Compute the ending inventory at September 30 using FIFO, LIFO, and average cost. (Round average cost per unit to 3 decimal places, eg. 125.153 and final answers to O decimal places, eg. 125) Ending inventory at September 30 $ eTextbook and Media FIFO LIFO AVERAGE-COST $ Compute the cost of goods sold for the month using the FIFO, LIFO, and average cost methods. (Round average cost per unit to 3 decimal places, eg. 125.153 and final answers to O decimal places, eg. 125) FIFO LIFO AVERAGE-COST

Compute the ending inventory at September 30 using FIFO, LIFO, and average cost. (Round average cost per unit to 3 decimal places, eg. 125.153 and final answers to O decimal places, eg. 125) Ending inventory at September 30 $ eTextbook and Media FIFO LIFO AVERAGE-COST $ Compute the cost of goods sold for the month using the FIFO, LIFO, and average cost methods. (Round average cost per unit to 3 decimal places, eg. 125.153 and final answers to O decimal places, eg. 125) FIFO LIFO AVERAGE-COST

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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Calculate the ending inventory and cost of goods sold dollar values for ABC Company for the month, considering the following transactions under three different cost allocation methods and using periodic inventory updating: |(a) First-in, first-out (FIFO) (b) Last-in, first-out (LIFO) Number of Unit Cost Sales Price Units Beginning Inventory 100 $20 Purchase 400 22 Sold 300 $30 Purchase 200 24 Sold 180 $35 Ending Inventory 220
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
From the following, calculate the cost of ending inventory and cost of goods sold for the weighted-average method, ending inventory is 55 units. Note: Round your intermediate calculations and final answers to the nearest cent. Beginning inventory and purchases January 1 April 10 May 15 July 22 August 19 September 30 November 10 December 15 Cost of ending inventory Cost of goods sold Units 5 10 123 925 ∞ ON 6 000 10 12 15 18 20 32 16 Unit cost $ 2.60 3.10 3.60 3.85 4.60 4.80 5.00 5.40
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
Ch 9 Problem Set B Problem 9-1 Part B The company uses the perpetual inventory method. It began the month of March with 100 units of inventory, at a unit cost of $55. Purchases during March March 5, 60 units at $60 each. March 18, 200 units at $65 each March 29, 40 units at $75 each. Sales during March March 12, 60 units. March 25, 210 units. All units were sold to customer for $100 each. 1. Use the following format to set up this inventory costing problem, as shown in Video #2. Inventory Date Units Cost per Total Cost Date Units Total Cost Unit Beg Balance Units Cost Beginning Balance + Purchases Goods Available for Sale - Sold Ending Balance
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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?
Teal Mountain Inc. uses a periodic inventory system and reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 130 $5 $ 650 12 Purchases 370 6 2,220 23 Purchases 200 7 1,400 30 Inventory 240 Calculate weighted-average unit cost. (Round answer to 3 decimal places, e.g. 5.125.) Weighted-average unit cost $enter a weighted-average unit cost in dollars eTextbook and Media 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 $enter a dollar amount $enter a dollar amount The cost of goods sold $enter a dollar amount $enter a dollar amount $enter a dollar amount
Calculate the cost of goods sold dollar value for A65 Company for the month, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for first-in, first-out (FIFO). Number of units Unit cost Sales Beginning inventory 800 $ 50 purchased 600 52 Sold 400 $ 80 Sold 350 90 Ending inventory 650 Use this chart: FIFO (perpetual) Inventory Cost of Goods Purchased Cost of Goods Sold Cost of Inventory Remaining Number of Units Unit Cost Total Cost Number of Units Unit Cost Total Cost Number of Units Unit Cost Total Cost Beginning Purchase Sale…
Balamb Corporation had the following transactions for the month: Calculate the ending inventory dollar value for the period for each of the following cost allocation methods, using periodic inventory updating. Provide your calculations. first-in, first-out (FIFO) last-in, first-out (LIFO) weighted average