Given the following: LIFO method: 250 units left in ending inventory. 1/1/2018 Beginning inventory 200 units @ $6 = $1,200 4/10/2018 Purchases 400 units @ $7 = $2,800 5/15/2018 Purchases 250 units @ $7 = $1,750 7/9/2018 Purchases 200 units @ $8 = $1,600 10/18/2018 Purchases 100 units @ $11 = $1,100 The cost of ending inventory is $____________

Given the following: LIFO method: 250 units left in ending inventory. 1/1/2018 Beginning inventory 200 units @ $6 = $1,200 4/10/2018 Purchases 400 units @ $7 = $2,800 5/15/2018 Purchases 250 units @ $7 = $1,750 7/9/2018 Purchases 200 units @ $8 = $1,600 10/18/2018 Purchases 100 units @ $11 = $1,100 The cost of ending inventory is $____________

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter8: Inventories: Special Valuation Issues

Section: Chapter Questions

Problem 2RE: Black Corporation uses the LIFO cost flow assumption. Each unit of its inventory has a net...

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Black Corporation uses the LIFO cost flow assumption. Each unit of its inventory has a net realizable value of 300, a normal profit margin of 35, and a current replacement cost of 250. Determine the amount per unit that should be used as the market value to apply the lower of cost or market rule to determine Blacks ending inventory.
Given the following: FIFO method: 16 units left in ending inventory. 1/1/2018 Beginning inventory 9 units @ $105 = $945 4/13/2018 Purchased 14 units @ $120 = $1,680 9/17/2018 Purchased 20 units @ $130 = $2,600 12/10/2018 Purchased 14 units @ 140 = $1,960 The cost of goods sold is $______________
Given the following: FIFO method: 16 units left in ending inventory. 1/1/2018 Beginning inventory 9 units @ $105 = $945 4/13/2018 Purchased 14 units @ $120 = $1,680 9/17/2018 Purchased 20 units @ $130 = $2,600 12/10/2018 Purchased 14 units @ 140 = $1,960 The ending inventory is $______________
What is the correct Cost of Goods Sold under the FIFO method given the following information? Beginning Inventory: 50 units @€10, Purchase 1: 15 units @€13, Purchase 2: 15 units @€15, Ending Inventory: 12 units. Assume that the sale occurs after all inventory purchases. Answer: X
ers the question. 6) Given the following data, calculate the cost of ending inventory using the FIFO costing method:6) 1/1 Beginning inventory 45 units at $10 per unit 2/25 Purchases 40 units at $12 per unit 6/15 Purchases 30 units at $13 per unit 9/20 Purchases 25 units at $14 per unit 12/31 Ending inventory 40 units C) $480 D) $545 A) $560 B) $400
The following is data relative to 12/31/21 inventory: Item Original Cost Replacement End Inv Per unit Cost # units A $.65 $.45 23,000 B $.45 $.40 37,000 C $.70 $.75 62,500 D $.75 $.65 20,900 E $.90 $.85 53,000 Selling price is $1.00/unit for all items. Disposal costs amount to 10% of the selling price and a "normal" profit is 30% of the selling price. REQUIRED: 1. Calculate “market value" 2. Make the necessary adjustment
FIFO inventory assumptions: Beginning inventory of 10 units @ $5 = $50 Purchases month #1 of 10 units @ $10 = $100 Purchases month #2 of 10 units @ $15 = $150 Cost of goods available for sale (subtotal) = $300 Less ending inventory of 10 units Equals cost of goods sold (also known as cost of sales) Under the FIFO inventory method, calculate the cost of goods sold or cost of sales. Using your computation of FIFO cost of goods sold, and further assuming sales equal $500 and operating expenses equal $50, what is the gross profit amount?
Given the following: Numberpurchased Costper unit Total January 1 inventory 30 $ 5 $ 150 April 1 50 8 400 June 1 40 9 360 November 1 45 10 450 165 $ 1,360 a. Calculate the cost of ending inventory using the LIFO (ending inventory shows 51 units). b. Calculate the cost of goods sold using the LIFO (ending inventory shows 51 units).
What is the weighted average unit cost using the following information? Beginning Inventory 11/1: 1,000 units at $25 per unit Purchase 11/10: 2,500 units at $30 per unit Purchase 11/15: 1,500 units at $20 per unit Sold 11/25: 2,500 units for $50 each $25.00 $26.00 $30.00 $36.00
Calculate the ending inventory balance using the following information under the FIFO method of inventory: Beginning Inventory 12/1 Purchased 12/10 Purchased 12/15 Sold 12/25 $87,500 $200,000 $62,500 $112,500 2,500 units at $20 per unit 3,000 units at $25 per unit $2,500 units at $30 per unit $4,000 units for $50 each
Different FIFO inventory assumptions: Beginning inventory of 10 units @ $5 = $50 Purchases month #1 of 10 units @ $15= $150 Purchases month #2 of 10 units @ $10 = $100 Cost of goods available for sale (subtotal) = $300 Less ending inventory of 10 units Equals cost of goods sold (also known as cost of sales) Under the FIFO inventory method, what is the cost of goods sold or cost of sales?
Given the following: Numberpurchased Costper unit Total January 1 inventory 40 $4 $160 April 1 60 7 420 June 1 50 8 400 November 1 55 9 495 205 $1,475 A. Calculate the cost of ending inventory using the FIFO (ending inventory shows 61 units). Cost of ending inventory is: B. Calculate the cost of goods sold using the FIFO (ending inventory shows 61 units). Cost of goods sold is: