Problem 11-6 (IAA)Total costUnit costUnits40.400,0001 Beginning31 Sale1 Purchase31 Sale1 PurchaseDecember 31 Sale10,0005,00015,00018,00025,00012,000January50750,000AprilJulyOctober601,500,00Required:Compute the cost of the ending inventory and cost of goodssold using:a. FIFO periodicb. Weighted averagec. Moving average

Name: Problem 11-6 (IAA)Total costUnit costUnits40.400,0001 Beginning31 Sal
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Description: Problem 11-6 (IAA)Total costUnit costUnits40.400,0001 Beginning31 Sale1 Purchase31 Sale1 PurchaseDecember 31 Sale10,0005,00015,00018,00025,00012,000January50750,000AprilJulyOctober601,500,00Required:Compute the cost of the ending inventory and cost

FIFO is a method of valuing inventories in which the goods purchased first are sold on a priority…

Business

Accounting

Extreme Company showed the following information: Total cost Unit cost Units 40. 400,000 10,000 5,000 15,000 18,000 25,000 12,000 January 1 Beginning 31 Sale 1 Purchase 31 Sale 1 Purchase December 31 Sale 50 750,000 April July October 60 1,500,00 Required: Compute the cost of the ending inventory and cost of goods sold using: a. FIFO periodic b. Weighted average c. Moving average

Extreme Company showed the following information: Total cost Unit cost Units 40. 400,000 10,000 5,000 15,000 18,000 25,000 12,000 January 1 Beginning 31 Sale 1 Purchase 31 Sale 1 Purchase December 31 Sale 50 750,000 April July October 60 1,500,00 Required: Compute the cost of the ending inventory and cost of goods sold using: a. FIFO periodic b. Weighted average c. Moving average

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 23DQ: ( Appendix 6B) For each inventory costing method, perpetual and periodic systems yield the same...

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Similar questions

Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for A76 Company, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for first-in, first-out (FIFO).
Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for A76 Company, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for last-in, first-out (LIFO).
Use the last-in, first-out method (LIFO) cost allocation method, with perpetual inventory updating, to calculate (a) sales revenue, (b) cost of goods sold, and c) gross margin for B75 Company, considering the following transactions.
Use the first-in, first-out method (FIFO) cost allocation method, with perpetual inventory updating, to calculate (a) sales revenue, (b) cost of goods sold, and c) gross margin for B75 Company, considering the following transactions.
Use the weighted-average (AVG) cost allocation method, with perpetual inventory updating, to calculate (a) sales revenue, (b) cost of goods sold, and c) gross margin for B75 Company, considering the following transactions.
Use the last-in, first-out (LIFO) cost allocation method, with perpetual inventory updating, to calculate (a) sales revenue, (b) cost of goods sold, and c) gross margin for A75 Company, considering the following transactions.
Calculate the cost of goods sold dollar value for A74 Company for the sale on March 11, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average (AVG).
( Appendix 6B) For each inventory costing method, perpetual and periodic systems yield the same amounts for ending inventory and cost of goods sold. Do you agree or disagree with this statement? Explain.
Use the first-in, first-out (FIFO) cost allocation method, with perpetual inventory updating, to calculate (a) sales revenue, (b) cost of goods sold, and c) gross margin for A75 Company, considering the following transactions.
Inventory on the balance sheet Based on thy data in Exercise 6-18 and assuming that cost was determined by the FIR0 method, show how the inventory would appear on the balance sheet.
( Appendix 6B) Inventory Costing Methods: Periodic Inventory Systems. Refer to the information for Tyler Company in Brief Exercise 6-35 and assume that the company uses the periodic inventory system. Required: Calculate the cost of goods sold and the cost of ending inventory using the FIFO, LIFO, and average cost methods. ( Note: Use four decimal places for per-unit calculations and round all other numbers to the nearest whole dollar.)
( Appendix 6B) Inventory Costing Methods: Periodic Average Cost Refer to the information for Filimonov Inc. (p. 337) and assume that the company uses a periodic inventory system. Required: Calculate the cost of goods sold and the cost of ending inventory using the average cost method. ( Note: Use four decimal places for per-unit calculations and round all other numbers to the nearest dollar.)