Date TransactionNumber of Units Cost per Unit1/1 Beginning inventory 100$8005/5 Purchase200$9008/10 Purchase300$1,00010/15 Purchase200$1,050During the year, 250 laptop computers were sold on 8/15 and 500 laptops were sold on 10/31.What was ending inventory using the FIFOcost flow assumption?

Answered: Date Transaction Number of Units Cost…

Date Transaction Number of Units Cost per Unit 1/1 Beginning inventory 100 $800 5/5 Purchase 200 $900 8/10 Purchase 300 $1,000 10/15 Purchase 200 $1,050

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Use the following information to answer the following questions: Beginning Inventory: 10,000 Units @…

A: First-In-First-Out Method The first-produced or first-bought goods will be sold first, according to…

Q: Date Activity #units cost/ea June 1…

A: The company can use either the last in first out method or first in first out method to account for…

Q: A company has beginning inventory of $20,000, purchases of $15,000, and ending inventory of $2,500.…

A: The question is based on the concept of Cost Accounting.

Q: Beginning Inventory 3 units @ $4 $12 Purchases 10 units @ $7 $70 Sales 8 units What is ending…

A: LIFO: LIFO stands for Last-In, First-Out. In this method inventory purchased at last will be sold…

Q: A. Record the infomation on a perpetual inventory record using each of the following methods: 1.…

Q: Nov. 1 1 Inventory 50 units @ $6.00 8 8 Purchase 80 units @ $5.00 17 Purchase 40 units @ $6.00 25…

A: Under LIFO method of inventory valuation , units which were purchased lasts are sold firsts ,…

Q: 1/1 1/20 7/25 10/20 2. 3. Beginning Inventory Purchase Purchase Purchase 4. (b) Units 88 440 88 264…

A: The first in first out method is an inventory valuation method, in this method, the entity makes…

Q: A company purchased inventory for $1,200 per unit. The company later sold one unit of the inventory…

A: Perpetual inventory system: It is a method of inventory management that records real time…

Q: Beginning Inventory 3 units @ $4 $12 Purchases 10 units @ $7 $70 Sales 8 units What is Ending…

A: Weighted-average method: Weighted-average method is a method of inventory valuation. In this method,…

Q: Using Moving Average method compute for the June 20 cost per unit Date Transaction 01-Jun Inventory…

A: Under the moving average method of costing inventory, the cost per unit changes with every purchase.…

Q: Cost/ Selling Date Event Quantity Price Jan 1 beginning inventory 23,300 $45.00 Jan 5 sale 5,300…

A: The first-in, first-out (FIFO) cost flow assumption is used by businesses to value their stock as it…

Q: Date Description Units Purchased at Cost Units Sold at Retail June 1 Beginning Inventory 150 units @…

A: Total no. of units available for sale = 150+200+250 = 600 units Total no. of units sold = 300+225 =…

Q: Uramilaben

A: The objective of the question is to prepare the journal entries for the inventory based on the given…

Q: odf $600 QUESTION 3 At the end of the year, a company reports the following inventory amounts ($ per…

A: Lower or cost or NRV :— According to accounting standard, Inventory should be valued at lower of…

Q: Date November 1 November 2 November 8 November 12 Activities Beginning inventory Purchase Sales…

A: Under the LIFO method, the newest products in inventory are sold first.

Q: im.3

A: Step 1: In the LIFO system, it is assumed that goods purchased are last sold first so the ending…

Q: Number of Units 140 240 80 220 Beginning inventory Purchased goods during the period Sold goods…

A: Inventory management have three methodsFIFO methodLifo methodWeighted average method.Generally FIFO…

Q: Beginning Inventory 3 units @ $4 $12 Purchases 10 units @ $7 $70 Sales 8 units What is CGS…

A: Under Average costing, the cost of goods sold is calculated by multiplying average cost with the…

Q: What is peridocznym fifo and lifo

A: The question is based on the methods of costing inventory, there are three well accepted method of…

Q: < FIFO and LIFO Costs Under Perpetual Inventory System. The following units of an item were…

A: FIFO Method :— It is one of the method of inventory valuation in which it is assumed that old…

Q: Calculate the ending inventory balance using the following information under the FIFO method of…

A: First In, First Out (FIFO) is an accounting principle that states that assets that are bought or…

Q: Beginning Inventory 3 units @ $4 $12 Purchases 10 units @ $7 $70 Sales 8 units What is ending…

A: Under FIFO Method, units which came in first will be sold first and the inventory will be out of the…

