During the year, Wright Company sells 435 remote-control airplanes for $120 each. The cotransactions for the year.DateJanuary 1May 5TransactionBeginning inventoryPurchaseedNovember 3PurchaseNumber of UnitUnitsTotalCostCost40$80$3,2002408319,9201808815,840460$38,960any has the following inventory purchaseCalculate ending inventory and cost of goods sold for the year, assuming the company uses weighted-average cost. (Round youraverage cost per unit to 4 decimal places.)Weighted AverageCostBeginning InventoryCost of Goods Available for SaleCost of Goods Sold - Weighted Average CostEnding Inventory - Weighted Average CostNumberCost of GoodsAverage CostAvailable forof unitsper unitSaleNumberof unitssoldNumber ofAverage CostCost of Goodsper UnitSoldunits inendinginventoryAverage Costper unitEndingInventory40$3,200Purchases:May 524019,920November 318015,840Total460$38,960$0.000.00

Name: During the year, Wright Company sells 435 remote-control airplanes fo
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Description: During the year, Wright Company sells 435 remote-control airplanes for $120 each. The cotransactions for the year.DateJanuary 1May 5TransactionBeginning inventoryPurchaseedNovember 3PurchaseNumber of UnitUnitsTotalCostCost40$80$3,2002408319,92018088

The weighted average method uses the weighted average cost per unit to determine the value of…

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During the year, Wright Co transactions for the year. Date Transa January 1 Beginni May 5 Purchas November 3 Purchas Calculate ending inventory average cost per unit to 4 c Weighted Average Cost Beginning Inventory Purchases: Numb of uni May 5 24 November 3 18 Total 46

During the year, Wright Co transactions for the year. Date Transa January 1 Beginni May 5 Purchas November 3 Purchas Calculate ending inventory average cost per unit to 4 c Weighted Average Cost Beginning Inventory Purchases: Numb of uni May 5 24 November 3 18 Total 46

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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FIFO Perpetual Inventory The beginning inventory at Dunne Co. and data on purchases and sales for a three-month period ending June 30 are as follows: Number Date Transaction of Units Per Unit Total Apr. 3 Inventory 90 $450 $40,500 8 Purchase 180 540 97,200 11 Sale 120 1,500 180,000 30 Sale 75 1,500 112,500 May 8 Purchase 150 600 90,000 10 Sale 90 1,500 135,000 19 Sale 45 1,500 67,500 28 Purchase 150 660 99,000 June 5 Sale 90 1,575 141,750 16 Sale 120 1,575 189,000 21 Purchase 270 720 194,400 28 Sale 135 1,575 212,625 Required: 1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 3, using the first-in, first-out method. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Goods Sold Unit Cost column and in the Inventory Unit Cost column.
FIFO Perpetual Inventory The beginning inventory of merchandise at Rhodes Co. and data on purchases and sales for a three-month period ending June 30 are as follows: Date Transaction Numberof Units Per Unit Total Apr. 3 Inventory 40 $670 $26,800 8 Purchase 120 690 82,800 11 Sale 60 1,120 67,200 30 Sale 50 1,120 56,000 May 8 Purchase 100 700 70,000 10 Sale 80 1,120 89,600 19 Sale 30 1,120 33,600 28 Purchase 120 707 84,840 June 5 Sale 60 1,260 75,600 16 Sale 40 1,260 50,400 21 Purchase 180 712 128,160 28 Sale 190 1,260 239,400 Required: 1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 3, using the first-in, first-out method. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Merchandise Sold…
Alternative Inventory Methods Garrett Company has the following transactions during the months of April and May: Date Transaction Units Cost/Unit April 1 Balance 400 17 Purchase 200 $5.50 25 Sale 150 28 Purchase 100 5.75 May 5 Purchase 250 5.50 18 Sale 300 22 Sale 50 The cost of the inventory on April 1 is $5, $4, and $2 per unit, respectively, under the FIFO, average, and LIFO cost flow assumptions. Required: 1. Compute the inventories at the end of each month and the cost of goods sold for each month for the following alternatives: FIFO periodic Cost of Goods Sold Ending Inventory April $ $ May $ $ FIFO perpetual Cost of Goods Sold Ending Inventory April $ $ May $ $ LIFO periodic Cost of Goods Sold Ending Inventory April $ $ May $ $ LIFO perpetual (Round your intermediate calculations to the nearest cent.) Cost of Goods Sold Ending Inventory April $ $ May $…
LIFO Perpetual Inventory The beginning inventory of merchandise at Rhodes Co. and data on purchases and sales for a three-month period ending June 30 are as follows: Number Per Date Transaction Total of Units Unit Apr. Inventory 42 $150 $6,300 8 Purchase 84 180 15,120 11 Sale 56 500 28,000 30 Sale 35 500 17,500 May Purchase 8. 200 14,000 70 10 Sale 42 500 21,000 19 Sale 21 500 10,500 28 Purchase 70 220 15,400 June Sale 42 525 22,050 16 Sale 56 525 29,400 21 Purchase 126 240 30,240 28 Sale 63 525 33,075 Required: 1. Record the inventory, purchases, and cost of merchandise 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 Merchandise Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column. Rhodes Cn.
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Weighted average cost flow method under perpetual inventory system The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 9,000 units at $50.00 Mar. 18 7,000 units May 2 8,000 units at $56.50 Aug. 9 8,000 units Oct. 20 4,000 units at $60.00 Date Jan. 1 Mar. 18 Sale The firm uses the weighted average cost method with a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale. Present the data in the form illustrated in Exhibit 5. Round your "Unit Cost" answers to two decimal places. May 2 Aug. 9 Oct. 20 Dec. 31 Purchase Sale Purchase Purchases Quantity Balances 8,000 4,000 Purchases Unit Cost 56.50 60 Purchases Total Cost 452,000 240,000 Weighted Average Cost Flow Method Cost of Goods Sold Unit Cost Cost of Goods Sold Quantity 7,000 8,000 50 Cost of Goods Sold Total Cost 350,000 10 Inventory Quantity 9,000 2,000 10,000 Inventory Unit Cost 50 50 Inventory Total Cost 450,000…
Weighted Average Cost Flow Method Under Perpetual Inventory System The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 4,000 units at $20 Apr. 19 Sale 2,500 units June 30 Purchase 6,000 units at $24 Sept. 2 Sale 4,500 units Nov. 15 Purchase 1,000 units at $25 The firm uses the weighted average cost method with a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale. Present the data in the form illustrated in Exhibit 5. Round unit cost to two decimal places, if necessary. Schedule of Cost of Goods SoldWeighted Average Cost Flow Method Purchases Cost of Goods Sold Inventory Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Jan. 1 fill in the blank 1 $fill in the blank 2 $fill in the blank 3 Apr. 19 fill in the blank 4 $fill in the blank 5 $fill in the blank 6 fill in the blank 7…
FIFO Perpetual Inventory The beginning inventory at Dunne Co. and data on purchases and sales for a three-month period ending June 30 are as follows: Date Transaction Numberof Units Per Unit Total Apr. 3 Inventory 66 $450 $29,700 8 Purchase 132 540 71,280 11 Sale 88 1,500 132,000 30 Sale 55 1,500 82,500 May 8 Purchase 110 600 66,000 10 Sale 66 1,500 99,000 19 Sale 33 1,500 49,500 28 Purchase 110 660 72,600 June 5 Sale 66 1,575 103,950 16 Sale 88 1,575 138,600 21 Purchase 198 720 142,560 28 Sale 99 1,575 155,925 Required: 1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 3, using the first-in, first-out method. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Goods Sold Unit Cost column and in…
FIFO Perpetual Inventory The beginning inventory at Dunne Co. and data on purchases and sales for a three-month period ending June 30 are as follows: Number of Units Date Apr. 3 8 11 30 May 8. 10 19 28 June 5 16 2 29 Transaction Inventory Purchase Sale Sale Purchase Sale Sale Purchase Sale Sale Purchase 28 Sale 42 84 56 35 70 42 21 70 42 56 126 63 Per Unit $450 540 1,500 1,500 600 1,500 1,500 660 1,575 1,575 720 1,575 Total $18,900 45,360 84,000 52,500 42,000 63,000 31,500 46,200 66,150 88,200 90,720 99,225
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urrent ALLE empt mFIogress Flint Corporation uses a perpetual inventory system reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 120 $6 $720 12 Purchases 360 2,520 23 Purchases 240 1,920 30 Inventory 250 I Calculate the average cost per unit, using a perpetual inventory system. Assume a sale of 420 units occurred on June 15 for a selling price of $9 and a sale of 50 units on June 27 for $10. (Round answers to 3 decimal places, e.g. 5.125.) June 1 %24 June 12 $ June 15 $ 7:59 acer 7.