Compute the issue (sales) price on January 1 of this year for each of the following independent cases:
Q: Kirtland Corporation uses a periodic inventory system. At the end of the annual accounting period,…
A: Under the weighted average model, the cost of the goods that are available for sale divided by the…
Q: basis. On January 1 of Year 5, Ohio changed to dollar-value LIFO for external reporting and income…
A: LIFO (Last in first out) This method is based on the idea that the most recent purchases in your…
Q: Nittany Company uses a periodic inventory system. At the end of the annual accounting period,…
A: Under FIFO method using periodic inventory system, Value of ending inventory is calculated on the…
Q: Gladstone Company tracks the number of units purchased and sold throughout each accounting period…
A: Inventory can be defined as the stock of goods or products that is manufactured and stored by the…
Q: Skysong Company uses the gross profit method to estimate inventory for monthly reporting purposes.…
A: Ending inventory consists of the cost of all commodities that have not yet been sold and are still…
Q: Calculate the cost of ending inventory and the cost of goods sold using the FIFO and LIFO methods.
A: Under FIFO Method, units that come in first will be sold first and the units that come in last will…
Q: Gladstone Company tracks the number of units purchased and sold throughout each accounting period…
A: As per last-in, first-out method units sold from inventory are the units that have been purchased…
Q: Nittany Company uses a periodic inventory system. At the end of the annual accounting period,…
A: The inventory can be valued using various methods as FIFO, LIFO and average method. The ending…
Q: The following lots of Commodity Z were available for sale during the year. Beginning inventory 8…
A: As per LIFO method - inventory purchased, at last, will be sold first. Given that, ending…
Q: Periodic inventory by three methods; cost of goods soldThe units of an item available for sale…
A: In periodic inventory system, the inventory records are maintained periodically at specified…
Q: Dymac Appliances uses the periodic inventory system. Details regarding the inventory of appliances…
A: “Since you have posted a question with multiple sub-parts, we will solve first 3 subparts for you.…
Q: Hamilton Company uses a periodic inventory system. At the end of the annual accounting period,…
A: FIFO method is one of the methods of inventory valuation in which it is assumed that old purchases…
Q: Nittany Company uses a periodic inventory system. At the end of the annual accounting period,…
A: The inventory can be valued using various methods such as FIFO, LIFO and the average method. Ending…
Q: Orion Iron Corporation tracks the number of units purchased and sold throughout each year but…
A: Under the FIFO method, the oldest products in inventory are sold first. Under the LIFO method, the…
Q: C has beginning inventory for the year of $12,000. During the year, ABC purchases inventory for…
A: Solution: Cost of goods sold is the cost of total goods available for sale reduced by ending…
Q: Orion Iron Corporation tracks the number of units purchased and sold throughout each year but…
A: ''Since you have posted a question with multiple sub parts, we will provide the solution only to the…
Q: The following information was available from the inventory records of Tony Company for January.…
A: The inventory can be valued using various methods as FIFO, LIFO and average method. Using FIFO, the…
Q: Hamilton Company uses a periodic inventory system. At the end of the annual accounting period,…
A: Inventory is reported on the balance sheet of the company and thus, it is necessary to determine the…
Q: Prepare comparative Income Statements for the month of January for the four inventory flow methods.…
A: Calculation of sale price = 180 units x $ 15 = $ 2700. Calculation of ending inventory: Total…
Q: Gladstone Company tracks the number of units purchased and sold throughout each accounting period…
A: Periodic Inventory System is the system in which the COGS and the cost of the Ending Inventory are…
Q: Nittany Company uses a periodic inventory system. At the end of the annual accounting period,…
A: The weighted average technique is one way to value inventory, and it assumes that the output or…
Q: e transactions for the month of April, assuming the company uses a: - Periodic inventory system
A: Perpetual inventory system as the name suggest keeps record and tracks invnetory on a continous…
