Given the following: Number Cost per unit $ 4 purchased Total January 1 inventory April 1 40 2$ 160 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 LIFO (ending inventory shows 61 units). Cost of ending inventory b. Calculate the cost of goods sold using the LIFO (ending inventory shows 61 units).

Given the following: Number Cost per unit $ 4 purchased Total January 1 inventory April 1 40 2$ 160 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 LIFO (ending inventory shows 61 units). Cost of ending inventory b. Calculate the cost of goods sold using the LIFO (ending inventory shows 61 units).

Name: Given the following:NumberCostper unit$ 4$purchasedTotalJanuary 1 inv
Uploaded: 2022-11-21T18:53:23.000Z
Channel: Bartleby
Description: Given the following:NumberCostper unit$ 4$purchasedTotalJanuary 1 inventoryApril 140160607420June 150400November 1559495205$ 1,475a. Calculate the cost of ending inventory using the LIFO (ending inventory shows 61 units).Cost of ending inventoryb. C

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter20: Accounting For Inventory

Section20.2: Determining The Cost Of Merchandise Inventory

Problem 1WT

See similar textbooks

Related questions

Q: Using the average-cost method, calculate the cost of ending inventory and cost of goods sold for…

A: INVENTORY VALUATIONInventory Valuation is a Method of Calculation of Value of Inventory at the End…

Q: Given the following: Numberpurchased Costper unit Total January 1 inventory 40 $4 $160…

A: Finished goods inventory: These inventories are completely ready for sale after the completion of…

Q: 1. Calculate cost of ending inventory and cost of goods sold using periodic FIIFO, LIFO, and…

A: Note: Since we are entitled to answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit…

Q: Given the following: Number purchased Cost per unit Total January 1 inventory 44 $ 5 $ 220 April…

A: FIFO: FIFO stands for First-In, First-Out. In this method inventory purchased first will be sell…

Q: Given the following: Numberpurchased Costper unit Total January 1 inventory 40 $4 $160…

A: Given information Date units per unit cost Amount ($) 1-Jan 40 $4 $160 1-Apr 60 $7 $420…

Q: a. What value should be assigned to the ending inventory using FIFO? b. What value should be…

A: FIFO method: Under this method of inventory valuation, it is assumed that item of inventory…

Q: S Given the following: January 1 inventory April 1 June 1 November 1 Cost of ending inventory Number…

A: FIFO Method is a method of inventory valuation where company uses inventory that purchased first in…

Q: Explain the step by step instructions given the following data for the questions below.…

A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…

Q: Calculate the Ending Inventory, Cost of Goods Sold, Cost of Goods Available for Sale and Gross…

A: Inventory Valuation - Inventory can be valued using three methods - a. FIFO - Under this method…

Q: Jan. 1 Beginning inventory Jan. 11: Sales Jan. 15:Purchase Jan. 17:Sales Jan. 21: Purchase Jan. 23:…

A: According to the question given, we need to prepare the perpetual inventory, and, determine the cost…

Q: Determine the cost assigned to ending inventory and to cost of goods sold using weighted average.

A: Inventory Valuation is a method of calculating the value of stock at the end of an accounting…

Q: Given the following: Number purchased Cost per unit Total January 1 inventory 39 $…

Q: Given the following: Number purchased Cost per unit Total January 1 inventory 41 $ 5 $ 205…

A: Number of units sold = Units purchased - Ending inventory units = 209 - 62 = 147

Q: Given the following: Number purchased Cost per unit Total January 1 inventory 30 $ 5 $…

A: LIFO: LIFO stands for Last-In, First-Out. In this method inventory purchased at last will be sold…

Q: Given the following: January 1 inventory. April 1 June 1 November 1 Cost of ending inventory Number…

A: Inventory valuation method includes: FIFO Method LIFO Method Weighted average cost method FIFO…

Q: You have the following information for Metlock, Inc. for the month ended October 31, 2022. Metlock…

A: calculation of above requirement are as follows

Q: From the following, calculate the cost of ending inventory and cost of goods sold for the FIFO…

A: The FIFO Method is a way of determining inventory value by using a First-in-First-out approach. This…

Q: Given the following: January 1 inventory April 1 June 1 November 1 Number purchased 34 54 44 Cost of…

A: The cost of goods sold refers to the direct costs of making products sold by a company (COGS). This…

