DateTransactionNumber of UnitsUnit Cost& 1Beginning inventory400$108/3Purchase No. 1600$1085Sale No. 1500817Sale No. 22008/11Purchase No. 2800$128/17Sale No. 319008/19Purchase No. 31500$118/21Sale No. 4I8008/28Sale No. 55008/29Purchase No. 4900$108/30 Ending inventoryRequired:Determine the amount of the ending inventory and cost of goods sold underof the following methods assuming the periodic inventory system.MethodWeighted-averagebFIFOSeachInventoryCost of GoodsSold$$

Name: DateTransactionNumber of UnitsUnit Cost& 1Beginning inventory400$108/
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Description: DateTransactionNumber of UnitsUnit Cost& 1Beginning inventory400$108/3Purchase No. 1600$1085Sale No. 1500817Sale No. 22008/11Purchase No. 2800$128/17Sale No. 319008/19Purchase No. 31500$118/21Sale No. 4I8008/28Sale No. 55008/29Purchase No. 4900$108/

The inventory can be valued using various methods as FIFO, LIFO and average method. Using FIFO…

Business

Accounting

Date Transaction Num 8/1 Beginning inventory 8/3 Purchase No. 1 8/5 Sale No. 1 817 Sale No. 2 8/11 Purchase No. 2 8/17 Sale No. 3 8/19 Purchase No. 3 8/21 Sale No. 4 I 8/28 Sale No. 5 8/29 Purchase No. 4 8/30 Ending inventory Required: Determine the amount of the ending inventory and cost of goods sold un of the following methods assuming the periodic inventory system. Method Weighted-average FIFO 55 Inventory

Date Transaction Num 8/1 Beginning inventory 8/3 Purchase No. 1 8/5 Sale No. 1 817 Sale No. 2 8/11 Purchase No. 2 8/17 Sale No. 3 8/19 Purchase No. 3 8/21 Sale No. 4 I 8/28 Sale No. 5 8/29 Purchase No. 4 8/30 Ending inventory Required: Determine the amount of the ending inventory and cost of goods sold un of the following methods assuming the periodic inventory system. Method Weighted-average FIFO 55 Inventory

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter6: Receivables And Inventories

Section: Chapter Questions

Problem 6.19E: Inventory on the balance sheet Based on thy data in Exercise 6-18 and assuming that cost was...

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Music Unlimited carries a large inventory of guitars and other musical instruments. The store uses a perpetual inventory system. Company records indicate the following for a particular line of guitars. Gross margin under FIFO is $. Quantity Unit Cost $980 Date Item Gross margin under weighted-average-cost is $ Nov. 1 Balance 4 6. Sale 2 8 Purchase 13 910 The moving-weighted-average-cost method produces a V cost of goods sold (and therefore a higher gross 17 Sale Purchase 4 margin) because unit inventory costs are V in this scenario. While counts 30 8 910 the earlier inventory first, the cost of goods sold. method uses all inventory on hand in determining the The sale price of each guitar was $1,640. E (Click the icon to view the cost of goods sold calculation from the FIFO perpetual inventory record.) E (Click the icon to view the cost of goods sold calculation from the moving-weighted-average-cost perpetual inventory record.) Required Calculate the gross margin for Music Unlimited…
Inventory Write-Down The following information is taken from Aden Company's records: Product Group Units Cost/Unit Market/Unit A 700 $1.00 $0.80 1 300 1.50 1.55 200 4.90 5.15 2 100 6.50 6.40 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 Product B Product C Product D Product E Total inventory value b. Groups of items Group 1 Group 2 Group 3 Total inventory value c. The inventory as a whole Total inventory value 24 %24 B.
Inventory on the balance sheet Based on thy data in Exercise 6-18 and assuming that cost was determined by the FIR0 method, show how the inventory would appear on the balance sheet.
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Hall Company’s beginning inventory and purchases during the fiscal year ended December 31, 20--, were as follows: UnitsUnit PriceTotal CostJanuary 1Beginning inventory800$11.00$8,800March 51st purchase60012.007,200April 162nd purchase50012.506,250June 33rd purchase70014.009,800August 184th purchase80015.0012,000September 135th purchase90017.0015,300November 146th purchase40018.007,200December 37th purchase50020.3010,150 5,200 $76,700 There are 1,100 units of inventory on hand on December 31.Required:1.Calculate the total amount to be assigned to the ending inventory and cost of goods sold on December 31 under each of the following methods:(a)FIFO(b)LIFO(c)Weighted-average (round calculations to two decimal places)2.Assume that the market price per unit (cost to replace) of Hall’s inventory on December 31 was $16. Calculate the total amount to be assigned to the ending inventory on December 31 under each of the following methods:(a)FIFO lower-of-cost-or-market(b)Weighted-average…
Applying the lower-of-cost-or-market Cost per Unit $14 Item A B C Inventory Quantity 218 80 56 19 method to each item of inventory, what should the total inventory value be for the following items? Market Value Total Cost Total Market per Unit Price 23 $12 15 26 $3,052 1,520 1,288 Price $2,616 1,200 1,456 Total LCM
Using the following information, identify all acceptable balances for the ending inventory, according to GAAP. By Individual Item: by Total (Aggregate) Inventory: Category Item Quantity Unit Cost Unit Market Price A 101 84 $26.00 $25.00 A 102 40 $45.00 $40.00 A 103 125 $35.00 $32.00 B 104 55 $40.00 $42.00 B 105 55 $68.00 $70.00 C 106 70 $66.00 $77.00 C 107 20 $255.00 $245.00 Using the following information, identify all acceptable balances for the ending inventory, according to GAAP. By Individual Item: by Total (Aggregate) Inventory:
BRADY-LOMBARDI TROPHY COMPANY: Inventory Records for Year 20X1 Date Beg Inventory Purchases: Oct 01, 20X1 Oct 05, 20X1 Oct 10, 20X1 Oct 15, 20X1 Oct 20, 20X1 Total Inventory Total Sold Retail Price Cost of Goods Available for Sale (COGAFS) # units Cost/Unit O c. $40,000 O d. $34,400 O e. $78,100 100 $ 200 $ 100 $ 150 $ 90 $ 220 $ 900 580units sold $500per unit 100 110 120 130 150 160 S COGAFS 10,000 $ 22,000 $ 12,000 $ 19,500 $ 13,800 $ 35,200 $ 112,500 Applying the Weighted Average (WA) Method to cost Inventory: Calculate Ending Inventory ROUND ANSWERS TO NEAREST $ (if applicable) a. $72,500 O b. $112,500.
PA9. 10.3 Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for A76 Company, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for first-in, first-out (FIFO). Number of Units Unit Cost Sales $100 Beginning inventory Sold Purchased Sold 240 160 $140 520 103 400 142 Purchased 400 110 Sold 370 144 Ending inventory 230
Use the following data to determine the amount that total inventory should be reported on the balance sheet under the lower of cost or net realizable-value rule, applied on an individual item basis. Commodi Inventory ty Quantity Unit Cost Price Unit Net Realizable Value A 200 $ 10 $ 9 B 100 $ 11 $ 12 C 300 $ 12 $ 10 a. $6,600 b. $5,900 c. $6,000 d. $6,700
Accounting Problem please solve this one
Lower-of-Cost-or-Market InventoryOn 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. ProductInventoryQuantityUnitCost PriceUnitMarket Value per Unit(Net Realizable Value)Model A300$140$125Model B50090112Model C1506059Model D800120115Model E400140145 Inventory at the Lower of Cost or MarketProductTotal CostTotal MarketLower of Total Cost or Total MarketA$$$B C D E Total$$$