Inventory Costing Methods-Periodic Method The following information is for the Bud Company; the company sells just one product: Beginning Inventory Purchases: Feb. 11 May 18 Oct. 23 At year-end, there was an ending inventory of 340 units. Assume the use of the periodic inventory method. Calculate the value of ending inventory and the cost of goods sold for the year using (a) first-in, first-out, (b) last-in, first-out, and (c) the weighted- average cost method. A. First-in, First-out: Do not round until your final answers. Round your answers to the nearest dollar. Ending Inventory $ Cost of goods sold $ B. Last-in, first-out: Ending Inventory $ Cost of goods sold $ Units Unit Cost 200 $10 500 14 400 16 100 22 C. Weighted Average Ending Inventory $ Cost of goods sold $ 0 0 0 0 0 0

Inventory Costing Methods-Periodic Method The following information is for the Bud Company; the company sells just one product: Beginning Inventory Purchases: Feb. 11 May 18 Oct. 23 At year-end, there was an ending inventory of 340 units. Assume the use of the periodic inventory method. Calculate the value of ending inventory and the cost of goods sold for the year using (a) first-in, first-out, (b) last-in, first-out, and (c) the weighted- average cost method. A. First-in, First-out: Do not round until your final answers. Round your answers to the nearest dollar. Ending Inventory $ Cost of goods sold $ B. Last-in, first-out: Ending Inventory $ Cost of goods sold $ Units Unit Cost 200 $10 500 14 400 16 100 22 C. Weighted Average Ending Inventory $ Cost of goods sold $ 0 0 0 0 0 0

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Description: Inventory Costing Methods-Periodic MethodThe following information is for the Bud Company;the company sells just one product:Beginning InventoryPurchases:Feb. 11May 18Oct. 23At year-end, there was an ending inventory of 340units. Assume the use of t

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 following lots of a particular commodity were available for sale during the year Beginning inventory 10 units at $49 First purchase 18 units at $50 Second purchase 20 units at $20 Third purchase 14 units at $59 The firm uses the periodic system, and there are 21 units of the commodity on hand at the end of the year. What is the ending inventory balance at the end of the year rounded to nearest dollar according to the average cost method? Do not round intermediate calculations. Oa. $886 Ob. $1.029 Oc. $1,040 Od. $966
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Inventory Costing Methods and the Periodic MethodKay & Company experienced the following events in March: Date Event Units Unit Cost Total Cost Mar. 1 Purchased inventory 100 @ $16 $1,600 Mar. 3 Sold inventory 60 Mar. 15 Purchased inventory 100 @ 18 $1,800 Mar. 20 Sold inventory 40 If Kay & Company uses the weighted-average cost method, calculate the company’s cost of goods sold and ending inventory as of March 31 assuming the periodic method.(Round answer to two decimal places, if needed.)
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Please make a weighted average- perpetual chart
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1 Required information [The following information applies to the questions displayed below.] A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 280 units. Ending inventory at January 31 totals 130 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 January 1 Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. Note: Round your per unit costs to 2 decimal places. Date January 9 Average cost January 9 January 25 Average cost January 25 January 26 Total January 26 Goods purchased # of units Units 250 60 100 Cost per unit Unit Cost $ 2.30 2.50 2.64 Weighted Average - Perpetual: Cost of Goods Sold # of units sold Cost per Cost of Goods unit Sold # of units Inventory Balance Cost per unit Inventory Balance
FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 34 units at $48 Sale 31 units at $70 First purchase 39 units at $50 Sale 31 units at $71 Second purchase 16 units at $52 Sale 11 units at $73 The firm uses the perpetual inventory system, and there are 16 units of the item on hand at the end of the year. a. What is the total cost of the ending inventory according to FIFO? $4 b. What is the total cost of the ending inventory according to LIFO? $
Culver Corporation uses a periodic inventory system and reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 116 $4 $464 12 Purchases 464 6 2,784 23 Purchases 290 8 00 2,320 30 Inventory 270 (a) Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (For calculation purposes, round average cost to 3 decimal places, eg. 5.275. Round answers to O decimal places, e.g. 125.) FIFO The cost of the ending inventory $ The cost of goods sold $ LIFO $ $ Average-Cost
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