During 2024, a company sells 20 units of inventory. The company has the following inventory purchase transactions for 2024: Number of I Calculate ending inventory and cost of goods sold for 2024 assuming the company uses LIFO. Date January 1 September 8 Ending inventory Cost of goods sold Transaction Beginning inventory Purchase Total Cost $969 826 $1,795 Units Unit Cost $57 59

During 2024, a company sells 20 units of inventory. The company has the following inventory purchase transactions for 2024: Number of I Calculate ending inventory and cost of goods sold for 2024 assuming the company uses LIFO. Date January 1 September 8 Ending inventory Cost of goods sold Transaction Beginning inventory Purchase Total Cost $969 826 $1,795 Units Unit Cost $57 59

Name: During 2024, a company sells 20 units of Inventory. The company has t
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Description: During 2024, a company sells 20 units of Inventory. The company has the following inventory purchase transactions for 2024:TotalCost$969826$1,795Calculate ending inventory and cost of goods sold for 2024 assuming the company uses LIFO.DateJanuary 1S

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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Mist, Inc. uses a PERIODIC inventory system and has the following transactions for one of its inventory items during 2020: Beginning Inventory 124 units @ $50 per unit Purchases Purchase 1 on 3/11/20 75 units @ $52 per unit Purchase 2 on 10/18/20 94 units @ $54 per unit Sales Sale 1 on 3/15/20 110 units @ $79 per unit Sale 2 on 10/22/20 130 units @ $79 per unit All units sold on 3/15/20 were from beginning inventory. The 10/22/20 sale included 60 units from the 3/11/20 purchase and 70 units from the 10/18/20 purchase. Show how Mist's Balance Sheet and Income Statement would differ under each of the inventory cost flow assumptions. Compute Ending Inventory, COGS and Gross Profit under Specific Identification, Weighted Average Cost, FIFO and LIFO. Fill in your answers on the table. Specific Identification First-In, First-Out Last-In, First-Out Weighted Average Cost (round to 2 decimal places) 12/31/20 Balance Sheet Ending Inventory 2020 Income Statement Cost of Goods Sold Gross Profit
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Kingsley Company uses the periodic inventory system to account for its inventories. Here are Kingsley’s inventory records for January and February of 2020: Date Event Quantity Cost per Unit Total Cost January 1 Inventory on hand 15 units $10/unit $150 8 Purchase 20 units $11/unit $220 12 Purchase 40 units $12/unit $480 29 Purchase 50 units $13/unit $650 31 Ending inventory 20 units ? ? February 8 Purchase 15unit $14/unit $210 15 Purchase 40units $15/unit $600 22 Purchase…
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The following is a record of Blossom Company’s transactions for the month of May 2022. May 1 Balance 320 units @ $20 May 10 Sale 240 units @ $38 12 Purchase 480 units @ $25 20 Sale 430 units @ $38 (a) Compute the ending inventory under the perpetual system using FIFO. FIFO Ending inventory $ 3250 (b) Compute the ending inventory under the perpetual system using LIFO. LIFO Ending inventory $
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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…
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