Inventory by Three Methods; Cost of Goods Sold The units of an item available for sale during the year were as follows: 21 units at $1,800 30 units at $1,950 12 units at $2,040 17 units at $2,100 There are 20 units of the item in the physical inventory at December 31. Determine the cost of ending inventory and the cost of goods sold by three methods, presenting your answers in the following form: Round your final answers to the nearest dollar. Jan. 1 May 15 Aug. 7 Nov. 20 Inventory Purchase Purchase Purchase Inventory Method a. First-in, first-out method b. Last-in, first-out method c. Weighted average cost method Feedback Ending Inventory Cost of Goods Sold $ 114,660 ✓ $ 0 X 0 X Cost 0 X $ $ 0 X 0 X

Inventory by Three Methods; Cost of Goods Sold The units of an item available for sale during the year were as follows: 21 units at $1,800 30 units at $1,950 12 units at $2,040 17 units at $2,100 There are 20 units of the item in the physical inventory at December 31. Determine the cost of ending inventory and the cost of goods sold by three methods, presenting your answers in the following form: Round your final answers to the nearest dollar. Jan. 1 May 15 Aug. 7 Nov. 20 Inventory Purchase Purchase Purchase Inventory Method a. First-in, first-out method b. Last-in, first-out method c. Weighted average cost method Feedback Ending Inventory Cost of Goods Sold $ 114,660 ✓ $ 0 X 0 X Cost 0 X $ $ 0 X 0 X

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Description: <Inventory by Three Methods; Cost of Goods SoldThe units of an item available for sale during the year were as follows:Jan. 1May 15Aug. 7InventoryNov. 20Purchase12 units at $2,04017 units at $2,100There are 20 units of the item in the physical inven

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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Calculate the cost of goods sold dollar value for A67 Company for the month, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for weighted average (AVG). Round your intermediate calculations to 2 decimal places and final answers to the nearest dollar amount. Numberof Units Unit Cost Sales Beginning inventory 830 $70 Purchased 630 72 Sold 400 $80 Sold 350 90 Ending inventory 710
Periodic inventory by three methods; cost of goods sold The units of an item available for sale during the year were as follows: Jan. 1 Inventory 50 units at $124 Mar. 10 Purchase 50 units at $132 Aug. 30 Purchase 30 units at $136 Dec. 12 Purchase 70 units at $140 There are 80 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the ending inventory cost and the cost of goods sold by three methods. Round interim calculations to one decimal and final answers to the nearest whole dollar. Cost of Ending Inventory and Cost of Goods Sold Inventory Method Ending Inventory Cost of Goods Sold First-in, first-out (FIFO) $fill in the blank 1 $fill in the blank 2 Last-in, first-out (LIFO) fill in the blank 3 fill in the blank 4 Weighted average cost fill in the blank 5 fill in the blank 6
Calculate the cost of goods sold dollar value for A66 Company for the month, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for last-in, first-out (LIFO). Number of Units Unit Cost Sales Beginning inventory 880 $50 Purchased 600 52 Sold 400 $100 Sold 350 110 Ending inventory 730 LIFO (perpetual) Inventory Cost of Goods Purchased Cost of Goods Sold Cost of Inventory Remaining Number Number Number of units Unit Cost Total Cost of units Unit Cost Total Cost of units Unit Cost Total Cost Beginning Purchase Sale Sale Total Purchases Total COGS
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Inventory by Three Methods; Cost of Goods Sold The units of an item available for sale during the year were as follows: Inventory 10 units at $970 each Purchase 45 units at $960 each July 28 Purchase 30 units at $890 each November 1 Purchase 15 units at $920 each There are 35 units of the item in the physical inventory at December 31. Determine the cost of ending inventory and the cost of goods sold by three methods, presenting your answers in the following form: Cost 4 Ending Inventory January 1 June 9 Inventory Method a. First-in, first-out- b. Last-in, first-out c. Weighted average Feedback X 32,690 ✔ Cost Cost of Goods Sold
Periodic inventory by three methods; cost of goods sold The units of an item available for sale during the year were as follows: Jan. 1 Inventory 40 units at $108 Mar. 10 Purchase 70 units at $116 Aug. 30 Purchase 30 units at $122 Dec. 12 Purchase 60 units at $128 There are 80 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the ending inventory cost and the cost of goods sold by three methods. Round interim calculations to one decimal and final answers to the nearest whole dollar. Cost of Ending Inventory and Cost of Goods Sold Inventory Method Ending Inventory Cost of Goods Sold First-in, first-out (FIFO) $ Last-in, first-out (LIFO) Weighted average cost
You have the following information for Van Gogh Inc. for the month ended October 31, 2025.Van Gogh uses a periodic method for inventory. Date Description Units unit cost Selling price per unit 1-Oct Beginning inventory 60 $24 9-Oct Purchase 120 $26 11-Oct Sale 100 $35 17-Oct Purchase 100 $27 22-Oct Sale 60 $40 25-Oct Purchase 70 $29 29-Oct Sale 110 $40 1. Calculate (i) ending inventory, (ii) cost of goods sold, (iii) gross profit, and (iv) gross profitrate under LIFO.2. Calculate (i) ending inventory, (ii) cost of goods sold, (iii) gross profit, and (iv) gross profit rateunder FIFO.3. Calculate (i) ending inventory, (ii) cost of goods sold, (iii) gross profit, and (iv) gross profit rateunder Average-cost (round cost per unit to three decimal places.) Please dont provide solution image based thanku
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Inventory by Three Methods; Cost of Goods Sold The units of an item available for sale during the year were as follows: Jan. 1 Inventory 21 units at $1,800 each Purchase 29 units at $1,950 each July 28 Purchase 14 units at $2,040 each Nov. 1 Purchase. 17 units at $2,100 each There are 19 units of the item in the physical inventory at December 31. Determine the cost of ending inventory and the cost of goods sold by three methods, presenting your answers in the following form: Round your final answers to the nearest dollar. June 9 Inventory Method a. First-in, first-out method. b. Last-in, first-out method c. Weighted average Ending Inventory Cost D Cost of Goods Sold
From the following, calculate the cost of ending inventory and cost of goods sold for the FIFO method, ending inventory is 58 units. Note: Round your answers to the nearest cent. Beginning inventory and purchases Units Unit cost January 1 6 $ 1.60 April 10 9 2.10 May 15 13 2.60 July 22 14 2.85 August 19 19 3.60 September 30 19 3.80 November 10 33 4.00 December 15 15 4.40 1. Cost of ending inventory 2. Cost of goods sold
The units of an item available for sale during the year were as follow: Jan 1 Inventory 14 units at $37 $518 Aug 13 Purchase 10 units at $39 390 Nov 30 Purchase 10 units at 41 410 There are 17 units of the itam in physical inventory at December 31. The Periodic inventory system is used Determine the cost of ending inventory using the weighted average cost method.