars using "$" with commas as needed (i.e. $12,345), except for the Weighted Average cost per unit, which will be rounded to two decimal places and include "$".…
A company has beginning inventory for the year of $14,500. During the year, the company purchases inventory for $190,000 and ends the year with $21,000 of inventory. The company will report cost of goods sold equal to: Multiple Choice $211,000. $190,000. $196,500. $183,500.
Determine the Ending Inventory and Gross Profit using FIFO and LIFO for the quarter ending 3/31/XX for Company W (a widget reseller) based on the following information (Inventory on 1/14/XX = 0): Action Date Amount Cost Purchase 1/15/XX 150 Widgets $10 per Widget Purchase 2/15/XX 250 Widgets $11 per Widget Purchase 3/15/XX 600 Widgets $12 per Widget Total 1,000 Widgets Sell 3/20/XX 400 Widgets $20 per Widget Sell 3/25/XX 300 Widgets $20 per Widget 700 Widgets FIFO Inventory = LIFO Inventory = FIFO Gross Profit = LIFO Gross Profit =