DateApril 1April 7A company's inventory records indicate the following data for the month of April:ActivitiesBeginning inventoryPurchaseUnits Acquired at Cost880 units @ $36 = $31,680760 units @ $40Units Sold at Retail= $30,400April 11Sale1,360 units @ $110April 16.April 22PurchaseSale680 units @ $44= : $29,920400 units @ $110The company uses a periodic inventory system. Determine the cost assigned to ending inventory using the specific identification method. Endinginventory consists of 380 units from the April 16 purchase, 80 units from the April 7 purchase, and 100 units from beginning inventory.Multiple Choice

Name: DateApril 1April 7A company's inventory records indicate the followin
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Description: DateApril 1April 7A company's inventory records indicate the following data for the month of April:ActivitiesBeginning inventoryPurchaseUnits Acquired at Cost880 units @ $36 = $31,680760 units @ $40Units Sold at Retail= $30,400April 11Sale1,360 unit

INVENTORY VALUATIONInventory Valuation is a Method of Calculation of Value of Inventory at the End…

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Date April 1 April 7 A company's inventory records indicate the following data for the month of April: Activities Beginning inventory. Purchase Units Acquired at Cost 880 units @ $36 = $31,680 760 units @ $40: = $30,400 Units Sold at Retail April 11 Sale April 16 Purchase 680 units @ $44 = $29,920 1,360 units @ $110 400 units @ $110 April 22 Sale The company uses a periodic inventory system. Determine the cost assigned to ending inventory using the specific identification method. Ending inventory consists of 380 units from the April 16 purchase, 80 units from the April 7 purchase, and 100 units from beginning inventory. Multiple Choice

Date April 1 April 7 A company's inventory records indicate the following data for the month of April: Activities Beginning inventory. Purchase Units Acquired at Cost 880 units @ $36 = $31,680 760 units @ $40: = $30,400 Units Sold at Retail April 11 Sale April 16 Purchase 680 units @ $44 = $29,920 1,360 units @ $110 400 units @ $110 April 22 Sale The company uses a periodic inventory system. Determine the cost assigned to ending inventory using the specific identification method. Ending inventory consists of 380 units from the April 16 purchase, 80 units from the April 7 purchase, and 100 units from beginning inventory. Multiple Choice

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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Inventory data for an item for November are: Date Description 1-Nov 4-Nov 15-Nov 17-Nov 28-Nov 30-Nov Beg. Inventory Purchased Sold Purchased Purchased Sold Units and Prices 15 units at $10 each 50 units at $12 each 45 units for $40 each 30 units at $15 each 10 units at $20 each 50 units for $45 each Suppose this company employs a periodic inventory system using Weighted Average assumptions. What is the average cost per unit used for inventory in November? Please round to the penny.
The Luann Company uses the periodic inventory system. The following July data are for an item in Luann's inventory: July 1 Beginning inventory 30 units @ 10 Purchased $9 per unit 50 units @ $11 per unit 15 Sold 60 units 26 Purchased 25 units @ $13 per unit Calculate the cost of goods sold for July and ending inventory at July 31 using (a) first-in, first-out, (b) last-in, first-out, and (c) the weighted-average cost methods. Note: Round your cost per unit to three decimal places, if needed. Then round your final answers to the nearest dollar. A. First-in, First-out: Ending Inventory Cost of Goods Sold: B. Last-in, first-out: Ending Inventory Cost of Goods Sold: C. Weighted-average cost: Ending Inventory Cost of Goods Sold
Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each month, as if it uses a periodic inventory system. Assume Oahu Kiki's records show the following for the month of January. Sales totaled 310 units. Beginning Inventory Purchase Purchase Date January 1 January 15 January 24 Units 140 470 240 Unit Cost $ 85 95 115 Total Cost $ 11,900 44,650 27,600 Required: 1. Calculate the number and cost of goods available for sale. 2. Calculate the number of units in ending inventory. 3. Calculate the cost of ending inventory and cost of goods sold using the (a) FIFO, (b) LIFO, and (c) weighted average cost methods.
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A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 330 units. Ending inventory at January 31 totals 140 units. Units Unit Cost Beginning inventory on January 1 300 $ 2.80 Purchase on January 9 70 3.00 Purchase on January 25 100 3.14 Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method.
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Bridgeport Inc. uses a perpetual inventory system. Its records show the following for the month of May. Date May May May May 1 Inventory Purchase 15 18 Unit Explanation Units Cost 24 Sale Purchase Total -29 26 (42 ) 40 53 $10 11 12 Total Cost $290 286 480 $1,056
Required information [The following information applies to the questions displayed below.] A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 350 units. Ending inventory at January 31 totals 150 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Date Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based or the LIFO method. January 1 January 9 Total January 9 January 25 Total January 25 January 26 Total January 26 Goods purchased # of units Units 320 80 100 Cost per # of units unit sold Unit Cost $ 4.10 4.30 4.44 Perpetual LIFO; Cost of Goods Sold Cost per unit Cost of Goods Sold # of units Inventory Balance Cost per unit Inventory Balance H N $ 0
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