Q: FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available…

A: The FIFO method states that previously purchased units should be issued first and the ending…

Q: Beginning Inventory 3 units @ $4 $12 Purchases 10 units @ $7 $70 Sales 8 units What is CGS…

A: FIFO stands for First in First Out method. It is an inventory valuation method where the Inventory…

Q: Units Sold at Retail Units Acquired at Cost 225 units @ $11.00 = $ 2,475 Date Activities Jan. 1…

A: It is mentioned in the question the specific units that are not sold, the rest all the units are…

Q: C7 Exercises O eBook E E Print Item Show Me How Calculator Weighted Average Cost Flow Method Under…

A: In a perpetual inventory management system, the amounts for inventory purchased and sold are updated…

Q: Below is information related to Company's Inventory: Units Price per Unit Total **** ** **********…

A: LIFO (Last-in First Out): Under LIFO inventory system, Units purchased last are sold first.

Q: The following data represent the beginning inventory and, in order of occurrence, the purchases and…

A: Ending inventory is the amount of inventory that an entity has on hand, at the end of the period. It…

Q: om the following transactions: March1 Beginning Inventory 2160 units @ $15 per unit • 14 Purchase…

A: Solution: Ending inventory units are computed as deducting units sold from beginning and purchased…

Q: Calculate the total amount to be assigned to the cost of goods sold for 20-2 and ending inventory on…

Q: Ending inventory units is 100. By LIFO find ending inventory value

A: Introduction: LIFO Method: LIFO stands for Last in First Out. Which means Last received inventory to…

Q: Periodic System Date Units Total 1 Jan 100 @ 10 Rs.…

A: Solution- FIFO METHOD…

Q: Units Unit Cost Total Cost Units Sold Beginning Inventory 32 $18 $576 Sale no. 1 10 Purchase no. 1…

A: Introduction: FIFO: FIFO stands for First in First Out. Which means first received inventory to be…

Q: A corporation has provided the following information about one of their products: Date…

Q: Below is information related to Company's Inventory: Price per Unit Total Units ** *** *** *** ****…

A: Inventory valuation is an accounting practice that is used by companies in order to determine the…

Q: QUESTION 2 Bukit Group has the following beginning inventory, purchases, sales and ending inventory…

A: As per periodical inventory method the ending inventory and COGS is determined by the physical…

Q: Unit cost Total Cost Units Beginning Inventory 100 $18.00 $1,800.00 Purchase 700 $20.00 $14,000.00…

A: Solution Cost of good sold is a cost which is incurred for the salw of a product.

Q: Date Transaction Num 8/1 Beginning inventory 8/3 Purchase No. 1 8/5 Sale No. 1 817 Sale No. 2 8/11…

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

Q: Requirement 1. Using the average-cost method, compute the cost of goods sold and ending inventory…

A: Inventory valuation methods are based on the flow of inventory used by the firm. There are several…

Q: Date Description Units Purchased at Cost Units Sold at Retail June 1 Beginning Inventory 150 units @…

A: Introduction: FIFO: FIFO stands for First in First out. Which means first received inventory to be…

Q: BRADY-LOMBARDI TROPHY COMPANY: Inventory Records for Year 20X1 Date Beg Inventory Purchases: Oct 01,…

A: Answer:- Weighted average cost method:- Weighted average method is one of the method of inventory…

Q: Question 1 Inventory 1. A. Raytheon inventory information is as follows: o Beginning inventory…

A: FIFO method uses the price of the first batch of materials purchased for all issues, until all…

Q: Date 1/1 3/6 6/26 8/2 10/31 Transaction Beginning inventory Sale Purchase Purchase Sale Quantity…

A: Periodic Inventory :- periodic inventory system is a mechanism for mesuring cost of goods sold and…

Q: Date 1/1 1/24 2/22 3/7 4/10 6/11 9/28 12/4 Transaction Beginning inventory Purchase Sale Purchase…

A: First In, First Out, generally known as FIFO, is a valuation technique in which assets created or…

Q: Using Perpetual Inventory, identify cost of goods sold expense for Oct 2021 # Units Cost Sale price…

A: Perpetual Inventory System is a system of recording stores balances after every receipt and issue…

Q: Problem 1 - Inventory Methods Magic Jelly Beans Company Operating information Sales…

A: Under FIFO method the units came first in store will be sold first. Under LIFO method the units…

Question

100%

Date Transaction
Number of Units Cost per Unit
1/1 Beginning inventory 100
$800
5/5 Purchase
200
$900
8/10 Purchase
300
$1,000
10/15 Purchase
200
$1,050
During the year, 250 laptop computers were sold on 8/15 and 500 laptops were sold on 10/31.
What was ending inventory using the FIFOcost flow assumption?

