Inventory Costing Methods-Perpetual Method The following information is for the Vista Company; the company sells just one product: Beginning Inventory Purchases: Sales: A. First-in, First-out: Jan. 1 Feb. 11 May 18 Oct. 23 March 1 July 1 Calculate the value of ending inventory and cost of goods sold using the perpetual method and (a) first- in, first-out, (b) last-in, first-out, and (c) the weighted- average cost methods. Do not round until your final answers. Round your final answers to the nearest dollar. B. Last-in, first-out: Ending Inventory $ Cost of goods sold $ Ending Inventory $ Cost of goods sold $ C. Weighted Average Units Unit Cost 200 $10 500 14 400 17 100 18 400 380 Ending Inventory $ Cost of goods sold $ 0 0 0 0 0 0

Inventory Costing Methods-Perpetual Method The following information is for the Vista Company; the company sells just one product: Beginning Inventory Purchases: Sales: A. First-in, First-out: Jan. 1 Feb. 11 May 18 Oct. 23 March 1 July 1 Calculate the value of ending inventory and cost of goods sold using the perpetual method and (a) first- in, first-out, (b) last-in, first-out, and (c) the weighted- average cost methods. Do not round until your final answers. Round your final answers to the nearest dollar. B. Last-in, first-out: Ending Inventory $ Cost of goods sold $ Ending Inventory $ Cost of goods sold $ C. Weighted Average Units Unit Cost 200 $10 500 14 400 17 100 18 400 380 Ending Inventory $ Cost of goods sold $ 0 0 0 0 0 0

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Description: Inventory Costing Methods-Perpetual MethodThe following information is for the Vista Company;the company sells just one product:Beginning Inventory Jan. 1Purchases:Feb. 11May 18Oct. 23March 1July 1Sales:Calculate the value of ending inventory and co

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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Weighted Average Cost Flow Method Under Perpetual Inventory System The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 4,000 units at $20 Apr. 19 Sale 2,500 units June 30 Purchase 6,000 units at $24 Sept. 2 Sale 4,500 units Nov. 15 Purchase 1,000 units at $25 The firm uses the weighted average cost method with a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale. Present the data in the form illustrated in Exhibit 5. Round unit cost to two decimal places, if necessary. Schedule of Cost of Goods SoldWeighted Average Cost Flow Method Purchases Cost of Goods Sold Inventory Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Jan. 1 fill in the blank 1 $fill in the blank 2 $fill in the blank 3 Apr. 19 fill in the blank 4 $fill in the blank 5 $fill in the blank 6 fill in the blank 7…
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Inventory Write-Down The following information is taken from Aden Company's records: Product Group Units Cost/Unit Market/Unit A 1 600 $1.10 $0.90 B 1. 250 1.50 1.55 200 4.90 5.15 D. 100 6.50 6.40 3 80 25.00 24.60 Required: What is the correct inventory value if the company applies the LCNRV rule to each of the following? a. Individual items Product A 540 Product B 450 x Product C 980 Product D 640 Product E 1,968 V Total inventory value 4,578 x b. Groups of items Group 1 1,005 x Group 2 1,630 Group 3 1,968 Total inventory value 4,603 x c. The inventory as a whole Total inventory value 4,643 x %24 %24 %24 %24
Problem 1 of 2 (note additional problem below): Calculate the cost of goods sold dollar value and the value of ending inventory for En Cee Yo0 Company for the sale on March 11, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for (a) first-in, first-out (FIFO); (b) last-in, first-out (LIF0); and (c) weighted average (AVG). You must show your work and calculations--answers that are correct but do not show calculations are graded as a zero grade. Place your answers in the shaded cells. Number of Units Unit Cost 110 $ Beginning inventory, March 1 Purchased inventory, March 8 86 140 $ 90 Sold inventory for $110 per unit, March 11 95 If you use the FIFO method, the dollar value of COGS is → and the dollar value of ending inventory is- If you use the LIFO method, the dollar value of COGS is - and the dollar value of ending inventory is- If you use the Weighted Average method, the dollar value of…
Required information The following information applies to the questions displayed below] Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date March 1 March 5 Harch 9. March 18 March 25 March 29 Total Perpetual FIFO Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals Date March 1 March 5 March 18 March 25 Complete this question by entering your answers in the tabs below. Perpetual LIFO 3. Compute the cost assigned to ending inventory using (a) FIFO. (b) LIFO. (c) weighted average, and (d) specific identification. For specific identification, units sold include 80 units from beginning inventory. 340 units from the March 5 purchase. 40 units from the March 18 purchase, and 120 units from the March 25 purchase. Weighted Average Goods Available for Sale # of units 400 120 200 720 Specific Id Compute the cost assigned to ending inventory using specific identification. For specific…
Inventory Costing Methods Oppenheimer Inc. reported the following information for the month of May: Inventory, May 1 58 units @ $18 Purchase: Мay 7 48 units @ $20 May 18 61 units @ $21 May 27 40 units @ $22 During May, Oppenheimer sold 133 units. The company uses a periodic inventory system. Required: What is the value of ending inventory and cost of goods sold for May under the following assumptions. Assumption Cost of Goods Sold Ending Inventory 1. Of the 133 units sold, 49 cost $18, 34 cost $20, 46 cost $21, and 4 cost $22. $ 2. FIFO %$4 3. LIFO 2$ 4. Weighted average method (Round average unit cost to the nearest cent, $ and round all other calculations and your final answers to the nearest dollar.)
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