Compute the correct December 31 Inventory The accounting records of Larkspur Electronics show the following data Beginning inventory3,120 units at $3 Purchases7,280 units at $5 Sales 8,760 units at $8 Determine cost of goods sold during the period under a periodic inventory system using (a) the FIFO method, (b) the LIFO method, and () the average cost method

Compute the correct December 31 Inventory The accounting records of Larkspur Electronics show the following data Beginning inventory3,120 units at $3 Purchases7,280 units at $5 Sales 8,760 units at $8 Determine cost of goods sold during the period under a periodic inventory system using (a) the FIFO method, (b) the LIFO method, and () the average cost method

Name: Compute the correct December 31 Inventory The accounting records of L
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Compute the correct December 31 Inventory The accounting records of Larkspur Electronics show the following dataBeginning inventory3,120 units at $3 Purchases7,280 units at $5 Sales 8,760 units at $8 Determine cost of goods soldduring the period und

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

Consider the following information for Maynor Company, which uses a periodic inventory system: Transaction Beginning Inventory Purchase Total Cost $ 2,184 3,192 Purchase 4,928 Purchase 5,734 $ 16,038 January 1 March 28 August 22 October 14 Goods Available for Sale Units 28 38 56 61 183 The company sold 61 units on May 1 and 56 units on October 28. a. FIFO b. LIFO c. Weighted Average Unit Cost $78 84 88 94 Required: Calculate the company's ending inventory and cost of goods sold using the each of following inventory costing methods
The following are the transactions for the month of July. Units Unit Cost Unit Selling Price July 1 Beginning Inventory 55 $ 10 July 13 Purchase 275 11 July 25 Sold (100 ) $ 14 July 31 Ending Inventory 230 Calculate cost of goods available for sale and ending inventory, then sales, cost of goods sold, and gross profit, under FIFO. Assume a periodic inventory system is used. How would i creat a FIFO periodic table?
At the end of January of the current year, the records of Donner Company showed the following for a particular item that sold at $15.20 per unit: Transactions Units Inventory, January 1 Purchase, January 12. 560 Amount $1,792 540 Purchase, January 26 140 2,808 1,008 Sale Sale (420) (200) Required: 1a. Assuming the use of a periodic inventory system, compute Cost of Goods Sold under each method of inventory: average cost, FIFO, LIFO, and specific identification. For specific identification, assume that the first sale was selected from the beginning inventory and the second sale was selected from the January 12 purchase. 1b. Assuming the use of a periodic inventory system, prepare a partial income statement under each method of inventory: (a) average cost, (b) FIFO, (c) LIFO, and (d) specific identification. For specific identification, assume that the first sale was selected from the beginning inventory and the second sale was selected from the January 12 purchase. 2a. Between FIFO and…
Culver Corporation uses a periodic inventory system and reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 116 $4 $464 12 Purchases 464 6 2,784 23 Purchases 290 8 00 2,320 30 Inventory 270 (a) Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (For calculation purposes, round average cost to 3 decimal places, eg. 5.275. Round answers to O decimal places, e.g. 125.) FIFO The cost of the ending inventory $ The cost of goods sold $ LIFO $ $ Average-Cost
Determine the ending inventory using the periodic inventory system and the weighted average cost method (rounded to the nearest cent), assuming that 18 units were sold at a price of $14. Date Item Units Cost Total June 1 Beginning inventory 6 $5 $30 June 12 Purchase 10 6 60 June 18 Purchase 8 7 56 Totals 24 — $146
Cullumber Company uses a periodic inventory system and reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 106 $4 $424 12 Purchase 424 6 2,544 23 Purchase 265 8 2,120 30 Inventory 245 (a) Compute the cost of the ending inventory and the cost of goods sold under (1) FIFO, (2) LIFO, and (3) average-cost. (For calculation purposes, round average cost per unit to 2 decimal places, e.g. 5.25. Round answers to O decimal places, e.g. 125.) Cost of the ending inventory $ Cost of goods sold $ eTextbook and Media FIFO LIFO Average-Cost $ $ $ $ Assistance Used
Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 13 units at $44 $572 Aug. 7 Purchase 18 units at $46 828 Dec. 11 Purchase 12 units at $48 576 43 units $1,976 There are 16 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using (a) the first-in, first-out (FIFO) method; (b) the last-in, first-out (LIFO) method; and (c) the weighted average cost method (round per unit cost to two decimal places and your final answer to the nearest whole dollar). a. First-in, first-out (FIFO) $ b. Last-in, first-out (LIFO) $ c. Weighted average cost $
The Company uses a periodic inventory system. For specific identification, ending inventory consists of 200 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory. Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification, (b) weighted average, (c) FIFO, and (d) LIFO. Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. (Round cost per unit to 2 decimal places.)
How do you calculate the total amount to be assigned to the ending inventory and cost of goods sold December 31 under each of the following methods?
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 1,200 units @ $4.00 1,300 units @ $4.20 1,500 units @ $4.30 1,100 units@ $4.40 Sale on May 31 3,900 units @ $5.90 What is the amount of gross margin assuming the weighted average cost flow method is used? (Round your intermediate calculations to 2 dec Multiple Choice $10.920 $17160 $6,513 O $5.850
PLEASE HELP ME
Nittany Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 1: Inventory, December 31, prior year For the current year: Purchase, March 21 Purchase, August 1 Inventory, December 31, current year Required: Unit Units Cost 1,850 $ 3 5,040 2,930 56 4,140 Compute ending inventory and cost of goods sold for the current year under FIFO, LIFO, and average cost inventory costing methods. Note: Round "Average cost per unit" to 2 decimal places and final answers to nearest whole dollar amount. Ending inventory Cost of goods sold FIFO LIFO Average Cost