Glasgow Enterprises started the period with 60 units in beginning inventory that cost $1.70 each. During the period, the company purchased inventoryitems as follows:Purchase123Number of Items.380110.50Glasgow sold 255 units after purchase 3 for $7.20 each.What is Glasgow's ending inventory under LIFO?Multiple Choice$932$729Cost$2.20$2.30$2.70$794

Name: Glasgow Enterprises started the period with 60 units in beginning inv
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Glasgow Enterprises started the period with 60 units in beginning inventory that cost $1.70 each. During the period, the company purchased inventoryitems as follows:Purchase123Number of Items.380110.50Glasgow sold 255 units after purchase 3 for $7.2

Inventory includes both manufactured commodities that are ready for sale and the raw materials used…

Business

Accounting

Glasgow Enterprises started the period with 60 units in beginning inventory that cost $1.70 each. During the period, the company purchased inventory tems as follows: Purchase 1 2 3 Number of Items 380 110 50 Glasgow sold 255 units after purchase 3 for $7.20 each. What is Glasgow's ending inventory under LIFO? Multiple Choice $932 $729 Cost $2.20 $2.30 $2.70 $794

Glasgow Enterprises started the period with 60 units in beginning inventory that cost $1.70 each. During the period, the company purchased inventory tems as follows: Purchase 1 2 3 Number of Items 380 110 50 Glasgow sold 255 units after purchase 3 for $7.20 each. What is Glasgow's ending inventory under LIFO? Multiple Choice $932 $729 Cost $2.20 $2.30 $2.70 $794

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

Pronghorn Company uses the periodic inventory method and had the following inventory information available: Units Unit Cost Total Cost 1/1 Beginning Inventory 100 $3 $300 1/20 Purchase 505 $4 2,020 7/25 Purchase 95 5 475 10/20 Purchase 305 57 2.135 1,005 $4.930 Aphysical count of inventory on December 31 revealed that there were 385 units on hand. Answer the following independent questions. (Round average cost per unit to 2 decimal places, eg. 5.25 and final answers to O decimal places, es 2,520.) Assume that the company uses the FIFO method. The value of the ending inventory at December 31 is 1. %24 Assume that the company uses the average-cost method. The value of the ending inventory on December 31 is 2. Assume that the company uses the LIFO method. The value of the ending inventory on December 31 is 3. Determine the difference in the amount of income that the company would have reported if it had used the FIFO method instead of the LIFO method. 4 lal 4. Would income have been…
Sheffield Corp. sells three different products. The following information is available on December 31: Inventory item Units Cost per unit Market value per unit X 320 $4.20 $3.50 Y 640 $2.00 $1.50 Z 1590 $3.00 $4.00 After applying the lower-of-cost-or-net-realizable-value rule to each item, what will Sheffield total ending inventory balance be? $6850 $8435 $7394 $7010
RJ Corporation has provided the following information about one of its inventory items: Date 1/1 6/6 9/10 11/15 Transaction Beginning Inventory Purchase Purchase Purchase During the year, RJ sold 3,160 units. Multiple Choice $12,277,352. Number of Cost per Units 440 840 $12,406,400. 1,240 840 What was cost of goods sold using the average cost flow assumption? Note: Do not round intermediate calculations. Unit $3,240 $3,640 $4,040 $4,240
Suppose that Old Navy uses the periodic inventory system and had the following inventory mag 1/20 7/25 10/20 1 2 1 4.(a) Beginning Inventory Purchase Purchase Purchase 4. (b) Units Unit Cost 130 $4 650 $5 $7 $8 130 390 1,300 A physical count of inventory on December 31 revealed that there were 455 units on hand. Answer the following independent questions. Total Cost $520 3,250 910 3,120 $7,800 Assume that the company uses the FIFO method. The cost of the ending inventory at December 31 is Assume that the company uses the average-cost method. The cost of the ending inventory on December 31 is Assume that the company uses the LIFO method. The cost of the ending inventory on December 31 is Determine the difference in the amount of income that the company would have reported if it had used the FIFO method instead of the LIFO method Would income have been greater or less? S $ $
Assume Ava Co has the following purchases of inventory during the first month of operations Number of Units Cost per unit First Purchase 332 3.5 Second Purchase 205 4.5 Assuming Ava sells 335 units at $11 each, what is the value of their ending inventory if they use LIFO?
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. Date May 1 Beginning inventory May 5 Purchase May 10 Sales May 15 Purchase May 24 Sales Multiple Choice O O $6,560 $3,780 $2,780 Activities $3,660 Units Acquired at Cost 182 units @ $10 = $1,820 252 units @ $12 = $3,024 132 units @ $13 = $1,716
Shanrock Company uses the periodic inventory method and had the following inventory information available: 1/1 1/20 7/25 10/20 1. 2. 3. Beginning Inventory 4. (a) Purchase 4. (b) Purchase Purchase Units Unit Cost 100 400 Answer the following independent questions. 200 300 1,000 $4 $6 $7 $8 Total Cost A physical count of inventory on December 31 revealed that there were 400 units on hand. $400 2,400 1,400 2,400 $6,600 Assume that the company uses the FIFO method. The value of the ending inventory at December 31 is Assume that the company uses the Average-Cost method. The value of the ending inventory on December 31 is Assume that the company uses the LIFO method. The value of the ending inventory on December 31 is Determine the difference in the amount of income that the company would have reported if it had used the FIFO method instead of the LIFO method. Would income have been greater or less? $ $ $ $
XYZ Co uses the periodic inventory system to account for inventories. Its beginning inventory is 500 units at 5 $ each. Information related to XYZ Company's inventory at October 31 is given below: Alpha CO Date Explanation Units Units Cost Total Cost 10/01 Opening balance 500 $ 5 $ 2500 10/08 Purchase 800 $ 11 $ 8800 10/15 Purchase 600 $ 14 $ 8400 10/20 Purchase 300 $ 15 $ 4500 Total goods available 2200 $ 24200 During the year, 1400 units were sold. Method Ending Inventory COGS FIFO 11,500 12,700 LIFO 5,800 18,400 Average 8,800 15,400 Required: XYZ wants to increase its capital by equity offering up to 70 % and the 30% by bank loan. Which valuation method of inventory the company should use. Explain:
Sherman Electric uses a pericdic inventory system. The beginning nventory of a particular product, and the purchases during the curent year, were as follows: $105 = $ 6.300 Beginning inventory Purchase..n Purchase 60 units @ 30 units @ 90 units @ 20 units @ 200 units Jan. 3115- 3125 S135 = 3,450 11,250 2.700 $23.700 Mar. Aug. 11 Oet. 23 Purchase Total available for sale At December 31. the ending inventory of this product consisted of 65 units. Using periodic costing procedures, determine (1) cost of the year-end inventory and. (2) cost of goods sold relating to this product under each of the following flow assumptions: (1) Inventory at Dec. 31 (2) Cast of Goods Sold Average cost First-in. first-out Last-in, first-out
Purchases and sales during a recent period for Coleman, Inc. are shown below; 1. Beginning inventory was 100 units at P1 each. Given this information, what is the ending inventory if the periodic FIFO costing alternative is used? 2. Beginning inventory was 100 units at P1 each. Given this information, what is the ending inventory if the periodic LIFO costing alternative is used?
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?
Rakesh