Hamilton Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 1:
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- Hamilton Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 1: Ending inventory Cost of goods sold Inventory, December 31, prior year For the current year: Purchase, March 21 Purchase, August 1 Inventory, December 31, current year Required: Compute ending inventory and cost of goods sold under FIFO, LIFO, and average cost inventory costing methods. Note: Round "Average cost per unit" to 4 decimal places and final answers to nearest whole dollar amount. FIFO Units LIFO 1,970 6,090 4,160 2,880 Unit Cost $ 6 Average Cost 5 3Records from FDNACCT Co. revealed the following data: Inventory, January 1 = P340,000 Physical count, December 31 = P440,000 The company uses the periodic inventory system and follows the calendar year. How much should be credited to Income Summary to reflect the ending inventory?Gladstone Company tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31. Transactions Units Unit Cost Beginning inventory, January 1 3,200 $ 45 Transactions during the year: a. Purchase, January 30 4,550 55 b. Sale, March 14 ($100 each) (2,850 ) c. Purchase, May 1 3,250 75 d. Sale, August 31 ($100 each) (3,300 ) Assuming that for the Specific identification method (item 1d) the March 14 sale was selected two-fifths from the beginning inventory and three-fifths from the purchase of January 30. Assume that the sale of August 31 was selected from the remainder of the beginning inventory, with the balance from the purchase of May 1.
- Scrappers Supplies tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period, as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31. Transactions Beginning inventory, January 1 Transactions during the year: a. Purchase on account, March 2 b. Cash sale, April 1 ($44 each) c. Purchase on account, June 30 d. Cash sale, August 1 ($44 each) Unit Units Cost 180 $ 28 290 30 (330) 230 (55) 34 TIP: Although the purchases and sales are listed in chronological order, Scrappers determines the cost of goods sold after all of the purchases have occurred. Required: 1. Compute the cost of goods available for sale, cost of ending inventory, and cost of goods sold at December 31 under each of the following inventory costing methods: (Round "Cost per Unit" to 2 decimal places.) a. Last-in, first-out. b.…please all answerNittany Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 1: Unit Units Cost Inventory, December 31, prior year. 1,860 $ 3 For the current year: Purchase, March 21 5,180 5 Purchase, August 1 Inventory, December 31, current year 2,980 4,030 6 Required: Compute ending inventory and cost of goods sold for the current year under FIFO, LIFO, and average cost inventory costing methods. Note: Round "Average cost per unit" to 2 decimal places and final answers to nearest whole dollar amount. Ending inventory Cost of goods sold FIFO LIFO Average Cost
- Penultimate Company uses a perpetual inventory system and has a December 31 year-end. Its records show the following data for the current year: Inventory beginning of year per General Ledger - 36,450 Inventory end of year unadjusted per General Ledger - $35,000 Purchases during the year - $60,000 Physical inventory count end of year - 43,900 Accounts Payable invoices dated December for inventory purchases ordered but in transit at year end - $6,000 Trade terms with suppliers – Net 30 days, FOB destination Required 1: Assuming no other transaction happened, what value will show on Penultimate's year end balance sheet for inventory? $ Required 2: Assuming no other transaction happened, what value will show on Ultimate's Income Statement as the Cost of Goods Sold? $ Required 3: Assuming no other transaction happened, what was the amount of Merchandise Available For Sale? $Please helpNittany Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 1: Inventory, December 31, prior year For the current year: Purchase, March 21 Purchase, August 1 Inventory, December 31, current year Required: Unit Units Cost 1,850 $ 3 5,040 2,930 56 4,140 Compute ending inventory and cost of goods sold for the current year under FIFO, LIFO, and average cost inventory costing methods. Note: Round "Average cost per unit" to 2 decimal places and final answers to nearest whole dollar amount. Ending inventory Cost of goods sold FIFO LIFO Average Cost
- Orion Iron Corporation tracks the number of units purchased and sold throughout each year but applies its inventory costing method perpetually at the time of each sale, as if it uses perpetual inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31. Transactions a. Inventory, Beginning For the year: b. Purchase, April 11 c. Purchase, June 1 d. Sale, May 1 (sold for $47 per unit) e. Sale, July 3 (sold for $47 per unit) f. Operating expenses (excluding income tax expense), $18,700 Required: Units 300 Unit Cost $ 19 900 17 800 20 300 680 Calculate the cost of ending inventory and the cost of goods sold using the FIFO and LIFO methods. FIFO LIFO Cost of Ending Inventory $ 19,740 Cost of Goods Sold $ 17,260 $ 18,700Scoresby Incorporated tracks the number of units purchased and sold throughout each year but applies its inventory costing method at the end of the year, as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31. Transactions a. Inventory, Beginning For the year: b. Purchase, March 5 c. Purchase, September 19 d. Sale, April 15 (sold for $75 per unit) 00 8 e. Sale, October 31 (sold for $78 per unit) f. Operating expenses (excluding income tax expense), $607,000 Required: 1. Calculate the number and cost of goods available for sale. 2. Calculate the number of units in ending inventory. Units 4,000 Unit Cost $ 30 10,000 31 6,000 4,400 9,000 33 3. Compute the cost of ending inventory and cost of goods sold under (a) FIFO, (b) LIFO, and (c) weighted average cost. 4. Prepare an income statement that shows the FIFO method, LIFO method and weighted average method. 6. Which inventory…Scoresby Incorporated tracks the number of units purchased and sold throughout each year but applies its inventory costing method at the end of the year, as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31. Transactions a. Inventory, Beginning. For the year: Complete this question by entering your answers in the tabs below. b. Purchase, March 5 c. Purchase, September 19 d. Sale, April 15 (sold for $69 per unit) e. Sale, October 31 (sold for $72 per unit) f. Operating expenses (excluding income tax expense), $406,000 Required: 1. Calculate the number and cost of goods available for sale. 2. Calculate the number of units in ending inventory. 3. Compute the cost of ending inventory and cost of goods sold under (a) FIFO, (b) LIFO, and (c) weighted average cost. 4. Prepare an income statement that shows the FIFO method, LIFO method and weighted average method. 6. Which inventory…