Corp uses the LIFO method. Using the information provided, what is the unit cost of the 17 units remaining in inventoryat month end?. Beginning of the month: 30 units of Product BN4, each costing $14. Week 1: Buys 12 units for $15 each• Week 2: Buys 20 units for $16 each Week 4: Sells 45 units for $32 each Answer: A. $14 B. $15 C. $16 D. $32

The objective of the question is to determine the unit cost of the remaining units in inventory at…

Answered: Corp uses the LIFO method. Using the…

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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Subject : Accounting
The following information pertains to Julia & Company: March 1 Beginning inventory = 26 units @ $5.40 March 3 Purchased 17 units @ 4.20 March 9 Sold 26 units @ 8.30 What is the cost of goods sold for Julia & Company assuming it uses LIFO?
WHAT IS THE COST OF GOODS ABAILABLE FOR SALE BASE OFF OF THE CHART? Crane Company reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 150 $4 600 12 Purchase 450 5 2250 23 Purchase 400 6 2400 30 Inventory 80 Assume a sale of 500 units occurred on June 15 for a selling price of $7 and a sale of 420 units on June 27 for $8.
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
I Required information [The following information applies to the questions displayed below.] Frigid Supplies reported beginning inventory of 200 units, for a total cost of $2,000. The company had the following transactions during the month: January 3 Sold 20 units on account at a selling price of $15 per unit. January 6 Bought 30 units on account at a cost of $10 per unit. January 16 Sold 30 units on account at a selling price of $15 per unit. January 19 Sold 20 units on account at a selling price of $20 per unit. January 26 Bought 10 units on account at a cost of $10 per unit. January 31 Counted inventory and determined that 160 units were on hand. 3-a. What is the dollar amount of shrinkage that you were able to determine in periodic inventory system? 3-b. What is the dollar amount of shrinkage that you were able to determine in perpetual inventory system? Periodic inventory system Perpetual inventory system Amount of shrinkage
6. Required information Skip to question [The following information applies to the questions displayed below.]Ferris Company began January with 4,000 units of its principal product. The cost of each unit is $8. Merchandise transactions for the month of January are as follows: Purchases Date of Purchase Units Unit Cost* Total Cost Jan. 10 3,000 $ 9 $ 27,000 Jan. 18 4,000 10 40,000 Totals 7,000 67,000 * Includes purchase price and cost of freight. Sales Date of Sale Units Jan. 5 2,000 Jan. 12 1,000 Jan. 20 3,000 Total 6,000 5,000 units were on hand at the end of the month. 5. Calculate January's ending inventory and cost of goods sold for the month using Average cost, perpetual system. (Round average cost per unit to 4 decimal places. Enter sales with a negative sign.)
3. Required information Skip to question [The following information applies to the questions displayed below.]Ferris Company began January with 4,000 units of its principal product. The cost of each unit is $8. Merchandise transactions for the month of January are as follows: Purchases Date of Purchase Units Unit Cost* Total Cost Jan. 10 3,000 $ 9 $ 27,000 Jan. 18 4,000 10 40,000 Totals 7,000 67,000 * Includes purchase price and cost of freight. Sales Date of Sale Units Jan. 5 2,000 Jan. 12 1,000 Jan. 20 3,000 Total 6,000 5,000 units were on hand at the end of the month.
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5. Required information Skip to question [The following information applies to the questions displayed below.]Ferris Company began January with 4,000 units of its principal product. The cost of each unit is $8. Merchandise transactions for the month of January are as follows: Purchases Date of Purchase Units Unit Cost* Total Cost Jan. 10 3,000 $ 9 $ 27,000 Jan. 18 4,000 10 40,000 Totals 7,000 67,000 * Includes purchase price and cost of freight. Sales Date of Sale Units Jan. 5 2,000 Jan. 12 1,000 Jan. 20 3,000 Total 6,000 5,000 units were on hand at the end of the month.
Fong Sai-Yuk Company sells one product. Presented below is information for January for Fong Sai-Yuk Company. Jan. 1 Inventory 100 units at $5 each 4 Sale 80 units at $8 each 11 Purchase 150 units at $6 each 13 Sale 120 units at $8.75 each 20 Purchase 160 units at $7 each 27 Sale 100 units at $9 each Fong Sai-Yuk uses the FIFO cost flow assumption. All purchases and sales are on account. (a Assume Fong Sai-Yuk uses a periodic system. Prepare all necessary journal entries, including the end-of-month closing entry to record cost of goods sold. A physical count indicates that the ending inventory for January is 110 units. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Figure out what the Cost of Goods Sold is for the order placed for FIFO LIFO and Weighted Average Cost (Average Cost) Using the information below. Jacob's Footwear Inc. For the Month Ended January 31, 2022 Month Description Units Unit Cost Total Cost Jan. 1 - Beginning Inventory 300 $9 $2,700 Jan. 10 - Purchase 100 $8 $800 Jan. 15 - Purchase 200 $12 $2,400 Jan. 20 - Purchase 150 $11 $1,650 Jan. 25 - Purchase 250 $12 $3,000 Total 1,000 $10,550 The amount of units still left on-hand is 375. less

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