In its first month of operations, Ayayai Company made three purchases of merchandise in the following sequence: (1) 180 units at $4,(2) 280 units at $5, and (3) 380 units at $8. Assuming there are 220 units on hand, compute the cost of the ending inventory under (1)the FIFO method and (2) the LIFO method. Ayayai uses a periodic inventory system.Cost of Ending Inventory-FIFO$Cost of Ending Inventory-LIFO$

Name: In its first month of operations, Ayayai Company made three purchases
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: In its first month of operations, Ayayai Company made three purchases of merchandise in the following sequence: (1) 180 units at $4,(2) 280 units at $5, and (3) 380 units at $8. Assuming there are 220 units on hand, compute the cost of the ending in

Inventory: It can be defined as all the goods, items, materials, and merchandise that are held by a…

Answered: Cost of Ending Inventory-FIFO $ Cost of…

Business

Accounting

Cost of Ending Inventory-FIFO $ Cost of Ending Inventory-LIFO $

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

QUESTION 11 Match the term on the left to the appropriate description on the right. v Cost of goods available for sale (COGAS) A. A valuation rule applied to ending inventory. v LIFO reserve B. The maximum value that cost of goods sold (COGS) can be in a period. C. The amount by which inventory measured under FIFO would exceed inventory measured under LIFO v Lower-of-cost-or-market v Inventory turnover ratio. D. An inventory cost flow assumption. E. A measure for evaluating a company's inventory management. v FIFO (first-in, first out) v Periodic inventory F. A system for calculating COGS based on ending inventory value.
What is the ending inventory value?
Sheffield Corp. markets CDs of numerous performing artists. At the beginning of March, Sheffield had in beginning inventory 2,500 CDs with a unit cost of $8. During March, Sheffield made the following purchases of CDs. March 5. March 13 1,900 @ 3,500 @ $9 $10 March 21 March 26 5,200 @ $11 $12 1,900 @ During March 11,500 units were sold. Sheffield uses a periodic inventory system.
Lower-of-Cost-or-Market Method On the basis of the data shown below: Item InventoryQuantity Cost perUnit Market Value per Unit(Net Realizable Value) IA17 80 $39 $42 O5T4 150 20 16 Determine the value of the inventory at the lower of cost or market by applying lower of cost or market to each inventory item, as shown in Exhibit 9. $
The cost of goods sold (Using the FIFO method) $.__________________________ The of cost of the ending Inventory (using the LIFO method) $____________________ The cost of Goods sold (Using the LIFO method) $_______________________________
When is ending inventory written down below its acquisition cost on the balance sheet? Select one: A. When units are damaged, physically deteriorated, or obsolete B. When the inventory's replacement cost exceeds its acquisition cost C. When the inventory's replacement cost is below its acquisition cost D. Both A and C
Q: If the cost of an item of inventory is $52.00 and the current replacement cost is $68.00, what is the amount included in inventory according to the lower of cost or market? a. $120.00 b. $52.00 c. $16.00 d. $68.00
fifo and lifo for cost of goods sold and cost of ending inventory
Lower-of-Cost-or-Market Method On the basis of the following data, determine the value of the inventory at the lower-of-cost-or-market by applying lower-of-cost-or-market to each inventory item, as shown in Exhibit 10. Market Value per Unit Item Inventory Quantity Cost per Unit (Net Realizable Value) JFW1 150 $27 $31 SAW9 314 14 10 Feedback
Lower-of-Cost-or-Market Method On the basis of the data shown below: Inventory Item Quantity Cost per Unit Market Value per Unit (Net Realizable Value) JFW1 5,750 $9 $10 SAW9 1,040 27 24 Determine the value of the inventory at the lower of cost or market. Apply lower of cost or market to each inventory item, as shown in Exhibit 9. 76,710