InventoryDate Quantity Unit Cost Total CostMar. 1850$98$83,3001,275$95$121,125Mar. 8650$98$63,700Mar. 11325$98$31,850Mar. 14325$98$31,850780$103$80,340Mar. 22260$98$25,480Mar. 25260$98$25,4801,800$100$180,000Study the inventory record for March and answer the questions that follow.1. Assuming that the product sells for $155 and that 85% of sales are on account, determine the gross profit from sales for March.2. Making the same assumptions as in (1), determine the ending inventory cost for March. $3. Which inventory method is being used? LIFO

Inventory Records in an entity can be made in two ways; Periodic Inventory where no proper entries…

Answered: Inventory Date Quantity Unit Cost Total…

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 units of an item available for sale during the year were as follows: Jan. 1 Inventory 14 units at $30 $420 Aug. 13 Purchase 11 units at $33 363 Nov. 30 Purchase 17 units at $35 595 Available for sale 42 units $1,378 There are 21 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the (a) first-in, first-out (FIFO) method; (b) last-in, first-out (LIFO) method; and (c) weighted average cost method (round per-unit cost to two decimal places and your final answer to the nearest whole dollar).
Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 4 units at $4,200 $16,800 Aug. 7 Purchase 15 units at $4,300 64,500 Dec. 11 Purchase 13 units at $4,400 57,200 32 units $138,500 There are 18 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using (a) the first-in, first-out (FIFO) method; (b) the last-in, first-out (LIFO) method; and (c) the weighted average cost method (Round per unit cost to two decimal places and your final answer to the nearest whole dollar). First-in, first-out (FIFO) 78,700 V a. b. Last-in, first-out (LIFO) 77,000 V Weighted average cost $ 7,790,62 X С. Feedback Y Check My VWork a. When the FIFO method is used, costs are included in tost of merchandise sold in the order in which they were purchased. b. When the LIFO method is used, the cost of the units sold is the cost of the…
A.4
Use data below to calculate the cost of ending inventory using the LIFO periodic inventory system method.January 1 Beginning Inventory 20 units at $20 eachJanuary 10 Purchase 24 units at $25 eachJanuary 31 Purchase 25 units at $28 eachOn January 31, ending Inventory consisted of 32 units. a. $750 b. $680 c. $700 d. $600
Periodic inventory using FIFO, LIFO, and weighted average cost methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 16 units at $47 $752 Aug. 13 Purchase 5 units at $50 250 Nov. 30 Purchase 9 units at $51 459 Available for sale 30 units $1,461 There are 15 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the (a) first-in, first-out (FIFO) method; (b) last-in, first-out (LIFO) method; and (c) weighted average cost method (round per-unit cost to two decimal places and your final answer to the nearest whole dollar). a. First-in, first-out (FIFO) method b. Last-in, first-out (LIFO) method c. Weighted average cost method S
The inventory records for Radford Company reflected the following Beginning inventory on May 1 First purchase on May 7 second purchase on May 17 Third purchase on May 23 1,800 units @ $5.20 1,900 units @ $5.40 2,100 units @ $5.50 1,700 units @ $5.60 Sales on May 31 5,700 units @ $7.10 What is the weighted average cost per unit for May? Multiple Choice $5.37 $5.43
Inventory prior year 12/31 1940 units at 5 current year purchases 3/21 5140 units at 7 8/1 2840 units at 8 Ending inventory 4130 i need to calculate COGS and ending inventory using Lifo, FIFO and average cost
Consider the following information: Units Cost per unit Total costs Goods in inventory at start of year 1,600 $1.92 $3,072 Purchases, quarter 1 800 $1.40 $1,120 Purchases, quarter 2 1,000 $1.60 $1,600 Purchases, quarter 3 1,200 $1.80 $2,160 Purchases, quarter 4 800 $2.00 $1,600 5,400 $9,552 Goods sold during the year: 3000 units Using the weighted-average-cost method, the value of ending inventory is:
Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 15 units at $5,000 $75,000 Aug. 7 Purchase 16 units at $5,100 81,600 Dec. 11 Purchase 11 units at $5,300 58,300 42 units $214,900 There are 17 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using (a) the first-in, first-out (FIFO) method; (b) the last-in, first-out (LIFO) method; and (c) the weighted average cost method (Round per unit cost to two decimal places and your final answer to the nearest whole dollar). а. First-in, first-out (FIFO) $4 b. Last-in, first-out (LIFO) С. Weighted average cost
Ac.
Journalize the purchase of the putters on account on the 8th. Accounts and Explanation Date Sep. 8 Merchandise Inventory Accounts Payable To record purchase of merchandise inventory on account. Debit Credit
The units of an item available for sale during the year were as follows: Date Line Item Description Units Cost per Unit Amount Jan. 1 Inventory 40 units at $165 $6,600 Aug. 13 Purchase 200 units at $180 36,000 Nov. 30 Purchase 60 units at $200 12,000 Available for sale 300 units $54,600 There are 75 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the (a) first-in, first-out (FIFO) method; (b) last-in, first-out (LIFO) method; and (c) weighted average cost method. Line Item Description Amount a. First-in, first-out (FIFO) method $fill in the blank 1 b. Last-in, first-out (LIFO) method $fill in the blank 2 c. Weighted average cost method $fill in the blank 3

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