During the year, a firm's inventory purchases were as follows: Quarter Units Purchased Cost per Unit Total 1. 400 $3.30 $1,320 100 3.60 360 200 3.90 780 4 50 4.20 210 750 $2,670 • The firm uses a periodic inventory system and calculates inventory and COGS at the end of the year. · Beginning inventory was 200 units at $3 per unit = $600. • Sales for the year were 600 units. 2. 3.

During the year, a firm's inventory purchases were as follows: Quarter Units Purchased Cost per Unit Total 1. 400 $3.30 $1,320 100 3.60 360 200 3.90 780 4 50 4.20 210 750 $2,670 • The firm uses a periodic inventory system and calculates inventory and COGS at the end of the year. · Beginning inventory was 200 units at $3 per unit = $600. • Sales for the year were 600 units. 2. 3.

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

The following units of a particular item were availlable for sale during the calendar year: Jan. 1 Inventory 4,100 units at $39 Apr. 19 Sale 2,300 units June 30 Purchase 4,500 units at $43 Sept. 2 Sale 5,200 units Nav. 15 Purchase 2,100 units at $46 The firm maintains a perpetual inventory system. Determine the cost of goods ssold for each sale and the inventory balance after each sale, assuming the last-in, first-out method. Present the illustrated in Exhibit 4. Under LIFO, if units are in inventory at two or more different costs, enter the units with the LOWER unit cost first in the Inventory Unit Cost column. Schedule of Cost of Goods Sold LIFO Method Cost of Goods Sold Inventory Purchases Quantity Total Cos Quantity Unit Cost Total Cost Unit Cost Unit Cost Total Cost Quantity Date Jan. 1 Apr. 19 June 30 Sept. 2 Nov. 15 Dec. 31 Balances
Find the inventory turnover at retail of Walker Manufacturing. The starting inventory at retail was $632,300 and the ending inventory at retail was $421,600. Sales for the year totaled $2,388,870. Round your answer to the nearest tenth.
The beginning inventory was 500 units at a cost of $11 per unit. Goods available for sale during the year were 1,900 units at a total cost of $22,900. In May, 800 units were purchased at a total cost of $9,600. The only other purchase transaction occurred during October. Ending inventory was 850 units. Required: a. Calculate the number of units purchased in October and the cost per unit purchased in October. b. 1. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using FIFO method. 2. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using LIFO method. Complete this question by entering your answers in the tabs below. Required A Required B1 Required B2 Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using LIFO method. Note: Enter all values as a positive value. Periodic LIFO Beginning Inventory Purchases: May October Total Cost of Goods Available…
Inventory Analysis The following data were extracted from the income statement of Keever Inc.: Current Year Previous Year Sales $788,400 $827,800 Beginning inventories 51,324 55,050 Cost of goods sold 394,200 459,900 Ending inventories 46,524 51,324 a. Determine for each year (1) the inventory turnover and (2) the number of days' sales in inventory. Round interim calculations to the nearest dollar and the final answers to one decimal place. Assume 365 days a year. Current Year Previous Year 1. Inventory turnover 2. Number of days' sales in inventory days days b. The inventory position of the business has The inventory turnover has while the number of days' sales in inventory has
A company reports the following: Cost of goods sold $442,380 Average inventory 73,730 Determine (a) the inventory turnover and (b) the number of days' sales in inventory. Round interim calculations to the nearest dollar and final answers to one decimal place. Assume 365 days a year. a. Inventory turnover fill in the blank 1 b. Number of days' sales in inventory
Scoresby Inc. tracks the number of units purchased and sold throughout each year but applies its inventory costing method at the end of the year, as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31.Transactions Units Unit Costa. Inventory, Beginning 4,000 $ 30 cost per unitFor the year: b. Purchase, March 5 10,000 $31 cost per unit c. Purchase, September 19 6,000 units $33 cost per unitd. Sale, April 15 (sold for $75 per unit) 4,400 e. Sale, October 31 (sold for $78 per unit) 9,000 f. Operating expenses (excluding income tax expense), $607,000 ________________________________________Required:3. 3. Compute the cost of ending inventory and cost of goods sold under (a) FIFO, (b) LIFO, and (c) weighted average cost.4. 4. Prepare an income statement that shows the FIFO method, LIFO method and weighted average method.
Given below is information about beginning inventory and purchases for the current year for Peterson Company. January 2 beginning inventory 500 units at $3.00 April 2 purchased 1100 units at $3.20 June 30 purchased 400 units at $4.00 December 7 purchased 1600 units at $4.40 Sales during the year were 2700 units at $5.00. If Peterson used the weighted-average (periodic) method, what is gross profit?
The beginning inventory at Dunne Co. and data on purchases and sales for a three-month period are as follows: Date Transaction Number of Units Per Unit Total Apr. 3 Inventory 60 $525 $31,500 8 Purchase 120 630 75,600 11 Sale 80 1,750 140,000 30 Sale 50 1,750 87,500 May 8 Purchase 100 700 70,000 10 Sale 60 1,750 105,000 19 Sale 30 1,750 52,500 28 Purchase 100 770 77,000 June 5 Sale 60 1,840 110,400 16 Sale 80 1,840 147,200 21 Purchase 180 840 151,200 28 Sale 90 1,840 165,600 Required: 1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibit 4, using the last-in, first-out method. Under LIFO, if units are in inventory at two different costs, enter the units with the HIGHER unit cost first in the Cost of Goods Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column.
A company reports the following: Line Item Description Amount Cost of goods sold $2,007,500 Average inventory 182,500 Determine (a) the inventory turnover and (b) the days’ sales in inventory. Round your answers to one decimal place. Assume a 365-day year. Line Item Description Answer a. Inventory turnover b. Days’ Sales in Inventory
Find the inventory turnover at retail of Walker Manufacturing. The starting inventory at retail was $634,300 and the ending inventory at retail was $423,600. Sales for the year totaled $2,388,870. Round your answer to the nearest tenth
What is the Weighted average cost per unit?
The following lots of Commodity Z were available for sale during the year. Beginning inventory 10 units at $48 First purchase 19 units at $51 Second purchase 55 units at $55 Third purchase 17 units at $62 The firm uses the periodic system, and there are 27 units of the commodity on hand at the end of the year. What is the ending inventory balance at the end of the year according to the LIFO method? Oa. $1,347 Ob. $1,604 Oc. 51,296 Od. $5,528