During 2021, a company sells 280 units of inventory for $89 each. The company has the following inventory purchase transactions for2021:Numberof Units69169189UnitCost$64DateTransactionJan. 1 Beginning inventoryMay 5 PurchaseNov. 3 PurchaseTotal Cost$ 4,41610,98512,663$28,0646567427Calculate ending inventory and cost of goods sold for 2021 assuming the company uses FIFO.Ending inventory%24147Cost of goods sold

Name: During 2021, a company sells 280 units of inventory for $89 each. The
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: During 2021, a company sells 280 units of inventory for $89 each. The company has the following inventory purchase transactions for2021:Numberof Units69169189UnitCost$64DateTransactionJan. 1 Beginning inventoryMay 5 PurchaseNov. 3 PurchaseTotal Cost

Under FIFO the earliest goods will be sold first

Business

Accounting

During 2021, a company sells 280 units of inventory for $89 each. The company has the following inventory purchase transactions f 2021 Number of Units Unit Transaction Total Cost $ 4,416 10,985 12,663 $28,064 Date Cost Jan. 1 Beginning inventory May 5 Purchase Nov. 3 Purchase $64 65 67 69 169 189 427 Calculate ending inventory and cost of goods sold for 2021 assuming the company uses FIFO. Ending inventory Cost of goods sold %24 147

During 2021, a company sells 280 units of inventory for $89 each. The company has the following inventory purchase transactions f 2021 Number of Units Unit Transaction Total Cost $ 4,416 10,985 12,663 $28,064 Date Cost Jan. 1 Beginning inventory May 5 Purchase Nov. 3 Purchase $64 65 67 69 169 189 427 Calculate ending inventory and cost of goods sold for 2021 assuming the company uses FIFO. Ending inventory Cost of goods sold %24 147

