### Inventory Cost Flow Assumptions – Educational Website#### (b2) Determine Inventory Values**Task:** Determine the ending inventory and the cost of goods sold (COGS) under each of the assumed cost flow methods (FIFO, LIFO, and average-cost). Ensure that all answers are rounded to 0 decimal places (e.g., 1,250). FIFO LIFO AVERAGE-COST The ending inventory $ $ $ The cost of goods sold $ $ $ *Note: Use the fields above to input your calculations for FIFO (First-In-First-Out), LIFO (Last-In-First-Out), and Average-Cost.***Save for Later** button is provided for saving your progress.**Submit Answer** button allows you to submit your response. You have 3 attempts to answer this question.#### (c) Completion SequenceThe parts of this question must be completed in order. This part will be available when you complete the part above.---**Graph/Diagram Explanation:**There are no graphs or diagrams in this section. It includes an interactive table for inputting calculated values for ending inventory and the cost of goods sold based on different cost flow assumptions.Ensure you refer to accounting principles while making these calculations and follow rounding rules as specified. ### Inventory Data of Sekhon Company **Beginning Inventory:**- **Date:** January 1- **Product:** 4-18-15- **Quantity:** 160 units- **Cost per Unit:** $20**Purchases During the Year:**1. **Date:** March 15 - **Quantity:** 400 units - **Cost per Unit:** $232. **Date:** July 20 - **Quantity:** 250 units - **Cost per Unit:** $243. **Date:** September 4 - **Quantity:** 330 units - **Cost per Unit:** $264. **Date:** December 2 - **Quantity:** 100 units - **Cost per Unit:** $29**Additional Information:**- **Inventory System Used:** Periodic inventory system- **Total Sales for the Year:** 1,000 units### Explanation:The Sekhon Company uses a periodic inventory system, which means that inventory updates are made at specific intervals. The data includes the beginning inventory levels at the start of the year and subsequent inventory purchases throughout the year. The associated costs for each batch of units purchased are also provided. Understanding the inventory flow and the associated costs is critical for calculating the cost of goods sold (COGS) and managing the financial performance of the company. The company had a total of 1,000 units in sales for the year, which is also an essential factor for inventory management and financial calculations.

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Description: ### Inventory Cost Flow Assumptions – Educational Website#### (b2) Determine Inventory Values**Task:** Determine the ending inventory and the cost of goods sold (COGS) under each of the assumed cost flow methods (FIFO, LIFO, and average-cost). Ensur

FIFO method assumes first unit sold first. LIFO assumes that last units is sold first Average cost…

Business

Accounting

Determine the ending inventory and the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average-cost). (Round answers to 0 decimal places, e.g. 1,250.) FIFO LIFO AVERAGE-COST The ending inventory $ $ The cost of goods sold Save for Later $ 14 57 $ Attempts: 0 of 3 used Submit Answer

Determine the ending inventory and the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average-cost). (Round answers to 0 decimal places, e.g. 1,250.) FIFO LIFO AVERAGE-COST The ending inventory $ $ The cost of goods sold Save for Later $ 14 57 $ Attempts: 0 of 3 used Submit Answer

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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Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions. Units Sold at Retail Units Acquired at Cost 600 units @ $45 per unit 400 units @ $42 per unit 200 units @ $27 per unit Activities Beginning inventory Purchase Purchase Sales Purchase Purchase Date January 1 February 10 March 13 March 15 August 21 September 5 September 10 Sales Totals Cost of goods available for sale Number of units available for sale 100 units @ $50 per unit 500 units @ $46 per unit 1,800 units Required: 1. Compute cost of goods available for sale and the number of units available for sale. Ending inventory 2. Compute the number of units in ending inventory. units units 800 units @ $75 per unit 600 units @ $75 per unit 1,400 units
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Concord Distribution markcets CDs of the performing artist Unique At the boginning of October,Concord had in beginning invantory 2,000 of Unique's CDzwith a unit cost of $7. During October, Concord made the following purchasas of Unique's CDs Oct 3 2,500 Oct. 19 3,000 2 $10 Oct 9 3,500 59 Oct 25 4,000 $11 During October, 10,800 units were sold. Concord uses a'periodic inventary systam. (a) Determine the cost of goods availabla for sale. Cost of goods available for sale eTextbook and Medla E ter Ler Attempts: 0 of 5 used Subrmit AnaAr (b1) Calculate cost per unit. Round answer to 2 decimal places, er 225) Cost per unit eTextbook and Medla Attempts: 0 of 5 used Submit Arawer Save tor Lar
Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. Activities Units Acquired at Cost 215 units @ $14.00 = $3,010 Date Units sold at Retail Jan. 1 Beginning inventory Jan. 10 Sales 165 units @ $23.00 Jan. 20 Purchase 160 units @ $13.00 = 2,080 Jan. 25 Sales 190 units @ $23.00 Jan. 30 Purchase 330 units @ $12.50 = 4,125 Totals 705 units $9,215 355 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 350 units, where 330 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory. Exercise 5-3 Perpetual: Inventory costing methods LO P1 Required: 1. Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. 2. Determine the cost assigned to…
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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.
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Instructions: Please DO NOT Excel. Please provide detailed explanations on how you got your answer. Calculate the average cost. cost of goods available for sale: 6,424