ons | bartlebyO How many units must be in...My HomeCengageNOWv2| Online te..1eBookHow many units must be in ending inventory if beginning inventory was 12,000 units, 54,000 units were started,and 54,000 units were completed and transferred out?Units in ending inventory

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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5. A company has the following inventory details as closing balance for the fiscal year: Part F: 50 units with a book cost of $5 and replacement cost of $5.35 Part H: 75 units with a book cost of $6 and replacement cost of $5.90 Part K: 160 units with a book cost of $3 and replacement cost of $2.75 Part P: 38 units with a book cost of $11 and a replacement cost of $10.65 Required: Using the lower of cost or market (LCM) method, applied in total, prepare the journal entry to update the total value of this company's ending inventory. Work Area Date General Journal Accounts. P/R Dr Cr.
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?
The following are the transactions for the month of July. Units Unit Cost Unit Selling Price July 1 Beginning Inventory 55 $ 10 July 13 Purchase 275 11 July 25 Sold (100 ) $ 14 July 31 Ending Inventory 230 Calculate cost of goods available for sale and ending inventory, then sales, cost of goods sold, and gross profit, under FIFO. Assume a periodic inventory system is used. How would i creat a FIFO periodic table?
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 $
Balamb Corporation had the following transactions for the month: Calculate the ending inventory dollar value for the period for each of the following cost allocation methods, using periodic inventory updating. Provide your calculations. first-in, first-out (FIFO) last-in, first-out (LIFO) weighted average
Beginning Inventory at FIFO: 15 Units @ $16 = $240 Beginning Inventory at LIFO: 15 Units @ $12 = $1801. Compute the inventory turnover ratio for the month of January under the FIFO and LIFO inventory costing methods. 2. Which costing method is the more accurate indicator of the efficiency of inventory management?
! Required information [The following information applies to the questions displayed below.] Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Monson uses a perpetual inventory system. Also, on December 15, Monson sells 15 units for $39 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 10 units @ $25.00 cost 20 units@ $31.00 cost 15 units @ $33.00 cost Of the units sold, 8 are from the December 7 purchase and 7 are from the December 14 purchase. Determine the costs assigned to ending inventory when costs are assigned based on specific identification.
What is the weighted average unit cost using the following information? Beginning Inventory 11/1: 1,000 units at $25 per unit Purchase 11/10: 2,500 units at $30 per unit Purchase 11/15: 1,500 units at $20 per unit Sold 11/25: 2,500 units for $50 each $25.00 $26.00 $30.00 $36.00
The inventory records of TC show the following purchases:Month Units CostJanuary 15,000 190,500February 20,000 240,000March 12,500 165,00A physical count on March 31 shows 22,500 units on hand. What amount of inventory should be reported as of March 31, using FIFO method of costing?a. 120,000 b. 225,000 c. 280,500 d. 285,000
Calculate Inventory Carrying Cost (ICC) using the information below. annual demand ordering cost per order inventory carrying cost percentage leadtime unit value #days in the period. EOQ 1000 $75 20% 3 days $30 360 158
How many units must be in ending inventory if beginning inventory was 16,924 units, 31,777 units were started, and 34,076 units were completed and transferred out?
The following data on materials purchased and issued during the month of June were shown: the total units and cost of ending inventory under the periodic inventory system FIFO method should be:\ 2. The conversion cost is

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How many units must be in ending inventory if beginning inventory was 12,000 units, 54,000 units were started, and 54,000 units were completed and transferred out? Units in ending inventory