E6.8 (LO 2), AP Lisa Company had 100 units in beginning inventory at a total cost of $10,000. The company purchased 200 units at a total cost of S26,000. At the end of the year, Lisa had 80 units in ending inventory. Units Unit Cost Total Cost Explanation Beginning Inventory 100 10,000 Purchase 200 26,000 Ending Inventery NO Cost of Goods Available for Sale Instructions a Compute the cost of the ending inventory and the cost of goods sold under (1) FIFO, (2) LIFO, and (3) average-cost. b. Which cost flow method would result in the highest net income? e. Which cost flow method would result in inventories approximating current cost in the balance sheet? d. Which cost flow method would result in Lisa paying the loast taxes? Part A 1. FIFO Cost of Goods Sold Units Unit Cost Tetal Cost Total Cost of Goods Sold Ending Inventory Units Unit Cost Tetal Cost Total Ending laventory

E6.8 (LO 2), AP Lisa Company had 100 units in beginning inventory at a total cost of $10,000. The company purchased 200 units at a total cost of S26,000. At the end of the year, Lisa had 80 units in ending inventory. Units Unit Cost Total Cost Explanation Beginning Inventory 100 10,000 Purchase 200 26,000 Ending Inventery NO Cost of Goods Available for Sale Instructions a Compute the cost of the ending inventory and the cost of goods sold under (1) FIFO, (2) LIFO, and (3) average-cost. b. Which cost flow method would result in the highest net income? e. Which cost flow method would result in inventories approximating current cost in the balance sheet? d. Which cost flow method would result in Lisa paying the loast taxes? Part A 1. FIFO Cost of Goods Sold Units Unit Cost Tetal Cost Total Cost of Goods Sold Ending Inventory Units Unit Cost Tetal Cost Total Ending laventory

Name: E6.1E6.2E6.7E6.8E6.11E6.8 (LO 2), AP Lisa Company had 100 units in be
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: E6.1E6.2E6.7E6.8E6.11E6.8 (LO 2), AP Lisa Company had 100 units in beginning inventory at a total cost of S10,000. The companypurchased 200 units at a total cost of S26,000, At the end of the vear. Lisa had 80 units in ending inventory.ExplanationBe

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 16E: Dollar-Value LIFO A company adopted the LIFO method when its inventory was 1,800. One year later its...

See similar textbooks

Similar questions

Dollar-Value LIFO A company adopted the LIFO method when its inventory was 1,800. One year later its ending inventory was 2,100, and costs had increased 5% during the year. Required: What is the ending inventory using dollar-value LIFO? Round to the nearest dollar.
The following is data relative to 12/31/21 inventory: Item Original Cost Replacement End Inv Per unit Cost # units A $.65 $.45 23,000 B $.45 $.40 37,000 C $.70 $.75 62,500 D $.75 $.65 20,900 E $.90 $.85 53,000 Selling price is $1.00/unit for all items. Disposal costs amount to 10% of the selling price and a "normal" profit is 30% of the selling price. REQUIRED: 1. Calculate “market value" 2. Make the necessary adjustment
Given the following: Numberpurchased Costper unit Total January 1 inventory 30 $ 5 $ 150 April 1 50 8 400 June 1 40 9 360 November 1 45 10 450 165 $ 1,360 a. Calculate the cost of ending inventory using the LIFO (ending inventory shows 51 units). b. Calculate the cost of goods sold using the LIFO (ending inventory shows 51 units).
Given the following: Numberpurchased Costper unit Total January 1 inventory 39 $ 5 $ 195 April 1 59 8 472 June 1 49 9 441 November 1 54 10 540 201 $ 1,648 a. Calculate the cost of ending inventory using the FIFO (ending inventory shows 60 units). b. Calculate the cost of goods sold using the FIFO (ending inventory shows 60 units).
EA5. EA5. LO 10.2Akira Company had the following transactions for the month.Chart showing Beginning Inventory of 150 units at $10 per unit, Purchase of March 31 of 160 units at $12 each, Purchase of October 15 of 130 units at $15 each, and ending inventory of 50 units at a cost of ? each.Calculate the ending inventory dollar value for the period for each of the following cost allocation methods, using periodic inventory updating. Provide your calculations. first-in, first-out (FIFO)last-in, first-out (LIFO)weighted average (AVG)
Given the following: Numberpurchased Costper unit Total January 1 inventory 40 $4 $160 April 1 60 7 420 June 1 50 8 400 November 1 55 9 495 205 A. Calculate the cost of ending inventory using the LIFO (ending inventory shows 61 units). Cost of ending inventory is: B. Calculate the cost of goods sold using the LIFO (ending inventory shows 61 units). Cost of goods sold is:
Given the following: Numberpurchased Costper unit Total January 1 inventory 40 $4 $160 April 1 60 7 420 June 1 50 8 400 November 1 55 9 495 205 $1,475 A. Calculate the cost of ending inventory using the FIFO (ending inventory shows 61 units). Cost of ending inventory is: B. Calculate the cost of goods sold using the FIFO (ending inventory shows 61 units). Cost of goods sold is:
Maxwell Corporation has the following inventory information at the end of the year: Inventory Item A Item B Item C Quantity 20 50 40 Multiple Choice Using the lower of cost and net realizable value method, for what amount would Maxwell report ending inventory? $2,300. $2,050. O $2,550. Unit Cost $20 30 10 O $2,800. Unit NRV $35 25 15
give answ
Winners Inc had three items in its ending inventory. The companys inventory information is for item TB quantity 2400, cost per item $3.30, selling price is $4.10, cost to complete is $0.95, cost to sell is $0.50, cost to transport is $0.05. For item VW quantity is 1200, cost per item $6.60, selling price is $9.20, cost to complete is $1.40, cost to sell is $0.85, cost to transport is $0.10. For item RG quantity is 1900, cost per item is $4.25, selling price is $6.25, cost to complete is $ 1.25, cost to sell is $0.65, cost to transport is $0.20. Determine the LCNRV for item TB. Determine the LCNRV for item VW. Determine the LCNRV for item RG. Determine the final inventory using total category LCNRV method.
Fifo would be_.
Zhang Company reported Cost of goods sold of $847,000, beginning Inventory of $39,600 and ending Inventory of $47,500. The average Inventory amount is: Multiple Choice $39,600. $47,500. $87,100.