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

helppppp Hemming Co. uses a perpetual inventory system A.) Determine the cost assigned to ending inventory and to the cost of goods sold using FIFO. B.) Determine the cost assigned to ending inventory and to the cost of goods sold using LIFO. c.) Compute the gross margin for FIFO and LIFO method
1. Compute the cost assigned to ending inventory using FIFO. 2. Compute the cost assigned to ending inventory using Weighted Average. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the cost assigned to ending inventory using Weighted Average. (Round average cost per unit to 2 decimal places.) Average Cost Ending Inventory Date March 1 March 5 March 18 March 25 Total Cost of Goods Available for Sale Cost of Goods Available for Sale $5,000.00 100 400 $ 22,000.00 120 $ 7,200.00 200 $ 12,400.00 820 $59.80 $ 46,600.00 # of units Average Cost per unit # of units sold Cost of Goods Sold Average Cost per Unit 580 $ 59.80 240 Average Cost per unit $59.80 Ending Inventory $ 14,352
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 $31,88e 1,19e units Required: Hemming uses a perpetual Inventory system. 1. Determine the costs assigned to ending Inventory and to cost of goods sold using FIFO. 2. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. 3. Compute the gross margin for FIFO method and LIFO method.
On the basis of the following data, determine the value of the inventory at the lower of cost or market. Apply lower of cost or market to each inventory item as shown in Exhibit below. Item Inventory Quantity Unit Cost Price ($) Unit Market Price ($) MT22 1642 91 88 4WY09 5278 37 44 1GDS 8898 185 172
Beginning inventory, purchases, and sales for Item XJ-56 are as follows: May 1 Beginning inventory 90 units @ $36 each May 6 Sold 75 units @ $50 each May 15 Purchased 125 units @ $38 each May 24 Sold 80 units @ $51 each What is the value of ending inventory for May using a FIFO inventory costing method in a perpetual inventory system? Please show calculations in order to receive credit.
On the basis of the following data, determine the value of the inventory at the lower of cost or market. Assemble the data in the form illustrated in Exhibit 9. Inventory Inventory Cost per Market Value per Unit Item Quantity Unit (Net Realizable Value) Birch 120 $150 $140 Cypress 90 120 130 Mountain Ash 200 110 100 Spruce 160 90 100 Willow 70 130 120 Inventory at the Lower of Cost or Market Inventory Total Cost Total Market Total LCM Item Birch $1 Cypress Mountain Ash Spruce Willow Total
The following data represent the beginning inventory and, in order of occurrence, the purchases and sales of Per Beginning Inventory Sale No. 1 Purchase No. 1 Sale No. 2 Purchase No. 2 Totals Select one: O Units Unit Cost Total Cost Units Sold 50 $124 $6,200 A. $5,952 B. $4,320 C. $4,800 D. $4,224 30 40 120 100 88 3,000 40 32 Assuming Petroni, Inc. uses FIFO perpetual inventory procedures, the ending inventory cost is: 3,520 $12,720 72
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.
Applying the lower-of-cost-or-market method to each item of inventory, what should the total inventory value be for the following items? Total Cost Total Market Inventory Item Quantity Cost per Unit Market Value Total per Unit Price Price LCM A 181 $12 $17 $2,172 $3,077 $ B 91 18 16 1,638 1,456 C 70 10 22 25 1,540 1,750 Previous Next
2. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. LIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost of Cost of Cost per unit Cost per Ending per unit Inventory Goods Cost # of units # of units Goods # of units unit Available Sold for Sale Beginning Inventory Purchases: Apr 07 Jul 16 Oct 06 Total Sales revenue Gross profit
Use the following inventory table to find the cost of goods sold using the first-in, first-out (FIFO) inventory method. Date of purchase Units purchased Cost per unit Retail price per unit Beginning inventory 42 $860 $965 February 5 25 $1,770 $2,115 February 9 19 $945 $1,208 March 3 27 $490 $600 Units sold 81 Question content area bottom Part 1 The cost of goods sold is $enter your response here. (Type an integer or a decimal.)
Blue Spruce Corp. Inc. had a beginning inventory of 100 units of Product RST at a cost of $7 per unit. During the year, purchases were: Feb. 20 580 units at $ 8 Aug. 12 415 units at $ 10 May 5 475 units at $9 Dec. 8 95 units at $ 11 Blue Spruce Corp. uses a periodic inventory system. Sales totaled 1,525 units.