Tube A Mapsoter 18 Homework3Wake Tech's Campuse X3:33:46ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252FnewcorWake Tech's Campu... M Practical Business... M McGraw-Hill Connee to searchNew TabGiven the following:January 1 inventoryApril 1June 1November 1wwwCollege Calendar |...Cost of ending inventoryCoursesCost of goods sold10257Numberpurchased Cost per unit Total537363JELENEQuestion 3 - Chaptea. Calculate the cost of ending inventory using the FIFO (ending inventory shows 74 units).************KON***.**FEKSER10EVERTE JETEGÒSavedb. Calculate the cost of goods sold using the FIFO (ending inventory shows 74 units).$265584< Prev680$ 2,096Class Practical Busines3 of 15Next >

INVENTORY VALUATION Inventory Valuation is a Method of Calculation of Value of Inventory at the End…

Given the following: January 1 inventory April 1 June 1 November 1 Cost of ending inventory Number purchased 53 73 63 68 257 Cost per unit $5 8 9 10 Cost of goods sold Total $ 265 584 a. Calculate the cost of ending inventory using the FIFO (ending inventory shows 74 units). 567 680 $ 2,096 b. Calculate the cost of goods sold using the FIFO (ending inventory shows 74 units).

Given the following: January 1 inventory April 1 June 1 November 1 Cost of ending inventory Number purchased 53 73 63 68 257 Cost per unit $5 8 9 10 Cost of goods sold Total $ 265 584 a. Calculate the cost of ending inventory using the FIFO (ending inventory shows 74 units). 567 680 $ 2,096 b. Calculate the cost of goods sold using the FIFO (ending inventory shows 74 units).

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

eAssignment/take AssignmentMain.do?invoker=&takeAssignments The inventory data for an item for November are: 17 units at $21 9 units 30 units at $22 20 units 21 units at $22 Nov. 1 4 10 17 30 Inventory Sold Purchased Sold Purchased Using a perpetual system, what is the cost of the goods sold for November if the company uses LIFO? Oa. $621 Ob. $797 Oc. $629 Od. $858 MAR 8 9 All work saved. Calon- M tv ♫ 8 dise لله 9
Kingbird, Inc. uses a periodic inventory system and reports the following for the month of June. Date June 1 12 23 30 (a) Explanation Units Inventory Purchase Purchase Inventory 130 330 Cost of goods sold 200 203 Cost of the ending inventory Unit Cost $ $5 6 7 Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round per unit cost to 3 decimal places, e.g. 15.647 and final answers to 0 decimal places, e.g. 5,125.) Total Cost FIFO $650 1,980 1,400 LA LIFO LA LA Average-cost
The following is the detail of the purchase and sale of inventory of a product of Simco Co. May 1 Beg. Inventory 60 units @ $220 May 2 Purchase 100 units @ $216 May 14 Purchase 50 units @ $224 May 22 Purchase 60 units @ $234 May 30 Sale 200 units Required: 1. Compute the cost of goods sold and cost of ending inventory for Simco Co. for May under the FIFO, LIFO, and weighted average cost assumptions. 2. Which method results in Simco Co. paying the least tax?
The inventory data for an item for November are: EE Nov. 1 Inventory 24 units at $22 4 Sold 9 units 10 Purchased 26 units at $20 17 Sold 22 units 30 Purchased 21 units at $23 Using a perpetual system, what is the cost of the goods sold for November if the company uses LIFO? Oa. $638 Оь. S668 Oc. $863 Od. $968 Previous Next
Using the specific identification method: Date Units purchased Cost per unit Ending inventory March 1 18 Xbox′s 360 $ 265 4 Xbox′s from March April 1 43 Xbox′s 360 240 15 Xbox′s from April May 1 68 Xbox′s 360 230 12 Xbox′s from May a. Calculate the ending inventory. b. Calculate the cost of goods sold.
! Required information Use the following information for the Exercises 8-10 below. (Algo) [The following information applies to the questions displayed below.] Hemming Company reported the following current-year purchases and sales for its only product. Activities Beginning inventory Sales Purchase Sales Purchase Sales Purchase Totals Date January 1 January 10 March 14 March 15 July 30 October 5 October 26 Units Acquired at Cost @ $11.40 @$16.40 @ $21.40 = 235 units 360 units 435 units 135 units 1,165 units @ $26.40 = $ 2,679 5,904 9,309 3,564 $ 21,456 Units Sold at Retail 170 units 290 units 410 units 870 units @ $41.40 @ $41.40 @ $41.40
Problem 1 of 2 (note additional problem below): Calculate the cost of goods sold dollar value and the value of ending inventory for En Cee Yo0 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 (LIF0); and (c) weighted average (AVG). You must show your work and calculations--answers that are correct but do not show calculations are graded as a zero grade. Place your answers in the shaded cells. Number of Units Unit Cost 110 $ Beginning inventory, March 1 Purchased inventory, March 8 86 140 $ 90 Sold inventory for $110 per unit, March 11 95 If you use the FIFO method, the dollar value of COGS is → and the dollar value of ending inventory is- If you use the LIFO method, the dollar value of COGS is - and the dollar value of ending inventory is- If you use the Weighted Average method, the dollar value of…
Beginning inventory, purchases, and sales for Item 88-HX are as follows: Jan. 1 Inventory 102 units @ $35 8 Sale 82 units 15 Purchase 113 units @ $37 27 Sale 95 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of goods sold on Jan. 27 and (b) the inventory on Jan. 31. a. Cost of goods sold on Jan. 27 b. Inventory on Jan. 31
1. If Miller Inc. uses a LIFO cost perpetual inventory system, the ending inventory of Model III calculators at August 31 is reported as 2. If Miller Inc. uses a FIFO cost perpetual inventory system, the ending inventory of Model III calculators at August 31 is reported as
Use the following inventory table to find the cost of goods sold using the first-in, first-out (FIFO) inventory method. Date of purchase Units purchased Cost per unit Retail price per unit Beginning inventory 42 $860 $965 February 5 25 $1,770 $2,115 February 9 19 $945 $1,208 March 3 27 $490 $600 Units sold 81 Question content area bottom Part 1 The cost of goods sold is $enter your response here. (Type an integer or a decimal.)
Not use excel
A. First In, First Out Number of Units Dollar Per Unit Value Total Value Cost of Goods Sold .. ... B. Last In, First Out Number of Units Dollar Per Unit Value Total Value Cost of Goods Sold ... ... C. Weighted Average Number of Units Dollar Per Unit Value Total Value Cost of Goods Sold ... ...