Cost/ Selling Date Event Quantity Price Jan 1 beginning inventory 19,900 $42.85 Jan 5 sale 5,840 73.00 Feb 15 purchase 34,800 40.25 Mar 10 purchase 10,200 49.00 May 20 sale 42,100 73.00 Aug 22 purchase 15,100 44.80 Sep 12 sale 20,200 73.00 Nov 24 purchase 9,000 47.00 Dec 5 sale 16,200 73.00 Calculate the ending inventory balance for Wildhorse Ltd., assuming the company uses a perpetual inventory system and the movin average cost formula. Also calculate the per-unit cost of the last item sold. (Round unit costs to 2 decimal places, e.g. 52.75 and ending inventory to O decimal places, e.g. 5,275.) Ending inventory Unit cost of the last item sold $

Cost/ Selling Date Event Quantity Price Jan 1 beginning inventory 19,900 $42.85 Jan 5 sale 5,840 73.00 Feb 15 purchase 34,800 40.25 Mar 10 purchase 10,200 49.00 May 20 sale 42,100 73.00 Aug 22 purchase 15,100 44.80 Sep 12 sale 20,200 73.00 Nov 24 purchase 9,000 47.00 Dec 5 sale 16,200 73.00 Calculate the ending inventory balance for Wildhorse Ltd., assuming the company uses a perpetual inventory system and the movin average cost formula. Also calculate the per-unit cost of the last item sold. (Round unit costs to 2 decimal places, e.g. 52.75 and ending inventory to O decimal places, e.g. 5,275.) Ending inventory Unit cost of the last item sold $

Name: The following inventory transactions took place for Wildhorse Ltd. fo
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: The following inventory transactions took place for Wildhorse Ltd. for the year ended December 31, 2023:Cost/SellingDateEventQuantityPriceJan 1beginning inventory19,900$42.85Jan 5sale5,84073.00Feb 15purchase34,80040.25Mar 10purchase10,20049.00May 20

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

Beginning inventory, purchases, and sales for an inventory item are as follows: Sep. 1 Beginning Inventory 24 units @ $10 5 Sale 17 units 17 Purchase 10 units @ $15 30 Sale 8 units Assuming a perpetual inventory system and the last-in, first-out method: a. Determine the cost of the goods sold for the September 30 sale.$fill in the blank 1
sssaa
Inventory Date Quantity Unit Cost Total Cost Mar. 1 850 $98 $83,300 1,275 $95 $121,125 Mar. 8 650 $98 $63,700 Mar. 11 325 $98 $31,850 Mar. 14 325 $98 $31,850 780 $103 $80,340 Mar. 22 260 $98 $25,480 Mar. 25 260 $98 $25,480 1,800 $100 $180,000 Study the inventory record for March and answer the questions that follow. 1. Assuming that the product sells for $155 and that 85% of sales are on account, determine the gross profit from sales for March. 2. Making the same assumptions as in (1), determine the ending inventory cost for March. $ 3. Which inventory method is being used? LIFO
7
None
22
Date January 1 January 3 February 14 February 15 June 30 November 6 November 19 Activities Beginning inventory Sales Purchase. Sales Purchase. Sales Purchase. Totals FIFO Units Acquired at Cost 190 units 300 units Periodic Inventory System 240 units 80 units 810 units @ $2 = $380 @$3-$900 @ $4$ 960 @$5$400 $ 2,648 Required A Required B Required C Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Ending Cost of Inventory Goods Sold Units Sold at Retail 122 units @ $8 @ $8 @ $8 210 units The company uses a periodic 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 profit for each method. Complete this question by entering your answers in the tabs below. 176 units 508 units
s
vmp
FIFO Perpetual Inventory The beginning inventory at Dunne Co. and data on purchases and sales for a three-month period ending June 30 are as follows: Number of Units Date Apr. 3 8 11 30 May 8. 10 19 28 June 5 16 2 29 Transaction Inventory Purchase Sale Sale Purchase Sale Sale Purchase Sale Sale Purchase 28 Sale 42 84 56 35 70 42 21 70 42 56 126 63 Per Unit $450 540 1,500 1,500 600 1,500 1,500 660 1,575 1,575 720 1,575 Total $18,900 45,360 84,000 52,500 42,000 63,000 31,500 46,200 66,150 88,200 90,720 99,225
W Using the specific identification method: Units purchased 15 Echo Show's 360 45 Echo Show's 360 60 Echo Show's 360 a. Calculate the cost of ending inventory. Date June 1 July 1 August 1 Ending inventory b. Calculate the cost of goods sold. Cost of goods sold Cost per unit $ 275 250 240
6