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Financial Reporting in Hyperinflationary Economies

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

2
Campbell Corporation Beginning inventory (30% complete as to Material B and 60% complete for conversion) Started this cycle Ending inventory (50% complete as to Material B and 80% complete for conversion) Beginning inventory costs: Material A Material B Conversion Current Period costs: Material A Material B Conversion Select one: O a. $47.59 b. $45.00 c. $43.03 d. $39.90 700 units 2,000 units O O 500 units $14,270 5,950 5,640 Material A is added at the start of production, while Material B is added uniformly throughout the process. Refer to Campbell Corporation. Assuming a weighted average method of process costing, compute the average cost per EUP for conversion. $40,000 70,000 98,100
Sales 3,200 units Beginning inventory Purchases, in chronological order.. 1,000 units @ $4 1,200 units @ $5 1,600 units @ $6 800 units @ $8
muabhai
Ending inventory value? Using LIFO proces Activities Units Acquired at Cost e $ 6.00- Date Units sold at Retail January 1 January 10 January 20 January 25 January 30 $ 840 Beginning inventory Sales Purchase Sales Purchase 140 units e $ 15 e $ 15 100 units 60 units e $ 5.00 - 300 80 units 180 units e $ 4.50 - 810 Totals 380 units $ 1,950 180 units
Transaction Date 1/1 Beginning Inventory 5/5 Purchase 8/10 Purchase 10/15 Purchase Multiple Choice $20,000. During the year, Harborview sold 750 laptop computers. What was ending inventory using the LIFO cost flow assumption? $22,500. $27,500. Number UI Units 100 200 300 200 $30,000. Cust per Unit $400 $450 $500 $550
August 1 Inventory 400 units at P10 12 Purchase 600 units at P12 16 Issue 500 units 18 Purchase 300 units at P15 20 Issue 200 units 25 Purchase 400 units at P14 28 Issue 400 unitsRequired: Compute for the cost of ending inventory and cost of goods sold using: a. FIFO b. Moving average c. Weighted average
PROBLEM 12: DDD Company uses the perpetual inventory system. The inventory transactions for August of the current year were us follows: Number Unil Transaction Begnning balance of Units 20,000 Date 8/1 8/7 8/10 8/12 Cost P 4.00 Purchase 10,000 4.20 Purchase 20,000 15,000 4,30 Sale 8/16 Purchase 20,000 4.60 8/20 8/28 Sale Sale return 40,000 3.000 The sclo roturn on August 28 rolatos to the salc madc on August 20. 15. If the FIFC ccst flow method is used, the sae retum shall be costed back into inventory at what unit cost? 16. If the average cost flow method is used, the sale retum shall be costed back into inventory at what unit cost?
Periodic Inventory System Company A $ 520,000 Company B Beginning inventory + Net Purchases 327,000 TOTAL GOODS AVAILABLE TO SELL 685,000 750,000 (Ending Inventory) 290,000 Cost of Goods Sold $ 615,000 For Company A determine Net Purchases and Cost of Goods Sold. For Company B determine Beginning Inventory and Ending Inventory. Company A: Net purchases 4 and Cost of goods sold type your answer. Company B: Beginning inventory type your answer... and Ending inventory type your answer.
FINISH THE FOLLOWING BLANK AREAS Units cost per unit Sales price per unit Beginning inventory 70 $ 60.00 purchase 3/27 185 $ 68.00 purchase 4/23 240 $ 78.00 total sales 377 141 Operating expenses under each method 17,000 income tax expense under each method 21% of income before taxes FIFO units $$ LIFO units $$ weighted Average units $$ Beginning inventory 70 $ 4,200.00 Beginning inventory 70 $ 4,200.00 Beginning inventory 70 $ 4,200.00 purchases 425 purchases 425 purchases 425 available 495 available 495 available 495 ending inventory ending inventory ending inventory CGS 377 CGS 377 CGS 377 Available in $$ Available in units unit price
Question 100 If beginning inventory is 40 units at $4 per unit, purchases are 20 units at $8 per unit and 10 units at $5 per unit, and sales are 30 units at $12 per unit then the value of ending inventory under LIFO is $150. TRUE OR FALSE?
Sh15