am.111. Douglas Company's beginning inventory and purchases during the fiscal year ended December 31, 20--, were as shown.January 1, 20-- Beginning inventoryMarch 5April 16June 3August 18September 13November 14December 31st purchase2nd purchasea. FIFO3rd purchase4th purchase.5th purchase6th purchase7th purchaseUnits Unit Price Total Cost1,090 $ 8.20$8,9389009.208,2803809.703,686680 10.407,072590 11.106,54980012.109,68042014.205,96450014.257,1255,360$ 57,294There are 1,000 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:Cost of GoodsSoldCost of EndingInventoryb. LIFOc. Weighted-average (round calculations totwo decimal places)XXX

Name: am.111. Douglas Company's beginning inventory and purchases during the
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Description: am.111. Douglas Company's beginning inventory and purchases during the fiscal year ended December 31, 20--, were as shown.January 1, 20-- Beginning inventoryMarch 5April 16June 3August 18September 13November 14December 31st purchase2nd purchasea. FIF

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

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Douglas Company's beginning inventory and purchases during the fiscal year ended December 31, 20--, were as shown. January 1, 20- Beginning inventory 1,090 $ 8.20 March 5 900 9.20 380 9.70 680 10.40 590 11.10 800 12.10 420 14.20 500 14.25 5,360 April 16 June 3 August 18 September 13 November 14 December 3 1st purchase 2nd purchase 3rd purchase Units Unit Price Total Cost 4th purchase 5th purchase 6th purchase 7th purchase $ 8,938 8,280 3,686 7,072 6,549 9,680 5,964 7,125 $ 57,294 There are 1,000 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: Cost of Goods Sold Cost of Ending Inventory a. FIFO b. LIFO c. Weighted-average (round calculations to two decimal places) X X X X

Douglas Company's beginning inventory and purchases during the fiscal year ended December 31, 20--, were as shown. January 1, 20- Beginning inventory 1,090 $ 8.20 March 5 900 9.20 380 9.70 680 10.40 590 11.10 800 12.10 420 14.20 500 14.25 5,360 April 16 June 3 August 18 September 13 November 14 December 3 1st purchase 2nd purchase 3rd purchase Units Unit Price Total Cost 4th purchase 5th purchase 6th purchase 7th purchase $ 8,938 8,280 3,686 7,072 6,549 9,680 5,964 7,125 $ 57,294 There are 1,000 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: Cost of Goods Sold Cost of Ending Inventory a. FIFO b. LIFO c. Weighted-average (round calculations to two decimal places) X X X X

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter13: Accounting For Merchandise Inventory

Section: Chapter Questions

Problem 1MP: Hurst Companys beginning inventory and purchases during the fiscal year ended December 31, 20-2,...

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Douglas Company's beginning inventory and purchases during the fiscal year ended December 31, 20--, were as shown. Units Unit Price Total Cost January 1, 20- Beginning inventory 1,120 $ 8.20 $ 9,184 March 5 1st purchase 880 9.20 8,096 April 16 2nd purchase 400 9.70 3,880 June 3 3rd purchase 700 10.40 7,280 August 18 4th purchase 600 11.10 6,660 September 13 Sth purchase 780 12.10 9,438 November 14 6th purchase 400 14.20 5,680 December 3 7th purchase 520 14.25 7,410 5,400 $ 57,628 There are 1,000 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: Cost of Goods Cost of Ending Sold Inventory a. FIFO %24 b. LIFO c. Weighted-average (round calculations to two decimal places) 2. Assume that the market price per unit (cost to replace) of Douglas's inventory on December 31 was $13. Calculate the total amount to be assigned to the ending inventory on…
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am.900.
Specific Identification, FIFO, LIFO, and Weighted-Average Swing Company's beginning inventory and purchases during the fiscal year ended September 30, 20-2, were as shown. Units Unit Price Total Cost October 1, 20-1 Beginning inventory 430 $20.50 $8,815 October 18 1st purchase 490 21.00 10,290 November 25 2nd purchase 200 22.00 4,400 January 12, 20-2 3rd purchase 300 23.50 7,050 March 17 4th purchase 900 25.00 22,500 June 2 5th purchase 830 25.50 21,165 August 21 6th purchase 200 26.50 5,300 September 27 7th purchase 690 27.50 18,975 4,040 $98,495 Use the following information for the specific identification method. There are 1,300 units of inventory on hand on September 30, 20-2. Of these 1,300 units: 100 are from October 18, 20-1 1st purchase 200 are from January 12, 20-2 3rd purchase 100 are from March 17 4th purchase 400 are from June 2 5th purchase 200 are from August 21 6th purchase 300…
Specific Identification, FIFO, LIFO, and Weighted-Average Boyce Company's beginning inventory and purchases during the fiscal year ended September 30, 20-2, are shown. Units Unit Price Total Cost October 1, 20-1 Beginning inventory 400 $15.00 $6,000 October 18 1st purchase 300 16.50 4,950 November 25 2nd purchase 600 17.00 10,200 January 12, 20-2 3rd purchase 700 17.25 12,075 March 17 4th purchase 800 18.00 14,400 June 2 5th purchase 400 19.00 7,600 August 21 6th purchase 300 21.00 6,300 September 27 7th purchase 500 21.75 10,875 4,000 $72,400 Use the following information for the specific identification method. There are 900 units of inventory on hand on September 30, 20-2. Of these 900 units: 50 are from October 18, 20-1 1st purchase 300 are from January 12, 20-2 3rd purchase 100 are from March 17 4th purchase 200 are from June 2 5th purchase 50 are from August 21 6th purchase 200 are from September 27 7th purchase
Specific Identification, FIFO, LIFO, and Weighted-Average Swing Company's beginning inventory and purchases during the fiscal year ended September 30, 20-2, were as shown. Units Unit Price Total Cost October 1, 20-1 Beginning inventory 420 $20.50 $8,610 October 18 1st purchase 510 21.00 10,710 November 25 2nd purchase 220 22.00 4,840 January 12, 20-2 3rd purchase 300 23.00 6,900 March 17 4th purchase 880 24.50 21,560 June 2 5th purchase 800 25.00 20,000 August 21 6th purchase 200 26.00 5,200 September 27 7th purchase 710 27.00 19,170 4,040 $96,990 Use the following information for the specific identification method. There are 1,300 units of inventory on hand on September 30, 20-2. Of these 1,300 units: 100 are from October 18, 20-1 1st purchase 200 are from January 12, 20-2 3rd purchase 100 are from March 17 4th purchase 400 are from June 2 5th purchase 200 are from August 21 6th purchase 300…
Specific Identification, FIFO, LIFO, and Weighted-Average Swing Company's beginning inventory and purchases during the fiscal year ended September 30, 20-2, were as follows: Units Unit Price Total Cost October 1, 20-1 Beginning inventory 400 $20 $8,000 October 18 1st purchase 540 20.5 11,070 November 25 2nd purchase 200 21.5 4,300 January 12, 20-2 3rd purchase 300 23 6,900 March 17 4th purchase 890 24 21,360 June 2 5th purchase 780 24.5 19,110 August 21 6th purchase 200 25.5 5,100 September 27 7th purchase 660 26.5 17,490 3,970 $93,330 Use the following information for the specific identification method. There are 1,300 units of inventory on hand on September 30, 20-2. Of these 1,300 units: 100 are from October 18, 20-1 1st purchase 200 are from January 12, 20-2 3rd purchase 100 are from March 17 4th purchase 400 are from June 2 5th purchase 200 are from August 21 6th purchase 300 are from September 27 7th purchase…