Q: Inventory, December 31, prior year For the current year: Purchase, March 21 Purchase, August 1…
A: Lets understand the basics.Inventory and cost of goods sold can be calculated using,(1) FIFO(2)…
Q: Orion Iron Corp. tracks the number of units purchased and sold throughout each year but applies its…
A: Cost of goods available for sale is the sum of beginning inventory balance and value of purchases.…
Q: Orion Iron Corporation tracks the number of units purchased and sold throughout each year but…
A: The inventory can be valued using various methods as LIFO, FIFO and weighted average method.Under…
Q: The following lots of Commodity Z were available for sale during the year. Beginning inventory 7…
A: Under the LIFO method, the cost of the goods sold includes the latest purchases the ending inventory…
Q: Nittany Company uses a periodic inventory system. At the end of the annual accounting period,…
A: The inventory can be valued using various methods such as FIFO, LIFO and the average method. Ending…
Q: If the new realizable value of Kate's inventory is $4.00 per unit on January 31, what value should…
A: Calculation of cost of goods sold and ending inventory: Ending inventory units = 1200-1160 = 40…
Q: Orion Iron Corporation tracks the number of units purchased and sold throughout each year but…
A: The goods or items (considered inventory) owned by a business entity at the period-end while…
Q: Muscat Company uses the periodic inventory system to account for inventories. Information related to…
A: Under FIFO periodic system of accounting for Inventory, Inventory purchased first is issued first…
Q: Assume that we use a perpetual inventory system and that five identical units are purchased at the…
A: INVENTORY VALUATIONInventory Valuation is a Method of Calculation of Value of Inventory at the End…
Q: The balance of a perpetual inventory system at any given time is the _____ inventory. It must be…
A: In a perpetual inventory system, the inventory is revised after every transaction i.e. inventory is…
Q: Scoresby Inc. tracks the number of units purchased and sold throughout each year but applies its…
A: INTRODUCTION Periodic inventory system is the method of recording inventory. Under Periodic system…
Q: Orion Iron Corporation tracks the number of units purchased and sold throughout each year but…
A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for…
Q: Nittany Company uses a periodic inventory system. At the end of the annual accounting period,…
A: It is the stock held for sale to customers. The inventory comprises of raw materials, work in…
Q: Nittany Company uses a periodic inventory system. At the end of the annual accounting period,…
A: Inventory valuation is based on the flow-off issue used by the organization. It can be the first in…
Q: Orion Iron Corporation tracks the number of units purchased and sold throughout each year but…
A: The objective of the question is to calculate the number and cost of goods available for sale for…
Q: Records from FDNACCT Co. revealed the following data: Inventory, January 1= P130,000 Physical count,…
A: Under periodic inventory system, the cost of goods sold is not recorded with every sales…
Q: Orion Iron Corporation tracks the number of units purchased and sold throughout each year but…
A: In costing there mainly three methods to find out the cost of goods sold and Ending Inventory, which…
Q: Orion Iron Corporation tracks the number of units purchased and sold throughout each year but…
A: The inventory can be valued using various methods as LIFO, FIFO and weighted average method.Under…
Q: Orion Iron Corporation tracks the number of units purchased and sold throughout each year but…
A: FIFO method is one of the methods of inventory valuation in which it is assumed that old purchases…
Q: Nittany Company uses a periodic inventory system. At the end of the annual accounting period,…
A: FIFO- Under First in first out method inventories that are brought by the entity at earlier dates…
Q: nventory costing method at the end of each period, as if it uses a periodic inventory system. Assume…
A: Answer: Beginning Inventory = 3,200 units Units Purchased = 4,100 + 2,800 = 6,900 units Units sold…
Q: Nittany Company uses a periodic inventory system. At the end of the annual accounting period,…
A: The inventory can be valued using various methods as FIFO, LIFO and average method. Using FIFO, the…
Q: Required information Use the following information for the Exercises 8-10 below. (Algo) [The…
A: The cost of goods sold and ending inventory may be valued using the FIFO ( First-In, First-Out)…
Trending now
This is a popular solution!
