Drill Problem 15-3 (Algo) [LU 15-1 (2)]Given the following:January 1 InventoryApril 1June 1November 1Cost of ending inventoryNumberpurchased5171Cost of goods sold6166249Cost per unit67Total$ 153426427Required:a. Calculate the cost of ending inventory using the FIFO (ending inventory shows 72 units).$ 1,834b. Calculate the cost of goods sold using the FIFO (ending inventory shows 72 units).

Name: Drill Problem 15-3 (Algo) [LU 15-1 (2)]Given the following:January 1
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Description: Drill Problem 15-3 (Algo) [LU 15-1 (2)]Given the following:January 1 InventoryApril 1June 1November 1Cost of ending inventoryNumberpurchased5171Cost of goods sold6166249Cost per unit67Total$ 153426427Required:a. Calculate the cost of ending inventor

Business

Accounting

Drill Problem 15-3 (Algo) [LU 15-1 (2)] Given the following: January 1 Inventory April 1 June 1 November 1 Cost of ending inventory Number purchased 51 71 Cost of goods sold 61 66 249 Cost per unit 6 7 Total $ 153 426 Required: a. Calculate the cost of ending inventory using the FIFO (ending inventory shows 72 units). 427 $ 1,834 b. Calculate the cost of goods sold using the FIFO (ending inventory shows 72 units).

Drill Problem 15-3 (Algo) [LU 15-1 (2)] Given the following: January 1 Inventory April 1 June 1 November 1 Cost of ending inventory Number purchased 51 71 Cost of goods sold 61 66 249 Cost per unit 6 7 Total $ 153 426 Required: a. Calculate the cost of ending inventory using the FIFO (ending inventory shows 72 units). 427 $ 1,834 b. Calculate the cost of goods sold using the FIFO (ending inventory shows 72 units).

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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6. The following information pertains to Julia & Company: March 1 Beginning inventory March 3 Purchased 13 units @ 4.00 March 9 Sold 21 units @ 8.50 30 units @ $5.10 %3D pints What is the cost of goods sold for Julia & Company assuming it uses LIFO? (Do not round your intermediate calcu dollar amount.) Skipped Multiple Choice $107 $84. $93. aw cation
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Required: Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. Date January 01 January 09 January 19 January 25 January 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals Perpetual FIFO Units available 175 units from beginning inventory 130 units purchased on January 19 275 units purchased on January 30 Totals Units Acquired at Cost Units Cost Total cost per unit 175 130 275 580 $10.00 $1,750.00 135 $9.00 $7.00 1,170.00 Cost of Goods Sold - Jan 9 Units Cost per unit Cost of goods sold $1,350.00 135 $10.00 $9.00 $7.00 1,925.00 $4,845.00 $1,350.00 Units Sold at Retail Units Selling Total Sales price per unit 135 140 275 $19.00 0 $19.00 $2,565.00 2,660.00 $5,225.00 Cost of Goods Sold - Jan 25 Units Cost Cost of per unit goods sold $10.00 $9.00 $7.00 $0.00 Ending Inventory Units Cost per unit $10.00 $9.00 $7.00 Inventory $0.00
W Using the specific identification method: Units purchased 15 Echo Show's 360 45 Echo Show's 360 60 Echo Show's 360 a. Calculate the cost of ending inventory. Date June 1 July 1 August 1 Ending inventory b. Calculate the cost of goods sold. Cost of goods sold Cost per unit $ 275 250 240
of 2 Book Hint Ask F erences Ac raw ill Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method. Date January 1 January 9 Total January 9 January 25 Total January 25 January 26 Total January 26 Goods purchased Number Number of Cost per of units Cost per Cost of Goods Number of units unit unit sold Sold units 80 at $3.20 100 at $ 3.34 Perpetual LIFO: Cost of Goods Sold 100 at 80 at at wwwwww $ 3.00 = $ 3.20 = at $ 3.00 = at $ 3.20 = at $ 3.34 = delete Inventory Balance $ $ 960 256 $1,216 $ 960 $ 960 256 334 1,550 home 7:0 9/29
7 3 ences Given the following: Mc Graw Hill January 1 inventory April 1 June 1 November 1 Cost of ending inventory Number purchased 40 60 50 55 205 Cost of goods sold Cost per unit $ 4 7 8 9 a. Calculate the cost of ending inventory using the weighted-average method (ending inventory shows 61 units_ Note: Round the "average unit cost" and final answer to the nearest cent. AS
Problem 1 of 2 (note additional problem below): Calculate the cost of goods sold dollar value and the value of ending inventory for En Cee Yo0 Company for the sale on March 11, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for (a) first-in, first-out (FIFO); (b) last-in, first-out (LIF0); and (c) weighted average (AVG). You must show your work and calculations--answers that are correct but do not show calculations are graded as a zero grade. Place your answers in the shaded cells. Number of Units Unit Cost 110 $ Beginning inventory, March 1 Purchased inventory, March 8 86 140 $ 90 Sold inventory for $110 per unit, March 11 95 If you use the FIFO method, the dollar value of COGS is → and the dollar value of ending inventory is- If you use the LIFO method, the dollar value of COGS is - and the dollar value of ending inventory is- If you use the Weighted Average method, the dollar value of…