Grother Company uses the periodic inventory method and had thefollowing inventory information available: Units Unit Cost Total Cost 1/1Beginning Inventory 100 $4 $ 400 1/20 Purchase 500 $52,500 7/25Purchase 100 $7 700 10/20 Purchase 300 $8 2,400 1,000 $6,000Aphysical count of inventory on December 31 revealed that there were 350units on hand. Instructions Answer the following independent questions andshow computations supporting your answers.1. Assume that the company uses the FIFO method. The value of theending inventory at December 31 is $2. Assume that the company uses the average cost method. The value ofthe ending inventory on December 31 is $3. Assume that the company uses the LIFO method. The value of theending inventory on December 31 is $4. Determine the difference in the amount of income that the companywould have reported if it had used the FIFO method instead of the LIFOmethod. Would income have been greater or less?.

DateUnitRateCost Jan-011004400Jan-2050052500Jul-251007700Oct-2030082400Less Cost of goods available…

Answered: Grother Company uses the periodic…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Filimonov Inc. has the following information related to purchases and sales of one of its inventory items: Date Description Units Purchased at Cost Units Sold at Retail June 1 Beginning Inventory 150 units @ $5 = $750 9 Purchase 1 200 units @ $12 = $2,400 14 Sale 1 300 units @ $25 22 Purchase 2 250 units @ $14 = $3,500 29 Sale 2 225 units @ $25 Assume that Filimonov uses a periodic 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.) Cost of goods sold Cost of ending inventory
Suppose that Target Corporation uses the periodic inventory system to account for inventories and has the following information at October 31. October 1 Beginning inventory 400 units $12.00 = $4,800 8 Purchase 800 units @ $12.40 = 9,920 16 Purchase 600 units @ $12.80 = 7,680 24 Purchase 200 units @ $13.60 = 2,720 Total units and cost 2,000 units $25,120 (a) Determine the ending inventory using the FIFO cost assumption if 500 units remain on hand at October 31. Ending inventory $
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can you please check to see if i did the journal entries correctly? The following inventory transactions occurred at Zapata, Inc., which uses a perpetual inventory system: October 2 Purchased 50 units of inventory from a supplier on credit. The goods cost $30 each and the credit terms were 2/10, n/30. The shipping costs were $100 under the terms FOB destination and Zapata received the inventory on October 3rd. October 4 Returned 5 units of inventory from the October 2nd transaction to the supplier. October 6 Sold 15 of the units purchased on October 2nd for $50 each to customers for cash. October 7 October 10 Accepted a return of one unit of inventory from an October 6th customer for a cash refund. Established a petty cash fund for $300. October 11 October 15 October 28 Paid the supplier for one-half of the inventory purchased on October 2nd, net of any returns. Used $20 out of petty cash to pay for stamps (postage expense). Purchased 10 units of…
Subject: accounting
Mel Company uses the periodic inventory method and had the following inventory information available: Units Unit Cost Total Cost $4 $400 $5 $2,000 $7 $1,400 $8 $2,400 1/1 Beginning inventory 1/20 Purchase 7/25 Purchase 10/2 Purchase 0 Total 100 400 200 300 1,000 $6,200 A physical count of inventory on 12/31 revealed there were 300 units on hand (meaning 700 were sold). Assume the company uses the average cost method. The dollar amount assigned to Ending Inventory is O $1,860. $2,480. $1,800. $4,340.
Perez Company had the following information for the year ending December 31: Units Unit Cost Beginning inventory 360 $34 Purchase: April 6 290 35 Sale: May 4 380 Purchase: July 19 590 39 Sale: September 9 450 Purchase: October 10 140 45 Perez uses the perpetual inventory system and the FIFO method. Required: Using FIFO (a) Compute the cost of ending inventory. (b) Compute the cost of goods sold for the year. Cost of ending inventory Cost of goods sold
Trying to figured out answer 2,3,4. I already answered question one correctly. Thnak you for looking this over. Inventory Costing Methods VanderMeer Inc. reported the following information for the month of October: Inventory, October 1 69 units @ $18 Purchase: October 7 48 units @ $20 October 18 66 units @ $22 October 27 44 units @ $23 During October, VanderMeer sold 146 units. The company uses a periodic inventory system. Required: What is the value of ending inventory and cost of goods sold for October under the following assumptions. Assumption Cost of Goods Sold Ending Inventory 1. Of the 146 units sold, 58 cost $18, 34 cost $20, 50 cost $22, and 4 cost $23. 2916 1750 2. FIFO ? 3. LIFO ? ? 4. Weighted average method (Round average unit cost to the nearest cent,and round all other calculations and your final answers to the nearest dollar.) ? ?
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Luna Corporation was established in 2021. The company authorized 15,000 shares of Preferred Stock; the par value is $100.00 per share and 5% cumulative stock. Common stock was authorized at 100,000 shares with a par value of $5.00 per share. Prepare the following transactions in the proper journal entry form. Calculate the number of outstanding shares of Common Stock Luna Company has as of June 30.
Some of the information found on a detail inventory card for Blossom Inc. for the first month of operations is as follows. Date January 2 (a1) 7 10 13 18 20 23 26 28 31 Received No. of Units 1,500 900 1,300 1,600 1,900 Unit Cost $5.01 5.34 5.51 5.68 5.85 Issued, No. of Units 1,000 800 600 1,100 1,100 1,600 Balance, No. of Units 1,500 500 1,400 600 1,300 200 1,800 700 2,600 1,000
The inventory accounting records for Lee Enterprises contained the following data: Beginning inventory 400 units at $13 each Purchase 1, Feb. 26 2,300 units at $14 each Sale 1, March 9 2,500 units at $27 each Purchase 2, June 14 2,200 units at $15 each Sale 2, Sept. 22 2,100 units at $29 each Required: 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.) FIFO LIFO Average cost Cost of ending inventory Cost of goods sold

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