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Business

Accounting

how much is the ending inventory using the weighted average method?

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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The Luann Company uses the periodic inventory system. The following July data are for an item in Luann's inventory: July 1 Beginning inventory 30 units @ 10 Purchased $9 per unit 50 units @ $11 per unit 15 Sold 60 units 26 Purchased 25 units @ $13 per unit Calculate the cost of goods sold for July and ending inventory at July 31 using (a) first-in, first-out, (b) last-in, first-out, and (c) the weighted-average cost methods. Note: Round your cost per unit to three decimal places, if needed. Then round your final answers to the nearest dollar. A. First-in, First-out: Ending Inventory Cost of Goods Sold: B. Last-in, first-out: Ending Inventory Cost of Goods Sold: C. Weighted-average cost: Ending Inventory Cost of Goods Sold
Bridgeport Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information for the month of May. Inventory, May 1 $ 165,300 Purchases (gross) 619,800 Freight-in 30,100 Sales revenue 940,100 Sales returns 68,700 Purchase discounts 11,600 Compute the estimated inventory at May 31, assuming that the gross profit is 25% of net sales. The estimated inventory at May 31 2$4 %24
Given below is information about beginning inventory and purchases for the current year for Peterson Company. January 2 beginning inventory 500 units at $3.00 April 2 purchased 1100 units at $3.20 June 30 purchased 400 units at $4.00 December 7 purchased 1600 units at $4.40 Sales during the year were 2700 units at $5.00. If Peterson used the weighted-average (periodic) method, what is gross profit?
A company reports the following: Line Item Description Amount Cost of goods sold $2,007,500 Average inventory 182,500 Determine (a) the inventory turnover and (b) the days’ sales in inventory. Round your answers to one decimal place. Assume a 365-day year. Line Item Description Answer a. Inventory turnover b. Days’ Sales in Inventory
Aztec Corporation uses a periodic inventory system and the retail inventory method to estimate ending inventory and cost of goods sold. The following data are available for the month of September: Cost Retail Beginning inventory $ 29,000 $ 46,000 Net purchases 14,500 ? question mark Net markups 10,700 Net markdowns 2,700 Net sales ? question mark The company used the average cost flow method and estimated inventory at the end of September to be $24,998.00. If the company had used the LIFO cost flow method, the cost-to- retail percentage would have been 50%. Required: Compute net purchases at retail and net sales for the month of September using the information provided.
Akira Company had the following transactions for the month. Numberof Units TotalCost Beginning inventory 140 $1,400 Purchased Mar. 31 190 2,280 Purchased Oct. 15 160 2,400 Total goods available for sale 490 6,080 Ending inventory 70 ? Calculate the gross margin for the period for each of the following cost allocation methods, using periodic inventory updating. Assume that all units were sold for $29 each. Round your intermediate calculations to 2 decimal places and final answers to the nearest dollar amount. Gross Margin A. First-in, First-out (FIFO) $fill in the blank 1 B. Last-in, First-out (LIFO) $fill in the blank 2 C. Weighted Average (AVG) $fill in the blank 3
Akira Company had the following transactions for the month. Number Total of Units Cost Beginning inventory 130 $1,300 Purchased Mar. 31 180 2,160 Purchased Oct. 15 150 2,250 Total goods available for sale 460 5,710 Ending inventory 50 Calculate the gross margin for the period for each of the following cost allocation methods, using periodic inventory updating. Assume that all units were sold for $30 each. Round your intermediate calculations to 2 decimal places and final answers to the nearest dollar amount. Gross Margin A. First-in, First-out (FIFO) B. Last-in, First-out (LIFO) C. Weighted Average (AVG) %24 %24
Compute the average days in inventory rounded to the nearest whole day based on the following data: Sales revenue $275,000 Cost of goods sold 100,000 Beginning inventory 35,000 Ending inventory 45,000
The beginning inventory at Dunne Co. and data on purchases and sales for a three-month period ending June 30 are as follows: Number Date Transaction of Units Per Unit Total Apr. 3 Inventory 25 $1,200 $30,000 8 Purchase 1,240 75 93,000 11 Sale 40 2,000 80,000 30 Sale 30 2,000 60,000 May 8 Purchase 60 1,260 75,600 10 Sale 50 2,000 100,000 19 Sale 20 2,000 40,000 28 Purchase 80 1,260 100,800 June 5 Sale 40 2,250 90,000 16 Sale 25 2,250 56,250 21 Purchase 35 1,264 44,240 28 Sale 44 2,250 000'66 Required: 1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibit 3, using the first-in, first-out method. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Goods Sold Unit Cost column and in the Inventory Unit Cost column.
Aztec Corporation uses a periodic inventory system and the retail inventory method to estimate ending inventory and cost of goods sold. The following data are available for the month of September: Cost Retail Beginning inventory $23,000 $ 37,000 Net purchases 11,500 ?question mark Net markups Net markdowns Net sales ?question mark The company used the average cost flow method and estimated inventory at the end of September to be $19,607.50. If the company had used the LIFO cost flow method, the cost-to-retail percentage would have been 50%. 4,200 1,200 Required: Compute net purchases at retail and net sales for the month of September using the information provided. Note: Do not round your intermediate calculations.
Use FIFO to determine the cost of the ending inventory. Assume 35 FitBits in inventory at the end of the year. b. What was the Cost of Goods Sold (COGS)?