Complete this question by entering your answers in the tabs below.Required 1 Required 2Compute the amounts assigned to ending inventory and the cost of goods sold using (a) FIFO, (b) LIFO, and (c) weightedaverage.Total cost of units available for saleLess ending inventoryCost of goods sold(a)FIFO Periodic(b)LIFOPeriodic< Required 1(c)Weighted AveragePeriodicRequired 2 > Seminole Company began the year with 23,000 units of product in its January 1 Inventory costing $15 each. It made four purchases ofits product during the year as follows. The company uses a periodic inventory system. On December 31, a physical count reveals that40,000 units of its product remain in inventory.March 7May 25August 1November 1030,000 units @ $18 each39,000 units @ $20 each23,000 units @ $25 each35,000 units @ $26 eachRequired:1. Compute the number and total cost of the units available for sale during the year.2. Compute the amounts assigned to ending inventory and the cost of goods sold using (a) FIFO, (b) LIFO, and (c) weightedaverage.Complete this question by entering your answers in the tabs below.Required 1 Required 2Compute the number and total cost of the units available for sale during the year.Total units available for saleTotal cost of units available for saleunits< Required 1Required 2 >

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Description: Complete this question by entering your answers in the tabs below.Required 1 Required 2Compute the amounts assigned to ending inventory and the cost of goods sold using (a) FIFO, (b) LIFO, and (c) weightedaverage.Total cost of units available for sa

1. First In First Out (FIFO): Under this method, inventory is valued assuming that the units…

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eminole Company began the year with 23,000 units of product in its January 1 inventory costing $15 each. It made four purchases s product during the year as follows. The company uses a periodic inventory system. On December 31, a physical count reveals that 0,000 units of its product remain in inventory. March 7 May 25 August 1 November 10 30,000 units @ $18 each 39,000 units @ $20 each 23,000 units @ $25 each 35,000 units @ $26 each tequired: 1. Compute the number and total cost of the units available for sale during the year. 2. Compute the amounts assigned to ending inventory and the cost of goods sold using (a) FIFO, (b) LIFO, and (c) weighted average. Complete this question by entering your answers in the tabs below.

eminole Company began the year with 23,000 units of product in its January 1 inventory costing $15 each. It made four purchases s product during the year as follows. The company uses a periodic inventory system. On December 31, a physical count reveals that 0,000 units of its product remain in inventory. March 7 May 25 August 1 November 10 30,000 units @ $18 each 39,000 units @ $20 each 23,000 units @ $25 each 35,000 units @ $26 each tequired: 1. Compute the number and total cost of the units available for sale during the year. 2. Compute the amounts assigned to ending inventory and the cost of goods sold using (a) FIFO, (b) LIFO, and (c) weighted average. Complete this question by entering your answers in the tabs below.

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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Seminole Company began the year with 23,000 units of product in its January 1 inventory costing $15.60 each. It made four purchases of its product during the year as follows. The company uses a periodic inventory system. On December 31, a physical count reveals that 41,000 units of its product remain in inventory. March 7 May 25 August 1 November 10 34,000 units @ $18.60 each 36,000 units @ $22.60 each 26,000 units @ $24.60 each 36,000 units @ $27.60 each Required: 1. Compute the number and total cost of the units available for sale during the year. 2. Compute the amounts assigned to ending inventory and the cost of goods sold using (a) FIFO, (b) LIFO, and (c) weighted average. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the number and total cost of the units available for sale during the year. Total units available for sale Total cost of units available for sale units
ABC Company employs a periodic inventory system and sells its inventory to customers for $20 per unit. ABC Company had the following inventory information available for May: May 1 May 3 May 8 May 13 May 18 May 20 May 24 May 30 Beginning inventory 1,900 units @ $10.20 cost per unit Purchased 2,100 units @ $11.60 cost per unit Sold 1,400 units Purchased 3,700 units $8.10 cost per unit Sold 2,600 units Purchase 4,100 units @ $14.70 cost per unit Sold 2,900 units Purchased 2,200 units @ $12.60 cost per unit During May, ABC Company reported operating expenses of $14,000 and had an income tax rate of 36%. Calculate the dollar amount of ending inventory shown on ABC Company's May 31 balance sheet using the FIFO method.
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Waterway Company had a beginning inventory on January 1 of 180 units of Product 4-18-15 at a cost of $20 per unit. During the year, purchases were as follows. Mar. 15 July 20 450 units 320 units (a) at $23 at $25 Sept. 4 Dec. 2 Determine the cost of goods available for sale. The cost of goods available for sale Waterway Company uses a periodic inventory system. Sales totaled 1,180 units. $ 350 units $27 100 units at $29 at
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A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 350 units. Ending inventory at January 31 totals 150 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units 320 80 100 Unit Cost $ 4.50 4.70 4.84
Koi Corporation uses the periodic inventory system. During its first year of operations, Koi made the following purchases • 1,400 units at P90 per unit• 3,400 units at P150 per unit• 800 units at P120 per unit Sales for the year totaled 4,600 units. Physical count reveals 1,000 units on hand at the end of the year. (Round unit cost to two decimals)5. What is the amount of ending inventory using the weighted average method (rounded to nearest peso)? ________________6. What is the amount of ending inventory using the FIFO method?