Historical cost Units purchased Units soldRice Company used FIFO. There were 8,000 uníts on Januari.1 costing P400,000.First quarterSecond quarterThird quarterFourth quarter410,000550,000425,000630,0007,0008,5006,5009,0007,5007,3008,2007,000'The current cost per unit of inventory was P57 on January 1and P71 on December 31.1. What amount should be reported as inventory onDecember 31 at current cost?a. 576,000-b. 585,000c. 630,000d. 639,000с.2. What amount should be reported as unrealized gain oninventory for the current year?а. 126,000b.54,000с.9,000d.3. In the income statement restated to current cost, whatamount should be reported as cost of goods sold for thecurrent year?а. 1,920,000b. 1,944,000c. 2,100,000d. 2,130,000.4. What amount should be reported as realized holding gainon inventory for the current year?a. 345,000b. 135,000230,000Ca. Sc75,000 Vwith CamScannerс.

Name: Historical cost Units purchased Units soldRice Company used FIFO. The
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Description: Historical cost Units purchased Units soldRice Company used FIFO. There were 8,000 uníts on Januari.1 costing P400,000.First quarterSecond quarterThird quarterFourth quarter410,000550,000425,000630,0007,0008,5006,5009,0007,5007,3008,2007,000'The cur

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Business

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Historical cost Units purchased Units sold Rice Company used FIFO. There were 8,000 umíts on 1 costing P400,000. January First quarter Second quarter Third quarter Fourth quarter 410,000 550,000 425,000 630,000 7,000 8,500 6,500 9,000 7,500 7,300 8,200 7,000' The current cost per unit of inventory was P57 on January 1 and P71 on December 31. 1. What amount should be reported as inventory on December 31 at current cost? a. 576,000· b. 585,000 c. 630,000 d. 639,000

Historical cost Units purchased Units sold Rice Company used FIFO. There were 8,000 umíts on 1 costing P400,000. January First quarter Second quarter Third quarter Fourth quarter 410,000 550,000 425,000 630,000 7,000 8,500 6,500 9,000 7,500 7,300 8,200 7,000' The current cost per unit of inventory was P57 on January 1 and P71 on December 31. 1. What amount should be reported as inventory on December 31 at current cost? a. 576,000· b. 585,000 c. 630,000 d. 639,000

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 16E: Dollar-Value LIFO A company adopted the LIFO method when its inventory was 1,800. One year later its...

