E6A-1 Calculating periodic inventory amounts [10–15 min]The periodic inventory records of Synergy Prosthetics indicate the following at 31 July:6 units @ $605 units @ $6710 units @ $705 units @ $85Beginning inventoryPurchaseJul 18.15Purchase26PurchaseAt 31 July, Synergy counts two units of inventory on hand.RequirementCalculate ending inventory and cost of sales, using each of the following methods:a average cost (round average unit cost to the nearest cent)b first in, first outc last in, first out.

Name: E6A-1 Calculating periodic inventory amounts [10–15 min]The periodic
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Description: E6A-1 Calculating periodic inventory amounts [10–15 min]The periodic inventory records of Synergy Prosthetics indicate the following at 31 July:6 units @ $605 units @ $6710 units @ $705 units @ $85Beginning inventoryPurchaseJul 18.15Purchase26Purcha

Answer a) Calculation of cost of goods sold using Average cost method, periodic inventory system…

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E6A-1 Calculating periodic inventory amounts [10–15 min] The periodic inventory records of Synergy Prosthetics indicate the following at 31 July: lul 1 8. Beginning inventory Purchase Purchase 6 units @ $60 5 units @ $67 10 units @ $70 5 units @ $85 15 26 Purchase At 31 July, Synergy counts two units of inventory on hand. Requirement Calculate ending inventory and cost of sales, using each of the following methods: a average cost (round average unit cost to the nearest cent) o first in, first out : last in, first out.

E6A-1 Calculating periodic inventory amounts [10–15 min] The periodic inventory records of Synergy Prosthetics indicate the following at 31 July: lul 1 8. Beginning inventory Purchase Purchase 6 units @ $60 5 units @ $67 10 units @ $70 5 units @ $85 15 26 Purchase At 31 July, Synergy counts two units of inventory on hand. Requirement Calculate ending inventory and cost of sales, using each of the following methods: a average cost (round average unit cost to the nearest cent) o first in, first out : last in, first out.

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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Required information Skip to question [The following information applies to the questions displayed below.] A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 250 units. Ending inventory at January 31 totals 130 units. Units Unit Cost Beginning inventory on January 1 230 $ 2.00 Purchase on January 9 50 2.20 Purchase on January 25 100 2.34 Assume the periodic inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. Note: Round per unit costs to 2 decimal places.
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en H [The following information applies to the questions displayed below] A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 300 units. Ending inventory at January 31 totals 130 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 January 1 January 9 Total January Required: Assume the perpual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method January 25 Total January 25 January 26 Total January 26 Goods purchased Number of Cost per unite unit 60 at $2.70 100 at 5 284 Number of units sold 270 Units 270 60 100 30 60 Unit Cost $2.50 2.70 Perpetual EIEO: Cost of Goods Sold Cost per Cost of Goods unit Sold Inventory Balance Cost per whit Number of units 270 at 30 at 60 at $ 270 = 100 at Saved $ 270- $ 284- $ 270 $ 284 Inventory Balance 162.00 $ 162.00
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9. Sylvia's Designs Co. had the following inventory activity during April: Unit Units 100 Cost $10 Beginning inventory Purchase (April 3) Sale (April 10) Purchase (April 18) Purchase (April 23) Sale (April 28) 50 12 80 40 14 60 15 120 Assuming Sylvia's uses a periodic LIFO cost flow assumption, ending inventory for April would be a. $2,560 b. $ 750 c. $2,310 d. $ 500