Graham Company uses a periodic inventory system. Details for the inventoryaccount for the month of January 2020 are as follows:Balance, 1/1/20Purchase, 1/15/20Purchase, 1/28/20Units400200200658 Units1,458 Units800 Units142 UnitsPer unit price$5.005.305.50The company sold 658 units.AHow many units are in ending inventory?Total$2,0001,0601,100

Name: Graham Company uses a periodic inventory system. Details for the inve
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Graham Company uses a periodic inventory system. Details for the inventoryaccount for the month of January 2020 are as follows:Balance, 1/1/20Purchase, 1/15/20Purchase, 1/28/20Units400200200658 Units1,458 Units800 Units142 UnitsPer unit price$5.005.

Ending inventory is the entire value or amount of items, products, or materials that remain on hand…

Business

Accounting

Graham Company uses a periodic inventory system. Details for account for the month of January 2020 are as follows: Balance, 1/1/20 Purchase, 1/15/20 Purchase, 1/28/20 Units 400 200 200 Per unit price $5.00 5.30 5.50 Total $2,000 1,060 1,100

Graham Company uses a periodic inventory system. Details for account for the month of January 2020 are as follows: Balance, 1/1/20 Purchase, 1/15/20 Purchase, 1/28/20 Units 400 200 200 Per unit price $5.00 5.30 5.50 Total $2,000 1,060 1,100

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

As of January 1, 2020, Sandhill Inc. adopted the retail method of accounting for its merchandise inventory. To prepare the store's financial statements at June 30, 2020, you obtain the following data. Inventory, January 1 Markdowns Markups Markdown cancellations Markup cancellations Purchases Sales revenue Purchase returns Sales returns and allowances (a) Cost $28,100 94,560 2,900 Selling Price $43,500 11,000 9,200 6,000 3,000 153,800 154,200 3,900 7,500 Compute Sandhill's June 30, 2020, inventory under the conventional retail method of accounting for inventories. (Round ratios for computational purposes to O decimal places, e.g. 78% and final answer to O decimal places, e.g. 28,987.) Inventory under the conventional retail method $
Crane Company uses a periodic inventory system and the average cost method. At December 31, 2025, the following information has been compiled for its finished goods inventory: Replacement value Cost Expected selling price Normal profit margin Selling costs $13100 $14900 $15380 15% 5% of expected selling price After applying LCNRV, Crane, which uses the cost of goods sold method to record inventory write-downs, will make an entry O crediting Inventory for $480. O debiting Cost of Goods Sold for $289. O crediting Cost of Goods Sold for $1800. O debiting Inventory Loss for $480.
During 2021, a company sells 280 units of inventory for $86 each. The company has the following inventory purchase transactions for 2021: Date Transaction Numberof Units UnitCost Total Cost Jan. 1 Beginning inventory 68 $ 68 $ 4,624 May 5 Purchase 166 69 11,454 Nov. 3 Purchase 190 71 13,490 424 $ 29,568 Calculate ending inventory and cost of goods sold for 2021 assuming the company uses FIFO. Ending inventory: __________ Cost of goods sold: ___________
Given the following information, determine the cost of the inventory at June 30 using the LIFO perpetual inventory method. June 1 Beginning inventory 50 units at $20 each June 15 Sale of 42 units for $50 each June 29 Purchase 42 units at $25 each The cost of the ending inventory is:
On January 1, 2019, Lexor Company adopted the dollar-value-LIFO method of inventory costing. Lexor's ending inventory records appear as follows: Year Current cost Index 2019 $ 42,000 100 (1.00) 2020 58,000 110 (1.10) 2021 60,100 120 (1.20) 2022 68,200 130 (1.30) Compute the ending inventory for the years 2019, 2020, 2021, and 2022, using the dollar-value LIFO method. Round to the nearest dollar. Show all work. You can use the previous homework template that you used for
Mist Company uses a PERIODIC inventory system. Mist had the following inventory purchases and sales during 2021: 2021 Beginning Inventory (purchased in 2020) Purchases: 60 units @ $20 per unit Purchase 1 on 3/8/21 140 units @ $28 per unit Purchase 2 on 8/5/21 50 units @ $32 per unit Sales: Sale 1 on 5/8/21 80 units @ $90 per unit Sale 2 on 9/13/21 125 units @ $90 per unit Of the items sold on 5/8/2021, 60 units were from the beginning inventory and 20 units were from 3/8/21 purchase. The 9/13/21 sale included 85 units from the 3/8/21 purchase and 40 units from the 8/5/21 purchase. Show how Mist's Balance Sheet and Income Statement would look under each of the inventory cost flow assumptions. Compute Ending Inventory, Sales, COGS, and Gross Profit under Specific Identification, Weighted Average Cost, FIFO and LIFO. Fill in your answers on the table below. SHOW YOUR WORK. Round per…
Taylor Company uses a periodic inventory system. The following is partial information from its income statements for 2019 and 2020: Beginning inventory Sales Purchases Purchase returns Ending inventory Gross profit Cost of goods sold Expenses Net income 2019 $ (b) 250,000 115,000 2,000 50,000 (a) 101,000 60,000 (c) 2020 $ (d) (f) 140,000 3,000 70,000 83,000 (e) 62,000 21,000 Required Fill in the blanks lettered a through f. (Hint: It probably is easiest to work through the blanks according to the sequential letters.) (a) Gross profit (b) Beginning inventory (c) Net income (d) Beginning inventory of 2020 $ (e) Cost of goods sold (f) Sales
During 2021, a company sells 356 units of inventory for $93 each. The company has the following inventory purchase transactions for 2021: Number of Units 61 Unit Cost Total Cost $61 63 Date Transaction Jan. 1 Beginning inventory May 5 Purchase Nov. 3 Purchase $ 3,721 10,269 12,078 $26,068 163 183 66 407 Calculate ending inventory and cost of goods sold for 2021 assuming the company uses LIFO. Ending inventory Cost of goods sold
i
During January 2019, Marta Company, which maintains a perpetual inventory system, recorded the following information pertaining to its inventory: Units Unit Cost Bal. 1/1/19 Purchased on 1/4/19 Sold on 1/20/18 Purchased on 1/25/18 Under the moving average method, what amount should Metro report as Cost of Sales on January 1,000 40 600 @ 120 900 400 @ 200 31,