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

During the year, TRC Corporation has the following inventory transactions. Date Transaction Number of Units Unit Cost Total Cost January 1 Beginning inventory 60 $52 $3,120 April 7 Purchase 140 54 7,560 July 16 Purchase 210 57 11,970 October 6 Purchase 120 58 6,960 530 $29,610 For the entire year, the company sells 450 units of inventory for $70 each. Required: 1-a & b. Using FIFO, calculate ending inventory and cost of goods sold.1-c & d. Using FIFO, calculate sales revenue and gross profit.2-a & b. Using LIFO, calculate ending inventory and cost of goods sold.2-c & d. Using LIFO, calculate sales revenue and gross profit.3-a & b. Using weighted-average cost, calculate ending inventory and cost of goods sold.3-c & d. Using weighted-average cost, calculate sales revenue and gross profit.4. Determine which method will result in higher profitability when inventory costs are rising.
The Stilton Company has the following inventory and credit purchases during the fiscal year ended December 31, 2023. Beginning Feb. 10 Aug. 21 640 units @ $75/unit 350 units @ $72/unit 230 units @ $85/unit Stilton Company has two credit sales during the period. The units have a selling price of $135 per unit. Sales Mar. 15 430 units Sept. 10 335 units Stilton Company uses a perpetual inventory system. Required: 1. Calculate the dollar value of cost of goods sold and ending inventory using: (Do not round intermediate calculations. Round "Average cost per unit" to 2 decimal places. Round the final answers to 2 decimal places.) Ending Inventory Cost of Goods Sold a FIFO b. Moving weighted average
d. Weighted average. Goods Purchased Cost of Goods Sold Balance in Inventory Date Units Unit Cost Total $ Units Unit Cost Total $ Units Unit Cost Total $ Jan. 1 200 $2.00 3 400 $3.00 8 400 $5.00 10 15 300 $7.00 20 27 400 $7.00 Northgate Products Corp. sells gadgets and uses the perpetual inventory system. During the month of January 2019, the number of gadgets purchased and sold was as follows: Purchased Sold Balance in inventory Date Units Unit cost Total $ Units Unit cost Total $ Units Unit cost Total $ Jan. 1 200 $2 3 400 $3 8 400 $5 10 700 * 15 300 $7 20 300 ** 27 400 $7…
Date January 1 May 5 November 3 Weighted Average Transaction Beginning inventory Purchase Purchase Cost Beginning Inventory Purchases: May 5 November 3 Total Calculate ending inventory and cost of goods sold for the year, assuming the company uses weighted-average cost. (Round your average cost per unit to 4 decimal places.) Number of units Number of Units 60 Cost of Goods Available for Sale 60 Average Cost per unit 220 140 420 Cost of Goods Available for Sale $ 220 140 420 $33,700.0000 $ Unit Cost $76 4,560 79 84 17,380 11,760 33,700 Total Cost $4,560 17,380 11,760 $33,700 Cost of Goods Sold - Weighted Average Cost Number of units sold Average Cost per Unit Cost of Goods Sold 375 $30,280.0000 $ 11,355,000.00 Ending Inventory - Weighted Average Cost Number of units in ending inventory Average Cost per unit 45 $ Ending Inventory 3,420.0000 $ 153,900.00
Topanga Group began operations early in 2021. Inventory purchase information for the quarter ended March 31, 2021, for Topanga’s only product is provided below. The unit costs include the cost of freight. The company uses a periodic inventory system to report inventory and cost of goods sold. Date of Purchase Units Unit Cost Total Cost Jan. 7 5,000 $ 6.00 $ 30,000 Feb. 16 14,000 7.00 98,000 March 22 18,000 8.00 144,000 Totals 37,000 $ 272,000 Sales for the quarter, all at $9 per unit, totaled 20,000 units leaving 17,000 units on hand at the end of the quarter. Required:1. Calculate Topanga's cost of goods sold for the first quarter using: FIFO LIFO Average cost 2. Calculate Topanga's gross profit ratio for the first quarter using FIFO, LIFO, and Average cost.3. Comment on the relative effect of each of the three inventory methods on the gross profit ratio.
During 2021, a company sells 280 units of inventory for $86 each. The company has the following inventory purchase transactions for 2021: Date Transaction Numberof Units UnitCost Total Cost Jan. 1 Beginning inventory 68 $ 68 $ 4,624 May 5 Purchase 166 69 11,454 Nov. 3 Purchase 190 71 13,490 424 $ 29,568 Calculate ending inventory and cost of goods sold for 2021 assuming the company uses FIFO. Ending inventory: __________ Cost of goods sold: ___________
Exit Marilee's Electronics uses a periodic inventory system and the average cost retail method to estimate ending inventory and cost of goods sold, The following data is available from the company records for the month of June 2021: Cost Retail Beginning inventory Net purchases Net markups Net markdowns Net sales $ 82,500 $131, 000 505,000 269,000 25,500 36,000 525, 000 The average cost-to-retail percentage is: Muitipte Choice O 56.0%. < Prev 15 of 15 Next
Help please
Mist Company uses a PERIODIC inventory system. Mist had the following inventory purchases and sales during 2021: 2021 Beginning Inventory (purchased in 2020) Purchases: 60 units @ $20 per unit Purchase 1 on 3/8/21 140 units @ $28 per unit Purchase 2 on 8/5/21 50 units @ $32 per unit Sales: Sale 1 on 5/8/21 80 units @ $90 per unit Sale 2 on 9/13/21 125 units @ $90 per unit Of the items sold on 5/8/2021, 60 units were from the beginning inventory and 20 units were from 3/8/21 purchase. The 9/13/21 sale included 85 units from the 3/8/21 purchase and 40 units from the 8/5/21 purchase. Show how Mist's Balance Sheet and Income Statement would look under each of the inventory cost flow assumptions. Compute Ending Inventory, Sales, COGS, and Gross Profit under Specific Identification, Weighted Average Cost, FIFO and LIFO. Fill in your answers on the table below. SHOW YOUR WORK. Round per…
During 2021, a company sells 356 units of inventory for $93 each. The company has the following inventory purchase transactions for 2021: Number of Units 61 Unit Cost Total Cost $61 63 Date Transaction Jan. 1 Beginning inventory May 5 Purchase Nov. 3 Purchase $ 3,721 10,269 12,078 $26,068 163 183 66 407 Calculate ending inventory and cost of goods sold for 2021 assuming the company uses LIFO. Ending inventory Cost of goods sold
Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2024, the records indicate the following data: Beginning inventory Purchases Freight-in on purchases Purchase returns Net markups Net markdowns Net sales ($ in 000s) Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold Cost $ 60 533 26 1 $ $ Retail $ 100 935 1 Required: Assuming the price level increased from 1.00 at January 1 to 1.80 at December 31, 2024, use the dollar-value LIFO retail method to approximate cost of ending inventory and cost of goods sold. Note: Round your intermediate and final answers to the nearest whole dollar. Enter your answers in thousands. +372 X Answer is complete but not entirely correct. ($ in 000s) 209 X 130 X 650 X 812 Screenshot
Assessment i Saved During 2021, a company sells 19 units of inventory. The company has the following inventory purchase transactions for 2021: Number Unit Cost $53 55 Total Date Transaction of Units Cost Jan. 1 Beginning inventory Sep. 8 Purchase 17 $ 901 825 15 32 $1,726 Calculate ending inventory and cost of goods sold for 2021 assuming the company uses LIFO. Ending inventory Cost of goods sold