Fillipo, Inc., had 800 units of inventory on hand at March 1, 2006, costing $20 each. Purchases and sales of inventory during the month of March were as follows: \table [[Date, Purchases,Sales], [March 8,,600 units], [15,400 units @ $22 each,], [22,400 units @ $24 each,], [27,,400 units]] Fillipo uses the periodic inventory system The cost of inventory at the end of March applying the average method is: i need a detailed answer with steps please Fillipo, Inc., had 800 units of inventory on hand at March 1, 2006, costing $20 each. Purchases and sales ofinventory during the month of March were as follows:DatePurchasesMarch 8Sales600 units15400 units @ $22 each22400 units @ $24 each27400 unitsFillipo uses the periodic inventory system The cost of inventory at the end ofMarch applying the average method is:

To find the cost of inventory at the end of March using the average cost method, we need to…

Answered: Fillipo, Inc., had 800 units of…

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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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.
A company had the following purchases and sales during its first year of operations: Purchases January: 10 units at $120 20 units at $125 February: May: September: 15 units at $130 12 units at $135 November: 10 units at $140 On December 31, there were 26 units remaining in ending inventory. Using the periodic FIFO inventory costing method, what is the cost of the ending inventory? (Assume all sales were made on the last day of the month.) Multiple Choice $3,540 Sales 6 units 5 units 9 units 8 units 13 units $3,445
Vaughn Company uses a periodic inventory system. For April, when the company sold 540 units, the following information is available. April 1 inventory April 15 purchase April 23 purchase Ending inventory Units Cost of goods sold 220 380 400 1,000 Unit Cost $25 $ 30 33 Total Cost $5,500 Compute the April 30 inventory and the April cost of goods sold using the FIFO method. 11,400 13,200 $30,100
In its first month of operations, Bramble Corp. made three purchases of merchandise in the following sequence: (1) 240 units at $4, (2) 340 units at $6, and (3) 440 units at $7. Assuming there are 140 units on hand at the end of the period, compute the cost of the ending inventory under (a) the FIFO method and (b) the LIFO method. Bramble Corp. uses a periodic inventory system. FIFO LIFO The Ending Inventory $Enter a dollar amount $Enter a dollar amount
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 amount of net income shown on ABC Company's income statement for May using the LIFO method.
A company uses a periodic inventory system. On April 1, the company had 9 items of beginning inventory with a cost of $13 per unit. On April 18, the company purchased 15 units at $14 per unit. Then, on April 29, the company sold 14 units. Using weighted average, the cost of the 14 units sold is closest to Cost of the units sold
Chess Top uses the periodic inventory system. For the current month, the beginning inventory consisted of 200 units that cost $65 each. During the month, the company made two purchases: 300 units at $68 each and 150 units at $70 each. Chess Top also sold 500 units during the month. Using the LIFO method, what is the amount of cost of goods sold for the month? $
Balamb Corporation had the following transactions for the month: 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
Kiwi Ltd. started April with 90 units in inventory costing $16 each. Kiwi Ltd., which uses a perpetual inventory system, had the following inventory transactions in April: Purchases Sales Units Unit Cost Units Selling Price/Unit 4 Purchase 300 18 12 Sale 240 $32 21 Purchase 100 24 29 Sale 165 $35 Instructions Using the FIFO cost formula, calculate the cost of goods sold for the month ended April Show calculations in the table below. Using the average cost formula, calculate the ending inventory at April 30. Show calculations in the table on the next page. Round to two decimals for all calculations. Use the ROUNDED values in your calculations. (a) Perpetual Inventory Record––FIFO PURCHASES COST OF GOODS SOLD INVENTORY ON HAND DA TE…
Zonkey Enterprises uses LIFO with a periodic inventory system to keep track of its inventory. It began the year with 100 units that cost $10 each. It made the following purchases: January 7, 100 for $12 each; January 22, 100 for $13 each. During the month it sold 120 units. How much ending inventory should be reported on the balance sheet, COGS on the January income statement, and cost of goods available for sale during the month? How is ending inventory being calculated?
Beech Soda, Incorporated uses a perpetual inventory system. The company's beginning inventory of a particular product and its purchases during the month of January were as follows: Quantity Unit Cost Total Cost Beginning inventory (January 1) 24 $ 19 $ 456 Purchase (January 11) 20 $ 25 500 Purchase (January 20) 31 $ 27 837 Total 75 $ 1,793 On January 14, Beech Soda, Incorporated sold 33 units of this product. The other 42 units remained in inventory at January 31. i) Assuming that Beech Soda uses the first-in, first-out (FIFO) cost flow assumption: The cost of goods sold to be recorded at January 14 is: $_______________________________ The cost of ending inventory at January 31 is: $ _____________________________ ii). Assuming that Beech Soda uses the Last-in, first-out (LIFO) cost flow assumption: The cost of goods sold to be recorded at January 14 is:…
21. Williams Co. uses a periodic inventory system. The following are inventory transactions for the month of March: 3/1 Beginning Inventory 5,000 units at $2 3/7 Purchase 2,500 units at $3 3/16 Purchase 2,500 units at $4 3/26 Sales at $8 per unit 7,500 units Williams uses the weighted average method to determine the value of its inventory. What amount should Williams report as cost of goods sold on the income statement for the month of January?

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