Inventory information for Part 311 of Blossom Corp. disdoses the following information for the month of June.June 1Balance302 units @$ 17June 10Sold200 units @ $4011Purchased795 units @$ 2015Sold496 units @$4220Purchased498 units @$ 2227Sold299 units @ $45(a)Your AnswerCorrect AnswerYour answer is correct.Assuming that the periodic inventory method is used, compute the cost of goods sold and ending inventory under (1) LIFO and (2)FIFO.(1)(2)LIFOFIFOCost of Goods Sold%2420896%2418994Ending Inventory%2411094%2412996eTextbook and Media (b)X Your answer is incorrect.Assuming that the perpetual inventory method is used and costs are computed at the time ofeach withdrawal, what is the value ofthe ending inventory at LIFO?The ending inventory at LIFO%2412996eTextbook and Media

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Description: Inventory information for Part 311 of Blossom Corp. disdoses the following information for the month of June.June 1Balance302 units @$ 17June 10Sold200 units @ $4011Purchased795 units @$ 2015Sold496 units @$4220Purchased498 units @$ 2227Sold299 unit

Under the perpetual method, the cost of goods sold and the ending inventory is calculated after…

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Inventory information for Part 311 of Blossom Corp. discdloses the following information for the month of June. June 1 Balance 302 units @$ 17 June 10 Sold 200 units @$40 11 Purchased 795 units@$ 20 15 Sold 496 units@ $ 42 20 Purchased 498 units@$ 22 27 Sold 299 units @ $45

Inventory information for Part 311 of Blossom Corp. discdloses the following information for the month of June. June 1 Balance 302 units @$ 17 June 10 Sold 200 units @$40 11 Purchased 795 units@$ 20 15 Sold 496 units@ $ 42 20 Purchased 498 units@$ 22 27 Sold 299 units @ $45

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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Inventory information for Part 311 of Blue Corp. discloses the following information for the month of June. June 1 (a) 11 20 301 units @ $17 802 units @ $20 Purchased 499 units @ $21 Balance Purchased Cost of goods sold Ending inventory June 10 (1) LIFO 15 27 Sold Assuming that the periodic inventory method is used, compute the cost of goods sold and ending inventory under (1) LIFO and (2) FIFO. LA Sold Sold 195 units @ $40 496 units @ $41 300 units @ $45 (2) FIFO
The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 25 units @ $29 $725 June 16 Purchase 32 units @ $34 1,088 Nov. 28 Purchase 40 units @ $37 1,480 97 units $3,293 There are 17 units of the product in the physical inventory at November 30. The periodic inventory system is used. Round answers to the nearest whole dollar. a. Determine the inventory cost by the FIFO method. $4 b. Determine the inventory cost by the LIFO method. $4 c. Determine the inventory cost by the average cost methods.
Use the following information from Marvel Company for themonth of July. July 1 Beginning inventory 75 units @ $25 eachJuly 3 Purchase 348 units @ $27 eachJuly 8 Sale 300 unitsJuly 15 Purchase 257 units @ $28 eachJuly 23 Sale 275 units Assume that Marvel uses a periodic FIFO inventory system. What is the dollar value of its ending inventory? a. $2,940 c. $2,625 e. $2,705 b. $2,685 d. $2,852
A company's inventory records report the following in November of the current year: Beginning November 1 Purchase November 2 Purchase November 12 On November 8, it sold 12 units for $49 each. Using the LIFO perpetual inventory method, what was the amount recorded in the cost of goods sold account for the 12 units sold? Multiple Choice O O O $342 $248 $264 $378 5 units @ $19 10 units @ $21 6 units @ $23 $443
Date April 1 April 7 A company's inventory records indicate the following data for the month of April: Activities Beginning inventory Purchase Units Acquired at Cost 880 units @ $36 = $31,680 760 units @ $40 Units Sold at Retail = $30,400 April 11 Sale 1,360 units @ $110 April 16. April 22 Purchase Sale 680 units @ $44 = : $29,920 400 units @ $110 The company uses a periodic inventory system. Determine the cost assigned to ending inventory using the specific identification method. Ending inventory consists of 380 units from the April 16 purchase, 80 units from the April 7 purchase, and 100 units from beginning inventory. Multiple Choice
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FIFO Perpetual Inventory The beginning inventory of merchandise at Rhodes Co. and data on purchases and sales for a three-month period ending June 30 are as follows: Date Transaction Numberof Units Per Unit Total Apr. 3 Inventory 42 $375 $15,750 8 Purchase 84 450 37,800 11 Sale 56 1,250 70,000 30 Sale 35 1,250 43,750 May 8 Purchase 70 500 35,000 10 Sale 42 1,250 52,500 19 Sale 21 1,250 26,250 28 Purchase 70 550 38,500 June 5 Sale 42 1,315 55,230 16 Sale 56 1,315 73,640 21 Purchase 126 600 75,600 28 Sale 63 1,315 82,845 Required: 1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 3, using the first-in, first-out method. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Merchandise Sold Unit Cost…
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Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 1,045 units @ $130 Feb. 17 Purchase 1,380 units @ $132 July 21 Purchase 1,660 units @ $135 Nov. 23 Purchase 1,130 units @ $137 There are 1,205 units of the item in the physical inventory at December 31. The periodic inventory system is used. a. Determine the inventory cost by the first-in, first-out method. b. Determine the inventory cost by the last-in, first-out method. C. Determine the inventory cost by the weighted average cost method. Do not round intermediate calculation and round final answer to the nearest whole dollar. 11:52 PM 5/20/2021 DI %24 %24 %24
The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 25 units @ $29 $725 June 16 Purchase 27 units @ $34 918 Nov. 28 Purchase 44 units @ $36 1,584 96 units $3,227 There are 10 units of the product in the physical inventory at November 30. The periodic inventory system is used. a. Determine the inventory cost by the FIFO method.$fill in the blank 1 b. Determine the inventory cost by the LIFO method.$fill in the blank 2 c. Determine the inventory cost by the average cost methods. Round answer to two decimal places.$fill in the blank 3
LIFO Perpetual Inventory The beginning inventory of merchandise at Dunne Co. and data on purchases and sales for a three-month period ending June 30 are as follows: Number Date Transaction Per Unit Total of Units Apr. 3 Inventory 42 $225 $9,450 Purchase 84 270 22,680 11 Sale 56 750 42,000 30 Sale 35 750 26,250 May 8 Purchase 70 300 21,000 10 Sale 42 750 31,500 19 Sale 21 750 15.750 28 Purchase 70 330 23,100 June 5 Sale 42 790 33.180 16 Sale 56 790 44,240 21 Purchase 126 360 45,360 28 Sale 63 790 49,770 Required: 1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 4, using the last-in, first-out method. Under LIFO, if units are in inventory at two different costs, enter the units with the HIGHER unit cost first in the Cost of Merchandise Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column. Dunne Co. Schedule of Cost of Merchandise Sold LIFO Method For the…
Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 1,080 units @ $120 Feb. 17 Purchase 1,380 units @ $122 Jul. 21 Purchase 1,525 units @ $125 Nov. 23 Purchase 1,145 units @ $125 There are 1,220 units of the item in the physical inventory at December 31. The periodic inventory system is used. Do not round intermediate calculation and round final answer to nearest whole value. a. Determine the inventory cost by the first-in, first-out method.$fill in the blank 1 b. Determine the inventory cost by the last-in, first-out method.$fill in the blank 2 c. Determine the inventory cost by the weighted average cost method.$fill in the blank 3