Cullumber Wig Shoppe carries a number of wigs that are made specifically for people who require them while undergoing medicaltreatment. They use a perpetual inventory system and the FIFO cost formula for valuing inventory. The following information isavailable regarding the inventory on hand at year end, December 31:Types: UnitsMarilyn15Farrah13.10JaneJ-LoCpt. Kirk(a)(b)611Unit Cost$13420951192159Your answer is incorrect.Unit NetRealizable Value$13121875211106Prepare the journal entry required, if any, to record the adjustment at year end. (Credit account titles are automatically indentedwhen the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the

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Description: Cullumber Wig Shoppe carries a number of wigs that are made specifically for people who require them while undergoing medicaltreatment. They use a perpetual inventory system and the FIFO cost formula for valuing inventory. The following information

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Cullumber Wig Shoppe carries a number of wigs that are made specifically for people who require them while undergoing medical treatment. They use a perpetual inventory system and the FIFO cost formula for valuing inventory. The following information is available regarding the inventory on hand at year end, December 31: Unit Net Types: Units Unit Cost Realizable Value 15 $134 13 209 In 10 51 6 192 11 159 Marilyn Farrah. Jane J-Lo Cpt. Kirk (a) (b) Your answer is incorrect $131 218 75 211 106 BUREAU 4 Prepare the journal entry required, if any, to record the adjustment at year end. (Credit account titles are automatically indented ad select "No Entry for the account titles and enter O for the

Cullumber Wig Shoppe carries a number of wigs that are made specifically for people who require them while undergoing medical treatment. They use a perpetual inventory system and the FIFO cost formula for valuing inventory. The following information is available regarding the inventory on hand at year end, December 31: Unit Net Types: Units Unit Cost Realizable Value 15 $134 13 209 In 10 51 6 192 11 159 Marilyn Farrah. Jane J-Lo Cpt. Kirk (a) (b) Your answer is incorrect $131 218 75 211 106 BUREAU 4 Prepare the journal entry required, if any, to record the adjustment at year end. (Credit account titles are automatically indented ad select "No Entry for the account titles and enter O for 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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REI sells snowboards. Assume the following information relates to REI's purchases of snowboards during September. During the same month, 107 snowboards were sold. REI uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 13 $110 $1,430 Sept. 12 Purchases 49 113 5,537 Sept. 19 Purchases 53 114 6,042) Sept. 26 Purchases Totals 135 335 20 115 2,300 $15,309 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, e.g. 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
Roman Sound uses a periodic inventory system. One of the store's products is a wireless headphone. The inventory quantities, purchases, and sales of this product for the most recent year are as follows: Number of Units Cost per Unit Total Cost Inventory, Jan. 1 10 $100 $1,000 First purchase 30 101 3,030 Second purchase 40 104 4,160 Third purchase 5 106 530 Fourth purchase 15 110 1,650 Goods available for sale 100 $10,370 Units sold during the year 80 Inventory, Dec. 31 20 Instructions a. Using periodic costing procedures, compute the cost of the December 31 inventory and the cost of goods Sold for the year under each of the following cost assumptions: 1. First-in. first-out. 2. Last-in. first-out. 3. Average cost (round to the nearest dollar, except unit cost).
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the next two questions use the following facts. The Corner Frame Shop wants to know theeffect of different inventory costing methods on its financial statements. Inventory and purchases data for June are:Units Unit Cost Total CostJun 1 Beginning inventory 2,500 $11.00 $27,5004 Purchase 1,800 $11.80 21,2409 Sale (1,900)Q6-48. If The Corner Frame Shop uses the FIFO method, the cost of the ending inventory will bea. $21,200.b. $20,900.c. $21,240.d. $27,840.
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pee Required information [The following information applies to the questions displayed below.] Sandra's Purse Boutique has the following transactions related to its top-selling Gucci purse for the month of October. Sandra's Purse Boutique uses a periodic inventory system. Cost per Date Transactions Units Unit Total Cost $ 4,620 Beginning inventory Sale October 1 6. October 4 4. October 10 Purchase 780 5. October 13 October 20 October 28 October 30 Sale 3. Purchase 3,160 4. Sale Purchase 008 $17,280 4. Using weighted-average cost, calculate ending inventory and cost of goods sold at October 31. (Do not round intermediat calculations. Round your final answers to 2 decimal places.) Ending inventory Cost of goods sold
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Calculate cost of goods sold and ending inventory for Emergicare's bandages orders using FIFO, LIFO and average cost. There are 37 units in ending inventory. Note: Do not round intermediate calculations, such as average cost per unit values. Round your answers to the nearest cent. Date January 1 April 1 June 1 September 1 Total FIFO LIFO Average cost Units Cost per purchased unit Total cost 51 $ 8.10 $ 413.10 46 7.35 338.10 61 7.10 433.10 56 7.60 425.60 214 $ 1,609.90 Cost of goods sold Ending inventory
Below is a statement of inventory for a candle shop, given on January 31. a) Calculate the lower of cost or net realizable value for the inventory, applied separately to each product, and by inventory group. Cost Product Red Sand Candles Red Votive Candles, Green Votive Candles, 10 Purple Sand Candles 13 Purple Unscented Candles 29 Totals Quantity 14 13 Date Date: General Journal Account/Explanation Per Unit 10.25 9.35 8.05 8.65 5.35 General Journal Account/Explanation Total for product Page GJ8 Debit Credit b) Prepare any required adjusting entry assuming LCNRV is applied to each item. Dates must be entered in the format dd/mmm (15/Jan). Leave the entry blank if no adjusting entry is required. Per Unit Page GJ8 9.45 9.80 7.65 8.20 6 F Debit Credit NRV Total for product c) Prepare any required adjusting entry assuming LCNRV is applied to the whole group. Dates must be entered in the format dd/mmm (15/Jan). Leave the entry blank if no adjusting entry is required. LCNRV applied to Group…
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FAD Company uses a periodic inventory system and its inventory records for the period contain the following information: Beginning inventory (165 units @ $68/unit) Purchases (240 units @ $68/unit) Ending inventory (215 units @ $68/unit) What is the amount of cost of goods available for sale? 7 Multiple Choice O O O. $27,540 $42,160 $12,920 $30,940
Required information Use the following information for the Quick Study below. (Algo) (15-18) [The following information applies to the questions displayed below.] Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Monson uses a perpetual inventory system. Also, on December 15, Monson sells 29 units for $45 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 QS 5-15A (Algo) Perpetual: Assigning costs with FIFO LO P3 Required: Determine the costs assigned to the December 31 ending inventory based on the FIFO method. Date December 7 December 14 Total December 14 December 15 Totals Total December 15 December 21 19 units @ $18.00 cost 35 units @ $27.00 cost 29 units @ $32.00 cost Goods Purchased Number of Cost Per Units Unit Perpetual FIFO: Goods Purchased 19 at $ 18.00 = $ 342.00 35 at $ 27.00 = $ 945.00 29 at $ 32.00 = $ 928.00 Cost of Goods Sold Number of Units Sold Cost Per Cost of Goods Unit…