3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. (Forspecific identification, units sold consist of 600 units from beginning inventory, 300 from the February 10 purchase, 190 from the March13 purchase, 140 from the August 21 purchase, and 315 from the September 5 purchase.)Complete this question by entering your answers in the tabs below.WeightedAverageCompute the cost assigned to ending inventory using FIFO. (Round your average cost per unit to 2 decimal places.)Perpetual FIFO Perpetual LIFODateJanuary 1February 10Total February 10March 13Total March 13Goods Purchased# of unitsCost perunitSpecific Id# of unitssoldPerpetual FIFO:Cost of Goods SoldCost perunitCost of Goods Sold# of unitsInventory BalanceCost perunit$ 40.00 =600 atInventoryBalance$ 24,000.00 Poverty and Land...signment 11DateJanuary 1February 10March 13March 15August 21September 5September 10Social Policy and...Required:Considering colle...What is child labo...ActivitiesBeginning inventoryPurchasePurchaseSalesPurchasePurchaseSalesTotalsSavedMontoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions.Units Acquired at Cost600 units @ $40 per unit400 units @ $37 per unit190 units @ $15 per unitDefinition of Child...190 units @$45 per unit550 units @ $43 per unit1,930 unitsSustainable Devel...Units Sold at Retail805 units @ $70 per unitHelp740 units @ $70 per unit1,545 unitsSave & Exit

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Compute the cost assigned to ending inventory using FIFO. (Round your average cost per unit to 2 decimal places.) Perpetual FIFO: Cost of Goods Sold Cost per unit Date January 1 February 10 Total February 10 March 13 Total March 13 Goods Purchased # of units Cost per unit # of units sold Cost of Goods Sold # of units Inventory Balance Cost per unit $40.00 600 at Inventory Balance $ 24,000.00

Compute the cost assigned to ending inventory using FIFO. (Round your average cost per unit to 2 decimal places.) Perpetual FIFO: Cost of Goods Sold Cost per unit Date January 1 February 10 Total February 10 March 13 Total March 13 Goods Purchased # of units Cost per unit # of units sold Cost of Goods Sold # of units Inventory Balance Cost per unit $40.00 600 at Inventory Balance $ 24,000.00

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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Whispering Winds Corp. reports the following for the month of June. Units Unit Cost Total Cost June 1 Inventory 300 $4 $1,200 12 Purchase 600 $9 $5400 23 Purchase 450 $10 $4500 30 Inventory 150 Calculate Weighted Average Unit Cost. (Round answer to 2 decimal places, e.g. 15.25.) Weighted Average Unit Cost ? Compute the cost of the ending inventory and the cost of goods sold using the average-cost method. (Round answers to 0 decimal places, e.g. 1,250.) The ending inventory ? The cost of goods sold ? Will the results in (a) be higher or lower than the results under FIFO and LIFO? Ending inventory is (higher or lower) than FIFO $? and (higher or lower) than LIFO $? In contrast, cost of goods sold is (higher or lower) than FIFO $? and (higher or lower) than LIFO $?
he following data are available for Sellco for the fiscal year ended on January 31, 2020: Sales 1,600 units Beginning inventory 500 units @ $ 4 Purchases, in chronological order 600 units @ $ 5 800 units @ $ 6 500 units @ $ 8 Required:a. Calculate cost of goods sold and ending inventory under the cost flow assumptions, FIFO, LIFO and weighted average (using a periodic inventory system): (Round unit cost to 2 decimal places.) b. Assume that net income using the weighted-average cost flow assumption is $80,000. Calculate net income under FIFO and LIFO. (Round unit cost to 2 decimal places.)
Blossom Company uses the FIFO cost formula in a perpetual inventory system. Fill in the missing amounts in the following perpetual inventory record. (Round cost per unit to 2 decimal places, e.g. 52.75.) Purchases Cost ginning Inventory Total Units $25.60 $5,120 22.00 20.80 8,800 7,280 200 $ 200 400 Cost Cost of Goods Sold $ tA Total UU
Required information Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 30 units for $35 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 20 units @ $14.00 cost 36 units @ $21.00 cost 30 units @ $25.00 cost
3 From the following, calculate the cost of ending inventory and cost of goods sold for the FIFO method, ending inventory is 49 units. Note: Round your answers to the nearest cent. ences Beginning inventory and purchases January 1 April 10 May 15 July 22 August 19 September 30 November 10 December 15 Mc Graw Hill Cost of ending inventory Cost of goods sold Units 5 10 12 15 18 20 32 16 Unit cost $ 2.00 2.50 3.00 3.25 4.00 4.20 4.40 4.80 < Prev M fr 6 of 10 control JUL 30 Q # A Z 1 option W Next O S X E H command D 4 R C F T V G B 7 H U B N J 1 9 M K 0 0 J P command
ces From the following, calculate the cost of ending inventory and cost of goods sold for the LIFO method, ending inventory is 49 units. Note: Round your answers to the nearest cent. Mc Graw Hill Beginning inventory and purchases January 1 April 10 May 15 July 22 August 19 September 30 November 10 December 15 Units 5 10 Cost of ending inventory Cost of goods sold 12 15 18 20 32 16 -L Unit cost $ 2.00 2.50 3.00 3.25 4.00 4.20 4.40 4.80 < Prev caps lock shift 5 of 10 1 JUL 30 Q A Z W S Next 3 E X 4 D R Co 5 F T V G Y A H 8 J 9 K W 0 L P
Required information [The following information applies to the questions displayed below.] Hemming Co. reported the following current-year purchases and sales for its only product Activities Units Acquired at Cost 200 units Units Sold at Retail Date Jan. 1 Beginning inventory Jan. 10 Sales @ $10 =2,000 150 units @$40 Mar. 14 Purchase 350 units $15 5,250 Mar. 15 Sales 300 units @$40 July 30 Purchase Oct. 5 Sales 450 units @$20 9,000 430 units @$40 Oct. 26 Purchase 100 units $25 2,500 $18,750 880 units Totals 1,100 units Required: Hemming uses a periodic inventory system. (a) Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. (b) Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. (c) Compute the gross margin for each method.
If the cost of goods available for sale equals $116,029, calculate the cost of goods sold using the table below. Cost per unit Number of units on hand Total cost $860 8 $1760 10 $945 8 6 32 $480 Ending inventory The cost of goods sold is S $6,880 $17,600 $7,560 $2,880 $34,920 ***
1. Compute the cost assigned to ending inventory using FIFO. 2. Compute the cost assigned to ending inventory using Weighted Average. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the cost assigned to ending inventory using Weighted Average. (Round average cost per unit to 2 decimal places.) Average Cost Ending Inventory Date March 1 March 5 March 18 March 25 Total Cost of Goods Available for Sale Cost of Goods Available for Sale $5,000.00 100 400 $ 22,000.00 120 $ 7,200.00 200 $ 12,400.00 820 $59.80 $ 46,600.00 # of units Average Cost per unit # of units sold Cost of Goods Sold Average Cost per Unit 580 $ 59.80 240 Average Cost per unit $59.80 Ending Inventory $ 14,352
Requlred Informatlon [The following information applies to the questions displayed below.] Hemming Co. reported the following current-year purchases and sales for Its only product. Date Activities Units Acquired at Cost 300 units @ $14.00 Units sold at Retail = $ 4, 200 Jan. 1 Beginning inventory Jan. 10 Sales Mar.14 Purchase Mar.15 Sales 250 units e $44.00 520 units e $19.00 9,880 468 units e $44.00 July3e Purchase Oct. 5 Sales 500 units e $24.00 12,000 480 units @ $44.00 Oct. 26 Purchase 200 units @ $29.00 5,800 %3D Totals 1,520 units $31,88e 1,19e units Required: Hemming uses a perpetual Inventory system. 1. Determine the costs assigned to ending Inventory and to cost of goods sold using FIFO. 2. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. 3. Compute the gross margin for FIFO method and LIFO method.
Riverbed Corp reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 129 $ 5 $ 645 12 Purchases 344 6 2,064 23 Purchases 203 7 1,421 30 Inventory 234 Correct answer icon Your answer is correct. Calculate weighted-average unit cost. (Round answer to 3 decimal places, e.g. 5.125.) Weighted-average unit cost $ enter weighted-average unit cost in dollars rounded to 3 decimal places Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round answers to 0 decimal places, e.g. 125.) FIFO LIFO Average-cost The cost of the ending inventory $ enter a dollar amount rounded to 0 decimal places $ enter a dollar amount rounded to 0 decimal places $ enter a dollar amount rounded to 0 decimal places The cost of goods sold $ enter a dollar amount rounded to 0…