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Dollar-Value LIFO A company adopted the LIFO method when its inventory was 1,800. One year later its ending inventory was 2,100, and costs had increased 5% during the year. Required: What is the ending inventory using dollar-value LIFO? Round to the nearest dollar.
Trini Company had the folowing transactions for the month. Number Cost of Units per Unit Totat Beginning inventory 1,080 $22 S23,760 Purchased May 31 1,040 23 23,920 Purchased Jul. 15 1,340 26 34, 840 Purchased Nov. 1 1,240 27 33,480 Totals (goods available) 4,700 116,000 Ending inventory 910 Cakulate the ending inventory dollar value for each of the following cost allocation methods, using periodic inventory updating. Round your intermediate calculations to 2 decimal places and final answers to the nearest dollar amount. Ending Inventory A. First-in, First-out (FIFO) B. Last-in, First-cut (LIro) C. Weighted Average (AVG)
HUUW OL UE enu UI e aun aLUu U eUu, LELem aL Unit Cost $ 45 Transactions Units Beginning inventory, January 1 Transactions during the year: a. Purchase, January 30 b. Sale, March 14 ($100 each) c. Purchase, May 1 d. Sale, August 31 (S160 each) 1, 600 2, 300 (1, 250) 1,000 (1,500) 49 75 Assuming that for Specific identification method (item id) the March 14 sale was selected two-fifths from the beginning inventory and three-fifths from the purchase of January 30. Required: 1. Compute the amount of goods available for sale, ending inventory, and cost of goods sold at December 31 under each of the following inventory costing methods: a. Last-in, first-out b. Weighted average cost. c First-in, first-out. d. Specific identification, assuming that 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…
Bonita Company reports the following for the month of June. June 1 (a1) 12 23 Inventory 270 Purchase Purchase Units 420 310 30 Inventory 100 Save for Later Weighted Average Unit Cost $ eTextbook and Media Unit Cost $7 8 9 Total Cost $1,890 Calulate weighted average unit cost. (Round answer to 2 decimal places, e.g. 15.25.) 3,360 2,790
The total unit sale in the month of January OMR 150,000. 1st January Inventory OMR 50,000. December 31st Inventory OMR 80,000. Calculate the total production Select one: O a. 160,000 Units O b. 180,000 Units O c. 120,000 Units O d. 100,000 Units
Pro Yake Problem 11-16 (IAA) many cost Massive Company provided the following information for The e order current year: Units Unit cost Total cost 1,500 1,750 2,000 300,000 525,000 1,000,000 By ex gather 200 January 1 Inventory on hand April October 1 Purchase 300 3 Purchase 500 The entity sold 400 units on June 25 and 400 on December 10. What is the weighted average cost of the inventory at year-end? Ending Total co Cost of Cost of Gross p a. 350,000 b. 400,000 c. 730,000 d. 365,000 July 1 Problem 11-17 (IAA) 10 Total pur Jailbird Company provided the following data about inventory for the month of January: 1. What a. 10 b. 14 C. Units Total cost Unit cost 2,240,000 600,000 Jan. 1 Beginning 5 Purchase 10 Sale 15 Purchase 16 Purchase return 25 Sale 26 Sale return 31 Purchaon 16,000 4,000 15,000 20,000 1,000 8,000 4,000 140 150 3,200,000 160,000 d. 2. How m 160 160 a. 242 b. 140 C. 500,000 30
The related data of Finland Company: Quantity Unit cost January 1 800 P200 January 12 600 220 January 24 280 230 At month-end, the physical count show 350 units remained. The entity rounds off the unit cost in 2 decimal places. Under FIFO, how much is the cost of ending inventory?
O Unit O Acc G the G Whe G A me O Que. O Chap GA me acco Accc O Ac Accc acco om etakeAssignmeniMam.do?nvoker 8takeAssignmentSessiont ocator-8inprogr Assume the beginning inventory as of January 1 consisted of 500 units that were purchased for $8.25 each. During the month, three new purchases were made. The first purchase consisted of 700 units costing $8.50 each, the second purchase had 800 units costing $9.00 each, and the third purchase had 600 units costing $9.50 each. At the end of the month, ending inventory shows 700 units. Compute the cost of goods sold and the ending inventory for the company using each of the following methods. Also determine the gross margin if the total sales revenue is $43,000. a. Specific identification: Of the units sold, 300 were from the beginning inventory, 600 from the first purchase, 700 from the second purchase, and 300 from the third purchase. Cost of goods sold 24 Ending inventory %$4 Gross profit %24 b. First-in, first-out (FIFO) Cost of goods…
Joe's Products Co. had the following purchase transaction during the first quarter of its fiscal year: Number : Per of Units Unit Date Transaction Jan. 1 Beg. Inv. 50 $15 | Jan. 15 Purchase 100 $18 Feb. 15 Purchase 120 $21 March 15 Purhcase 80 $25 Joe's Products sold 170 units at $30/unit during the quarter. Of the untis sold, 20 came from beginning inventory, 30 came from the Feb. 15 purchase, and 50 came form the March 15 purchase with the remaining units coming from Jan. 15. Fill out the table below with the COGS, Ending Inventory, and Gross Margin under the four different inventory flow assumptions: Specific First-In, Last-In, Weighted Identification First-Out First-Out Average Cost Cost of Goods Sold 3,640 2,970 3,890 3,434 Ending Inventory 3,430 4,100 3,180 3,636 Gross Margin 1,460 2,130 1,210 1,666
Akira Company had the following transactions for the month. Number Cost of Units per Unit Beginning Inventory 160 $10 Purchased Mar. 31 180 15 Purchased Oct. 15 130 18 Ending Inventory 60 Calculate the ending inventory dollar value for the period for each of the following cost allocation methods, using periodic inventory updating. Round your intermediate calculations to 2 decimal places and final answers to the nearest dollar amount. Ending Inventory $ X A. First-in, First-out (FIFO) 6,640 B. Last-in, First-out (LIFO) 2$ C. Weighted Average (AVG) Feedback Check My Work FIFO and LIFO refer to the inventory 'layers' that are used to complete the order for a sale. The amount remaining after the order is 'filled' is the ending inventory amounts.
Required information Skip to question [The following information applies to the questions displayedbelow.] A company began January with 9, 000 units of its principal product. The cost of each unit is S 8. Inventory transactions for the month of January are as follows: Date of Purchase Purchases Units Unit Cost Footnote asterisk Total Cost January 10 6,000 S 9 $ 54, 000 January 18 9,000 10 90,000 Totals 15, 000 $ 144, 000 *Footnote asterisk Includes purchase price and cost of freight. Sales Date of Sale Units January 5 5,000 January 12 3, 000 January 20 6, 000 Total 14,000 10,000 units were on hand at the end of the month. 2. Calculate January's ending inventory and cost of goods sold for the month using LIFO, periodic system. LIFO Cost of Goods Available for Sale Cost of Goods Sold Periodic LIFO Ending Inventory - Periodic LIFO Number of units Cost per unit Cost of Goods Available for Sale Number of units sold Cost per unit Cost of Goods Sold Number of units in ending inventory Cost…
Tinker Bell Company has the following: Units Unit Cost ---------- -------------- Inventory, Jan. 1 8,000 $11 Purchase, June 19 13,000 12 Purchase, Nov. 8 5,000 13 If Tinker Bell has 9000 units on hand at Dec. 31, the cost of the ending inventory under FIFO is: