FIFO and LIFO costs under perpetual inventory systemThe following units of an item were available for sale during the year:DATABeginning inventorySaleFirst purchaseSaleSecond purchaseSaleEnding inventoryQuantity8,1005,00015,40012,60015,90013,1008,700REQUIRED:a. What is the total cost of the ending inventory according to FIFO?b. What is the total cost of the ending inventory according to LIFO?a. FIFO methodb. LIFO methodPriceInventory CostUsing formulas and cell references from the problem data, perform the required analysis. Formulas entered in the green cellsorange cells. Transfer amounts to CNOWv2 for grading.$160$300$167Formulas$300$172$300

FIFO and LIFO accounting methods are used for determining the value of unsold inventory, the cost of…

DATA Quantity Price Beginning inventory 8,100 $160 Sale 5,000 $300 First purchase 15,400 $167 Sale 12,600 $300 Second purchase 15,900 $172 Sale 13,100 $300 Ending inventory 8,700 REQUIRED: What is the total cost of the ending inventory according to FIFO? . What is the total cost of the ending inventory according to LIFO?

DATA Quantity Price Beginning inventory 8,100 $160 Sale 5,000 $300 First purchase 15,400 $167 Sale 12,600 $300 Second purchase 15,900 $172 Sale 13,100 $300 Ending inventory 8,700 REQUIRED: What is the total cost of the ending inventory according to FIFO? . What is the total cost of the ending inventory according to 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

Please do not give solution in image format thanku
Please do not give solution in image format ?
Using the lower of cost or market, what should the total inventory value be for the following items: Item Quantity Unit cost price Unit market price Total cost price Total market price A 200 $15 $14.50 $3,000 $2,900 B 100 $14 $15.00 $1,400 $1,500 C 50 $17 $17.50 $850 $875
Using the gross profit method with the following cost data, estimate the cost of ending inventory. Sales Estimated gross profit rate Beginning Inventory Purchases O a. $363,000 O b. $297,000 O c. $75,000 O d. $57,000 $660,000 45% $75,000 $345,000
I have to make a purchase schedule of inventory including the following below and figure out what the Cost of Goods Sold is for the order placed for FIFO LIFO and Weighted Average Cost (Average Cost) Can you help me figure this out? Date Transaction # of Units Unit Cost Total Cost Jan. 1 Beginning Inventory 300 $5 $1500 Jan. 19 Purchase 400 6.50 2600 Feb. 2 Purchase 600 7 4200 Mar. 30 Purchase 500 8.50 4250 Apr. 10 Purchase 350 9 3150 May 29 Purchase 700 9.50 6650 Total Purchases: 2550 units--$20850 Jun. 1 Sale 1000 units
A firm utilizes a periodic inventory cost system with a Last-In, First-Out (LIFO) cost flow assumption. What does the firm report as the lower of cost or market for the following two items? Item A Item B Costs to have inventory ready for sale $4 $0 Current Cost to Replace $50 $55 Estimated Selling Price $62 $70 Estimated Normal Profit Margin $12 $12 Cost per the accounting record $60 $60 Group of answer choices Item A: $46, Item B: $55 Item A: $46, Item B: $58 Item A: $46, Item B: $60 Item A: $50, Item B: $55 Item A: $50, Item B: $58
Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. Activities Units Acquired at Cost 215 units @ $14.00 = $3,010 Date Units sold at Retail Jan. 1 Beginning inventory Jan. 10 Sales 165 units @ $23.00 Jan. 20 Purchase 160 units @ $13.00 = 2,080 Jan. 25 Sales 190 units @ $23.00 Jan. 30 Purchase 330 units @ $12.50 = 4,125 Totals 705 units $9,215 355 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 350 units, where 330 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory. Exercise 5-3 Perpetual: Inventory costing methods LO P1 Required: 1. Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. 2. Determine the cost assigned to…
If beginning inventory is $200 and purchases are $800,which of the following could be true?a. Ending inventory is $400 and Cost of Goods Sold is$600.b. Ending inventory is $800 and Cost of Goods Sold is$800.c. Ending inventory is $200 and Cost of Goods Sold is$200.d. Ending inventory is $200 and Cost of Goods Sold is$600.
Hello, This question is using a periodic inventory system. For this question, how do I determine the cost of ending inventory and cost of goods sold using: a) First in, First out b) Average cost Thanks
Requlred Informatlon [The following information applies to the questions displayed below.] Hemming Co. reported the following current-year purchases and sales for Its only product. Date Activities Units Acquired at Cost 300 units @ $14.00 Units sold at Retail = $ 4, 200 Jan. 1 Beginning inventory Jan. 10 Sales Mar.14 Purchase Mar.15 Sales 250 units e $44.00 520 units e $19.00 9,880 468 units e $44.00 July3e Purchase Oct. 5 Sales 500 units e $24.00 12,000 480 units @ $44.00 Oct. 26 Purchase 200 units @ $29.00 5,800 %3D Totals 1,520 units $31,88e 1,19e units Required: Hemming uses a perpetual 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 margin for FIFO method and LIFO method.
If beginning inventory is $10,000, purchases are $90,000 and ending inventory is $30,000, what is cost of goods sold? Group of answer choices $60,000 $100,000 $130,000 $70,000
Inventory Write-Down The following information is taken from Aden Company's records: Product Group Units Cost/Unit Market/Unit A 1 600 $1.10 $0.90 B 1. 250 1.50 1.55 200 4.90 5.15 D. 100 6.50 6.40 3 80 25.00 24.60 Required: What is the correct inventory value if the company applies the LCNRV rule to each of the following? a. Individual items Product A 540 Product B 450 x Product C 980 Product D 640 Product E 1,968 V Total inventory value 4,578 x b. Groups of items Group 1 1,005 x Group 2 1,630 Group 3 1,968 Total inventory value 4,603 x c. The inventory as a whole Total inventory value 4,643 x %24 %24 %24 %24