Step by step
Solved in 4 steps with 4 images
- s Orion Iron Corporation tracks the number of units purchased and sold throughout each year but applies its inventory costing method at the end of the year, as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31. Transactions a. Inventory, Beginning For the year: b. Purchase, April 11 c. Purchase, June 1 d. Sale, May 1 (sold for $41 per unit) e. Sale, July 3 (sold for $41 per unit) f. Operating expenses (excluding income tax expense), $18,100 Required: 1. Calculate the number and cost of goods available for sale. 2. Calculate the number of units in ending inventory. Units Unit Cost 300 $ 13 900 11 800 14 300 620 3. Compute the cost of ending inventory and cost of goods sold under (a) FIFO, (b) LIFO, and (c) weighted average cost. 4. Prepare an income statement that shows under the FIFO method, LIFO method and weighted average method. 6. Which inventory costing method minimizes…Orion Iron Corp. tracks the number of units purchased and sold throughout each year but applies its inventory costing method perpetually at the time of each sale, as if it uses perpetual inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31. Transactions Units Unit Cost a. Inventory, Beginning For the year: b. Purchase, April 11 c. Purchase, June 1 d. Sale, May 1 (sold for $46 per unit) e. Sale, July 3 (sold for $46 per unit) f. Operating expenses (excluding income tax expense), $19,100 400 $18 800 10 700 19 400 530 Required: Calculate the cost of ending inventory and the cost of goods sold using the FIFO and LIFO methods. FIFO LIFO Cost of Ending Inventory Cost of Goods SoldGladstone Company tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31. Transactions Units Unit Cost Beginning inventory, January 1 3,200 $ 45 Transactions during the year: a. Purchase, January 30 4,550 55 b. Sale, March 14 ($100 each) (2,850 ) c. Purchase, May 1 3,250 75 d. Sale, August 31 ($100 each) (3,300 ) Assuming that for the Specific identification method (item 1d) the March 14 sale was selected two-fifths from the beginning inventory and three-fifths from the purchase of January 30. Assume that the sale of August 31 was selected from the remainder of the beginning inventory, with the balance from the purchase of May 1.
- 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.The units of an item available for sale during the year were as follows: Jan 1 Inventory 15 units at 122 April 15 Purchase 140 units at 116 September 9 Purchase 26 units at 122 There are 31 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the last-in, first-out (LIFO)please all answer
- The following lots of Commodity Z were available for sale during the year. Beginning inventory 12 units at $50 First purchase 16 units at $54 Second purchase 23 units at $58 Third purchase 15 units at $64 The firm uses the periodic system, and there are 21 units of the commodity on hand at the end of the year. What is the ending inventory balance at the end of the year according to the FIFO method?Please helpRecords from FDN Trading revealed the following data: Inventory, January 1 Physical count, December 31 The company uses the periodic inventory system and follows the calendar year. How much should be credited to Income Summary to reflect the ending inventory? $50,000 $72,000
- On August 31, 2010, Harvey Co. decided to change from the FIFO periodic inventory system to the weightedaverage periodic inventory system. Harvey is on a calendar year basis. The cumulative effect of the change is determineda. As of January 1, 2010.b. As of August 31, 2010. c. During the eight months ending August 31, 2010, by a weighted-average of the purchases.d. During 2010 by a weighted-average of the purchases.I need help please with accountingOrion Iron Corporation tracks the number of units purchased and sold throughout each year but applies its inventory costing method perpetually at the time of each sale, as if it uses perpetual inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31. Transactions a. Inventory, Beginning For the year: b. Purchase, April 11 c. Purchase, June 1 d. Sale, May 1 (sold for $47 per unit) e. Sale, July 3 (sold for $47 per unit) f. Operating expenses (excluding income tax expense), $18,700 Required: Units 300 Unit Cost $ 19 900 17 800 20 300 680 Calculate the cost of ending inventory and the cost of goods sold using the FIFO and LIFO methods. FIFO LIFO Cost of Ending Inventory $ 19,740 Cost of Goods Sold $ 17,260 $ 18,700