Filimonov Inc. has the following information related to purchases and sales of one of its inventory items: Date Description Units Purchased at Cost Units Sold at Retail June 1 Beginning inventory 180 units e $10 - $1,800 Purchase 1 200 units e $14 - $2,800 14 Sale 1 290 units o $25 22 Purchase 2 250 units o $17 - 54,250 29 Sale 2 225 units e s25 Refer to the information for Filmonov Inc. and assume that the company uses a perpetual inventory system. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet; perform the required analysis, and input your answers in the question below. Open spreadsheet Required: Calculate the cost of goods sold and the cost of ending inventory using the LIFO inventory costing method. Cost of goods sold 6,540 X Cost of ending inventory

Filimonov Inc. has the following information related to purchases and sales of one of its inventory items: Date Description Units Purchased at Cost Units Sold at Retail June 1 Beginning inventory 180 units e $10 - $1,800 Purchase 1 200 units e $14 - $2,800 14 Sale 1 290 units o $25 22 Purchase 2 250 units o $17 - 54,250 29 Sale 2 225 units e s25 Refer to the information for Filmonov Inc. and assume that the company uses a perpetual inventory system. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet; perform the required analysis, and input your answers in the question below. Open spreadsheet Required: Calculate the cost of goods sold and the cost of ending inventory using the LIFO inventory costing method. Cost of goods sold 6,540 X Cost of ending inventory

Name: Costing: LIFOFilimonov Inc. has the following information related to
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Costing: LIFOFilimonov Inc. has the following information related to purchases and sales of one of its inventory items:DateDescriptionUnits Purchased at CostUnits Sold at Retail180 units e $10 - $1,800200 units e s14 - $2,800June 1Beginning inventor

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Salmone Company reported the following purchases and sales of its only product. Salmone uses a perpetual inventory system. Determine the cost assigned to ending inventory using LIFO. Units Sold at Retail Activities Units Acquired at Cost 150 units @ $10.00 220 units @ $12.00 Date Beginning Inventory May 1 Purchase 5 140 units @$20.00 Sales 10 100 units @ $13.00 Purchase 15 Sales 90 units@ $21.00
Required information [The following information applies to the questions displayed below.] Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date March 1 March 5 March 9 March 18 March 25 March 29 Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals Units Acquired at Cost 100 units @ $51.00 per unit 225 units @ $56.00 per unit 85 units. @ $61.00 per unit 150 units @ $63.00 per unit. 560 units Units Sold at Retail 260 units @ $86.00 per unit 130 units @ $96.00 per unit 390 units 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, units sold include 65 units from beginning inventory, 195 units from the March 5 purchase, 45 units from the March 18 purchase, and 85 units from the March 25 purchase.
Tamworth Trading Ltd is a company operating in the retail sector. The beginning inventory of Product EF5089 and information about purchases and sales made during June are shown below. Units Unit price $ June1 Inventory 6100 2.20 4 Purchases 4,600 2.25 9 Sales 4,100 12 Purchases 4,100 2.40 21 Sales 6,000 26 Purchases 3,100 2.50 Tamworth Trading Ltd uses the perpetual inventory system, and all purchases and sales are on credit. Selling price is $5 per unit. A stocktake on 30 June revealed 7,700units in inventory. Ignore GST. Required:a)Using the FIFO method, prepare an appropriate inventory record for Product EF5089 for June.
Samone Company reported the following purchases and sales for its onty product. Saimone unes a perpetual mventory system Determine the cost assigned to cost of goods sold using LIFO Date Activities Units Sold at Retail Units Acquired at Cost 150 units e sie.00 220 units e s12.00 May 1 Beginning Inventory Purchase Sales Purchase 10 140 units e s20.00 15 100 units e s13.00 24 Sales 90 units e s21.00 Mple Choce $2.0 $2.460
The following data represent the beginning inventory and, in order of occurrence, the purchases and sales of Galantine, Inc., for an operating period. Unit Cost Beginning Inventory Sale No. 1 Purchase No. 1 Sale No. 2 Purchase No. 2 Totals Select one: O O O O Units 30 A. $840 B. $1,200 C. $1,110 D. $1,320 50 20 100 $21 30 33 Total Cost $630 - 1,500 Units Sold 660 $2,790 20 40 Assuming Galantine, Inc. uses LIFO perpetual inventory procedures, sale no. 2 is recorded as an entry to Cost of Goods Sold for: 60
Required information [The following information applies to the questions displayed below.] Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date Activities Units Acquired at Cost Units Sold at Retail March 1 March 5 Beginning inventory Purchase 250 units @ $54.00 per unit 300 units March 9 Sales March 18 Purchase March 25 Purchase 160 units 300 units @ $59.00 per unit $64.00 per unit 410 units @ $89.00 per unit @ $66.00 per unit March 29 Sales Totals 280 units $99.00 per unit 1,010 units 690 units 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 140 units from beginning inventory, 270 units from the March 5 purchase, 120 units from the March 18 purchase, and 160 units from the March 25 purchase. Note: Round weighted average cost per unit to two decimals and final answers to nearest whole dollar. Gross Margin FIFO LIFO…
Required information [The following information applies to the questions displayed below.] Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date March 1 March 5 March 9 March 18 March 25 March 29 Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals Perpetual FIFO |Perpetual LIFO Units Acquired at Cost 60 units @ $50.20 per unit 205 units @ $55.20 per unit Weighted Average 65 units 110 units Specific Id 440 units Complete this question by entering your answers in the tabs below. @ $60.20 per unit @ $62.20 per unit 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, units sold include 45 units from beginning inventory, 175 units from the March 5 purchase, 25 units from the March 18 purchase, and 65 units from the March 25 purchase. Units Sold at Retail 220 units @ $85.20 per unit…
Salmone Company reported the following purchases and sales of its only product. Salmone uses a perpetual inventory system. Determine the cost assigned to the ending inventory using FIFO. Date Activities Units Acquired at Cost Units Sold at Retail May 1 Beginning inventory 190 units @ $10 = $1,900 May 5 Purchase 260 units @ $12 = $3,120 May 10 Sales 180 units @ $20 May 15 Purchase 140 units @ $13 = $1,820 May 24 Sales 130 units @ $21 $3,500 $3,340 $3,370 $3,110 $3,380
! Required information [The following information applies to the questions displayed below.] Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Total Date March 1 March 5 March 9 March 18 March 25 March 29 Beginning inventory Purchases: March 5 March 18 March 25 Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals Units Acquired at Cost 220 units @ $53.40 per unit 285 units @ $58.40 per unit Required: 1. Compute cost of goods available for sale and the number of units available for sale. 145 units @ $63.40 per unit 270 units @ $65.40 per unit # of units 920 units Cost of Goods Available for Sale Cost per Cost of Goods Available Unit for Sale Units Sold at Retail 380 units @ $88.40 per unit 250 units @ $98.40 per unit 630 units
S ! Required information [The following information applies to the questions displayed below.] Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date March 1 March 5 March 9 March 18 March 25 March 29 Activities Complete this Beginning inventory Purchase Sales Purchase Purchase Sales Totals Units Acquired at Cost 90 units @ $50.80 per unit 220 units @ $55.80 per unit 80 units @ $60.80 per unit 140 units @ $62.80 per unit 530 units Units Sold at Retail 250 units @ $85.80 per unit 120 units @ $95.80 per unit 370 units 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, units sold include 60 units from beginning inventory, 190 units from the March 5 purchase, 40 units from the March 18 purchase, and 80 units from the March 25 purchase.