1. Goods purchased of INVTY INC during December totaled2. How many units were sold by INVTY INC during December?3. How many units should be included in INVTY, INC's inventory at December 31, 2021? The management of INVTY, INC. has engaged you to assist in the preparation of year-end (December 31) financial statements. Youare told that on November 30, the correct inventory level was 145,730 units. During the month of December, sales totaled 138,630units including 40,000 units shipped on consignment to AA Corp. A letter received from AA indicates that as of December 31, it hassold 15,200 units and was still trying to sell the remainder.A review of the December purchase orders to various suppliers shows the following:Purchase Order DateDate ShippedInvoice Date01/02/2022Quantity in UnitsDate ReceivedTerms12/31/20214,20001/02/202201/05/2022FOB Destination12/05/202101/02/20223,60012/17/202112/22/2021FOB Destination01/07/202201/02/202212/06/202101/03/20227,90001/05/2022FOB Shipping point| 12/29/202112/18/202112/22/202112/20/20218,000FOB Shipping point01/05/202201/07/202201/06/202201/07/20224,60001/04/2022FOB Destination12/27/20213,50001/05/2022FOB DestinationINVTY, INC. uses the "passing of legal title" for inventory recognition.

Name: 1. Goods purchased of INVTY INC during December totaled2. How many uni
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Description: 1. Goods purchased of INVTY INC during December totaled2. How many units were sold by INVTY INC during December?3. How many units should be included in INVTY, INC's inventory at December 31, 2021? The management of INVTY, INC. has engaged you to assi

1. In the case of FOB shipping, ownership of goods is passed from seller to buyer, when the goods…

Answered: INC during Dece

Business

Accounting

INC during Dece

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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During 2021, a company sells 280 units of inventory for $89 each. The company has the following inventory purchase transactions for 2021: Number of Units 69 169 189 Unit Cost $64 Date Transaction Jan. 1 Beginning inventory May 5 Purchase Nov. 3 Purchase Total Cost $ 4,416 10,985 12,663 $28,064 65 67 427 Calculate ending inventory and cost of goods sold for 2021 assuming the company uses FIFO. Ending inventory %24 147 Cost of goods sold
5. Gingerbread, Corp. presents the following information for inventory purchases and sales throughout the month of December. The company uses LIFO Perpetual Method for inventory. DATE TRANSACTIONS UNITS UNIT COST December 1 Beginning inventory 1,000 $1.00 December 5 Sale 500 December 20 Purchase 1,000 $1.10 December 31 Sale 500 Cost of goods sold for the month of December is ?
The following data was obtained from the records of ABC Inc., for the current year. Sales during the year were 201 units. (SHOW YOUR WORK) Jan 1, 2021 Jan 11, 2021 Jan 23, 2021 January 31 Beginning Inventory Purchases Purchases 80 units at $8 65 units at $10 55 units at $12 53 units at $14 Purchases Required: Calculate the cost of the ENDING INVENTORY and the COST OF GOODS SOLD using: a) FIFO b) LIFO c) Prepare an income statement using the FIFO method for inventory valuation. Sales were $5000 and operating expenses were $2,000. The income tax rate is 25%.
Brandeis Company's accounting records show the following for the year ending on December 31, 2022. Beginning Inventory Net Purchases Ending Inventory Using the periodic system, the cost of goods sold is $252,500 $235,000 $270,900 $208,500 $17,500 213,000 22,000 ? I hope you needed this image.
During 2021, a company sells 356 units of inventory for $93 each. The company has the following inventory purchase transactions for 2021: Number of Units 61 Unit Cost Total Cost $61 63 Date Transaction Jan. 1 Beginning inventory May 5 Purchase Nov. 3 Purchase $ 3,721 10,269 12,078 $26,068 163 183 66 407 Calculate ending inventory and cost of goods sold for 2021 assuming the company uses LIFO. Ending inventory Cost of goods sold
96) A company's inventory records indicate the following data for the month of January: Date January 1 Beginning inventory January 8 Purchase Activities January 12 January 17 Purchase Sale January 23 January 28 Purchase Sale A) $17,680. B) $18,080. C) $20,640. D) $15,040. E) $12,480. Units Acquired at Cost 360 units @ $18 = $6,480 340 units @ $20 = $6,800 400 units @ $22 = $8,800 460 units @ $24 = $11,040 Units Sold at Retail 600 units @ $70 300 units @ $70 If the company uses the LIFO periodic inventory system, what is the value of cost of goods sold?
3. Calculate January's ending inventory and cost of goods sold for the month using FIFO, perpetual system.
Seiz Company used perpetual inventory system to record inventory transactions for 2021. Inventory P 1,900,000 Sales 6,500,000 Sales returns 150,000 Cost of goods sold 4,600,000 Inventory losses 120,000 On December 24, the entity recorded a P 150,000 credit sales of goods costing P 100,000. These goods were sold on FOB destination point terms and were in transit on December 31. The goods were included in the physical count. The inventory on December 31 determined by physical count has a cost of P 2,000,000 and a net realizable value of P 1,700,000. Any inventory writedown is not yet recorded. What amount should be reported as Cost of Goods Sold for 2020? a. 5,020,000 b. 4,500,000 c. 4,720,000 d. 4,920,000
Required information Skip to question [The following information applies to the questions displayed below.] Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021: Aug.1 Inventory on hand—3,700 units; cost $7.80 each. 8 Purchased 18,500 units for $7.20 each. 14 Sold 14,800 units for $13.70 each. 18 Purchased 11,100 units for $6.40 each. 25 Sold 13,800 units for $12.70 each. 28 Purchased 5,700 units for $5.80 each. 31 Inventory on hand—10,400 units. Required:1. Using calculations based on a perpetual inventory system, determine the inventory balance Altira would report in its August 31, 2021, balance sheet and the cost of goods sold it would report in its August 2021 income statement using the FIFO method.
The following information is available for Carter Corporation for the month of June. Given this information, the ending inventory balance using the average cost method is?