Determine the Ending Inventory and Gross Profit using FIFO and LIFO for the quarter ending 3/31/XX for Company W (a widget reseller) based on the following information (Inventory on 1/14/XX = 0): ActionDateAmountCost Purchase1/15/XX150 Widgets$10 per Widget Purchase2/15/XX250 Widgets$11 per Widget Purchase3/15/XX600 Widgets$12 per Widget Total 1,000 Widgets Sell3/20/XX400 Widgets$20 per Widget Sell3/25/XX300 Widgets$20 per Widget 700 Widgets FIFO Inventory =LIFO Inventory =FIFO Gross Profit =LIFO Gross Profit =

FIFO means first-in, first-out i.e. oldest inventory will be sold out on a priority basis and…

Answered: Determine the Ending Inventory and…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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The accounting records of Skysong Electronics show the following data. Beginning inventory 1.000 units at $5 Purchases 9,000 units at $7 9.500 units at $10 Sales (a) Determine cost of goods sold during the period under a periodic inventory system using the FIFO method. (Round answer to O decimal places, e.g. 1,250.) Cost of goods sold during the period FIFO
Calculate the cost of goods sold dollar value for A65 Company for the month, 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 Beginning inventory 800 $ 50 purchased 600 52 Sold 400 $ 80 Sold 350 90 Ending inventory 650 Use this chart: FIFO (perpetual) Inventory Cost of Goods Purchased Cost of Goods Sold Cost of Inventory Remaining Number of Units Unit Cost Total Cost Number of Units Unit Cost Total Cost Number of Units Unit Cost Total Cost Beginning Purchase Sale…
The following units of an item were available for sale during the year: Beginning inventory 29 units at $42 Sale 26 units at $63 First purchase 19 units at $44 Sale 16 units at $65 Second purchase 19 units at $47 Sale 7 units at $67 The firm uses the perpetual inventory system, and there are 18 units of the item on hand at the end of the year. 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?
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Use the following information to calculate the a) value of inventory on hand on Mar 31, b) cost of goods sold and c) Gross Profit during March under Perpetual inventory system. a) FIFO b) Weighted Average Mar 1 Beginning Inventory 68 units @ $15.00 per unit 5 Purchase 140 units @ $15.50 per unit 9 Sale 94 units @ $19.00 per unit 11 Purchase 40 units @ $16.00 per unit 16 Purchase 78 units @ $16.50 per unit 20 Sale 116 units @ $19.50 per unit
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Please read and asnwer question using table provided.
You have the following information for Bramble Inc. for the month ended June 30, 2022. Bramble uses a periodic inventory system. Date Description Quantity Unit Cost orSelling Price June 1 Beginning inventory 40 $31 June 4 Purchase 135 34 June 10 Sale 110 61 June 11 Sale return 15 61 June 18 Purchase 55 37 June 18 Purchase return 10 37 June 25 Sale 65 67 June 28 Purchase 35 41
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Perez Company had the following information for the year ending December 31: Units Unit Cost Beginning inventory 360 $34 Purchase: April 6 290 35 Sale: May 4 380 Purchase: July 19 590 39 Sale: September 9 450 Purchase: October 10 140 45 Perez uses the perpetual inventory system and the FIFO method. Required: Using FIFO (a) Compute the cost of ending inventory. (b) Compute the cost of goods sold for the year. Cost of ending inventory Cost of goods sold
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Determine the Ending Inventory and Gross Profit using FIFO and LIFO for the quarter ending 3/31/XX for Company W (a widget reseller) based on the following information (Inventory on 1/14/XX = 0):

Action	Date	Amount	Cost

Purchase	1/15/XX	150 Widgets	$10 per Widget
Purchase	2/15/XX	250 Widgets	$11 per Widget
Purchase	3/15/XX	600 Widgets	$12 per Widget
Total		1,000 Widgets

Sell	3/20/XX	400 Widgets	$20 per Widget
Sell	3/25/XX	300 Widgets	$20 per Widget
		700 Widgets