Company A conducts the following transaction for the financial year ending Dec. 2011 for a particular item numbered item X 1. Jan. 1 bought 109 items at $34 each Feb. 10 bought 410 items at $40 each March 4 sold 215 items for $60 each April 16 bought 211 items at $50 each May 18 sold 320 items for $70 each October 1 bought 401 items at $65 each Nov. 29 sold 324 items for $95 each Requirement: Using the perpetual system solve for the followings: a. Find the closing stock using LIFO Find the profit/loss using the LIFO inventory method

Company A conducts the following transaction for the financial year ending Dec. 2011 for a particular item numbered item X 1. Jan. 1 bought 109 items at $34 each Feb. 10 bought 410 items at $40 each March 4 sold 215 items for $60 each April 16 bought 211 items at $50 each May 18 sold 320 items for $70 each October 1 bought 401 items at $65 each Nov. 29 sold 324 items for $95 each Requirement: Using the perpetual system solve for the followings: a. Find the closing stock using LIFO Find the profit/loss using the LIFO inventory method

Name: Company A conducts the following transaction for the financial year en
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Description: Company A conducts the following transaction for the financial year ending Dec. 2011 for a particular item numbered item X 1.Jan. 1 bought 109 items at $34 eachFeb. 10 bought 410 items at $40 eachMarch 4 sold 215 items for $60 eachApril 16 bought 211

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 11RE: Jessie Stores uses the periodic system of calculating inventory. The following information is...

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Jessie Stores uses the periodic system of calculating inventory. The following information is available for December of the current year when Jessie sold 500 units of inventory. Using the FIFO method, calculate Jessies inventory on December 31 and its cost of goods sold for December.
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June Corp. sells one product and uses a perpetual inventory system. The beginning inventory consisted of 10 units that cost $22 per unit. During the current month, the company purchased 60 units at $20 each. Sales during the month totaled 45 units for $43 each. What is the cost of goods sold using the FIFO method? a. $200. b. $900. c. $920. d. $1,935.
Co.’s purchases and sales of a particular product during the year are shown below:Jan. 1 Beginning Inventory 1,500 units @ $ 10Jan. 18 Purchase 1,250 units @ $ 12Jan 20 Sold 1,500 units @ $ 20Jan. 25 Purchase 1,750 units @ $ 14Jan. 27 Sold 1,750 units @ $ 25Jan. 29 Purchase 500 units @ $ 15 Assuming that company uses perpetual inventory system, determine thecost of goods sold and compute the ending inventory as of Jan. 31 and make the journal entry for Jan. 27 transaction by usinginventory subsidiary ledger for LIFO cost flow assumption.
Bears, Inc. began the year with merchandise inventory of 50 sofas that each cost $500. During January, Bears purchased and sold merchandise on account as follows Jan. 5 Jan 10 Jan. 20 Jan. 25 Purchase Sale Purchase Sale 14 sofas @ $520 ea. 40 sofas 22 sofas at $515 ea. 31 sofas Determine the COGS sold and ending inventory values under FIFO, LIFO and weighted-average (round to 2 decimals). Additionally, determine the inventory method with the highest and lowest COGS as well as the highest and lowest value of ending inventory. You will need to prepare a perpetual inventory chart for this problem (see text exhibits 5.5, 5.6 and 5.7 for examples).
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Klump Co. uses a perpetual inventory system and had the following inventory transactions for the month of June. June 1 On hand, 50 units at $18.00 each $900.00 4 Purchased 115 units at $18.20 each $2,093.00 5 Sold 100 units 10 Purchased 75 units at $18.25 each $1,368.75 24 Sold 50 units Total cost of goods available for sale $4,361.75 30 On hand, 90 units Refer to the information provided for Klump Co. If the company uses the LIFO inventory costing method, cost of goods sold for the month of June is: a.$2,720.00 b.$2,722.50 c.$2,732.50 d.$2,738.00
Altıra Corporatilon provides the following Information related to Its merchandise Inventory during the month of August 2021: Aug.1 Inventory on hand-3, 100 units; cost $6.40 each. 8 Purchased 15,500 units for $6.60 each. 14 Sold 12,400 units for $13.10 each. 18 Purchased 9,300 units for $6.70 each. 25 sold 11,400 units for $12.10 each. 28 Purchased 5,100 units for $5.80 each. 31 Inventory on hand-9, 200 units. Requlred: Using calculations based on a perlodic Inventory system, determine the Inventory balance Altira would report In Its August 31, 2021, balance sheet and the cost of goods sold It would report In Its August 2021 Income statement using each of the following cost flow methods. Complete this question by entering your answers in the tabs below. FIFO LIFO Average Cost Determine the inventory balance Altira would report in its August 31, 2021, balance sheet and the cost of goods sold it would report in its August 2021 income statement using the FIFO method. (Round "Cost per…
Marvin Company has a beginning inventory of 12 sets of paints at a cost of $2.00 each. During the year, the store purchased 4 sets at $2.10, 6 sets at $2.70, 6 sets at $3.00, and 10 sets at $3.50. By the end of the year, 25 sets were sold. a. Calculate the number of paint sets in ending inventory. Number of paint sets b. Calculate the cost of ending inventory under LIFO, FIFO, and the weighted average methods. Note: Round your answers to the nearest cent. Cost of ending inventory under LIFO Cost of ending inventory under FIFO Cost of ending inventory under Weighted Average
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Linden Inc. purchased 10 merchandise inventory items at a total cost of $4,000 to add to its inventory on February 21, 2015. It started the month with 10 items at a total cost of $3,000. If the company used FIFO, what is the cost of goods sold if it sold 11 items in February. a. $3,850 b. $3,400 c. $3,500 d. $4,000