The following inventory cost information is taken from the records of Trypho Corporation:At Base-At Current-Year CostYear Cost1/1/Year 1$10,000$10,000Year 1 layer8,0008,000Year 2 layer7,00012,000Year 3 layer5,0007,500Year 4 layer10,00014,500Year 5 layer12,00020,800Trypho measures its inventories using dollar-value LIFO.Complete Trypho's year-end inventory using the information above. Enter the appropriate amounts inthe designated cells below. Enter all amounts as positive values.Dollar-value LIFO costDecember 311231231. Year 11232. Year 21233. Year 31234. Year 45. Year 5

Name: The following inventory cost information is taken from the records of
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Description: The following inventory cost information is taken from the records of Trypho Corporation:At Base-At Current-Year CostYear Cost1/1/Year 1$10,000$10,000Year 1 layer8,0008,000Year 2 layer7,00012,000Year 3 layer5,0007,500Year 4 layer10,00014,500Year 5 l

Last in First Out Method (LIFO) In the last in first out Method (LIFO) last come invoice are taken…

Business

Accounting

Complete Trypho's year-end inventory using the information above. Entel the appIU the designated cells below. Enter all amounts as positive values. December 31 Dollar-value LIFO cost 123 1. Year 1 123 2. Year 2 122 3. Year 3 12 4. Year 4

Complete Trypho's year-end inventory using the information above. Entel the appIU the designated cells below. Enter all amounts as positive values. December 31 Dollar-value LIFO cost 123 1. Year 1 123 2. Year 2 122 3. Year 3 12 4. Year 4

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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The inventory data for an item for November are: EE Nov. 1 Inventory 24 units at $22 4 Sold 9 units 10 Purchased 26 units at $20 17 Sold 22 units 30 Purchased 21 units at $23 Using a perpetual system, what is the cost of the goods sold for November if the company uses LIFO? Oa. $638 Оь. S668 Oc. $863 Od. $968 Previous Next
INVENTORY 1. At the start of the year wellness has 3,000 IV. During the year it buys 5,000 IV. If it sell 4,000 IV, how many are left at the end of the year? INVENTORY 2. Assume your organization has the following inventory changes during the year Beginning Inventory 15 units at $100 March purchases 10 units at $200 June purchases 20 units at $250 Total units used 35 2a. Calculate the value of the ending inventory and the value of the inventory used for the year using the FIFO method of cash flow 2b. Calculate the value of the ending inventory and the value of the inventory used for the year using the LIFO method of cash flow
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Solve for the missing information designated by "?" in the following table. (Use 365 days in a year. Round the inventory turnover ratio to one decimal place before computing days to sell. Round days to sell to one decimal place.) Case Beginning Inventory Purchases Cost of Goods Sold Ending Inventory Inventory Turnover Ratio Days to Sell a. $ 130 $ 730 $ 690 b $ 230 $ 1,320 C $ 1,120 $ 135 6.6 32.6
Please use moving average in answering the questions (disregard FIFO)
Inventory elements: derecognition and measurement At the time of their exit, the inventory and other fungible assets are measured and recorded in accounting through applying one of the following formulas: First In - First Out C FIFO WAC Weighted Average Cost Last In - First Out LIFO Case study no. 1: At the beginning of January N entity A has an initial flour inventory of 200 kg evaluated at an actual cost of 46 lei/kg. The following transactions happen during the month with regard to the flour inventory: 07.01.N: acquisition 500 kg, actual cost 47 lei/kg: 09.01. N: acquisition 300 kg, actual cost 49 lei/kg: 12.01. N: consumption 600 kg: 17.01. N: consumption 100 kg: 20.01. N: acquisition 200 kg, actual cost 55 lei/kg: 24.01. N: consumption 400 kg: 27.01. N: acquisition 700 kg, actual cost 57 lei/kg: 30.01. N: consumption 750 kg.
Inventory elements: derecognition and measurement At the time of their exit, the inventory and other fungible assets are measured and recorded in accounting through applying one of the following formulas: First In - First Out C FIFO WAC Weighted Average Cost Last In - First Out LIFO Case study no. 1: At the beginning of January N entity A has an initial flour inventory of 200 kg evaluated at an actual cost of 46 lei/kg. The following transactions happen during the month with regard to the flour inventory: 07.01.N: acquisition 500 kg, actual cost 47 lei/kg: 09.01. N: acquisition 300 kg, actual cost 49 lei/kg: 12.01. N: consumption 600 kg: 17.01. N: consumption 100 kg: 20.01. N: acquisition 200 kg, actual cost 55 lei/kg: 24.01. N: consumption 400 kg: 27.01. N: acquisition 700 kg, actual cost 57 lei/kg: 30.01. N: consumption 750 kg.
Beginning Inventory at FIFO: 15 Units @ $16 = $240 Beginning Inventory at LIFO: 15 Units @ $12 = $1801. Compute the inventory turnover ratio for the month of January under the FIFO and LIFO inventory costing methods. 2. Which costing method is the more accurate indicator of the efficiency of inventory management?
Use the following information for the Exercises 3-7 below. (Algo) [The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 385 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Date January 1 January 10 January 20 January 25 January 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals Units Acquired at Cost 225 units @ $ 15.00- 180 units @ $14.00- 385 units @ $ 12.00 = 790 units $ 3,375 2,520 4,620 $ 10,515 Units sold at Retail 175 units 210 units 385 units Exercise 5-5 (Algo) Perpetual: Gross profit effects of inventory methods LO A1 1. Compute gross profit for the month of January for Laker Company for the four inventory methods. 2. Which method yields the highest gross profit? 3. Does gross profit…
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32. Calculate inventory turnover. (Hint: Food costs for the month must first be calculated.) Show your calculations. Beginning Inventory/month Food Purchases/month Ending Inventory $2,000 9,000 4,000