Q: es From the following, calculate the cost of ending inventory and cost of goods sold for the LIFO…

A: Undet LIFO Method of Inventory valuation, company maintain inventory under last in first out way.…

Q: 1. Compute the cost assigned to ending inventory using FIFO. 2. Compute the cost assigned to ending…

A: Inventory valuation is the process of assigning a monetary value to the goods and materials held by…

Q: Given the following data, calculate the cost of ending inventory using the average cost method…

A: Cost of ending inventory using average cost method = Ending inventory units × Weighted average cost…

Q: Given the following: Number purchased Cost per unit Total January 1 inventory 42 $ 3 $ 126 April…

A: Weighted Average Method :— It is one of the method of inventory valuation in which it is assumed…

Q: Given the following: Number purchased Cost per unit Total January 1 inventory 39…

A: Average Rate = Value of goods available for sale / No. units available for sale 1. April 1 =…

Q: Blue Spruce Corp. Inc. had a beginning inventory of 100 units of Product RST at a cost of $ 7 per…

A: Total units available for sale = 100 + 580 + 475 + 415 + 95…

Q: Given the following: Number purchased Cost per unit Total January 1 inventory 32 $ 4…

A: The inventory can be valued using various methods as LIFO, FIFO and weighted average method. Using…

Q: Explain the step by step instructions given the following data for the items 1, 2, 3, 4 and 5 below.…

A: Since we are entitled to answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the…

Concept explainers

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.

Question

Practice Pack

OFFON

Given the following:
Number
Cost
per unit
$ 4
$
purchased
Total
January 1 inventory
April 1
40
160
60
7
420
June 1
50
400
November 1
55
9
495
205
$ 1,475
a. Calculate the cost of ending inventory using the LIFO (ending inventory shows 61 units).
Cost of ending inventory
b. Calculate the cost of goods sold using the LIFO (ending inventory shows 61 units).

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

Includes step-by-step video

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step 3

VIEW

Trending now

This is a popular solution!

Learn your way

Includes step-by-step video

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

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 last-in, first-out (LIFO).
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 weighted average (AVG).
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 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 A75 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).
Inventory Costing: Average Cost Refer to the information for Filimonov Inc. and assume that the company uses a perpetual 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.)
Perpetual and Periodic Inventory Systems Below is a list of inventory systems options. a. Perpetual inventory system b. Periodic inventory system c. Both perpetual and periodic inventory systems Required: Match each option with one of the following: 1. Only revenue is recorded as sales are made during the period; the cost of goods sold is recorded at the end of the period. 2. Cost of goods sold is determined as each sale is made. 3. Inventory purchases are recorded in an inventory account. 4. Inventory purchases are recorded in a purchases account. 5. Cost of goods sold is determined only at the end of the period by subtracting the cost of ending inventory from the cost of goods available for sale. 6. Both revenue and cost of goods sold are recorded during the period as sales are made. 7. The inventory is verified by a physical count.
Retail Inventory Method The following information relates to the retail inventory method used by Jeffress Company: Required: 1. Compute the ending inventory by the retail inventory method using the following cost flow' assumptions (round the cost-to-retail ratio to 3 decimal places): a. FIFO b. average cost c. LIFO d. lower of cost or market (based on average cost) 2. Next Level What assumptions are necessary for the retail inventory method to produce accurate estimates of ending inventory?
( Appendix 6B) Inventory Costing Methods: Periodic Inventory System The inventory accounting records for Lee Enterprises contained the following data: Required: 1. Calculate the cost of ending inventory and the cost of goods sold 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 dollar.) 2. CONCEPTUAL CONNECTION Compare the ending inventory and cost of goods sold computed under all three methods. What can you conclude about the effects of the inventory costing methods on the balance sheet and the income statement?
Inventory Write-Down Byron Company has five products in its inventory and uses the FIFO cost flow assumption. Specific data for each product are as follows: Required: 1. What is the correct inventory value, assuming the LCNRV rule is applied to each item of inventory? 2. What is the correct inventory value, assuming the LCNRV rule is applied to the total of inventory? 3. Next Level Comment on any differences that result from applying the LCNRV rule to individual items compared to the total of inventory.
Calculate the cost of goods sold dollar value for B74 Company for the sale on November 20, 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).