Inventory information for Part 311 of Crane Corp. discloses the following information for the month of June. June 1 Balance 298 units @ $10 June 10 Sold 199 units @ $24 11 Purchased 797 units @ $12 15 Sold 497 units @ $26 20 Purchased 505 units @ $13 27 Sold 295 units @ $28 (a) Your answer is correct. Assuming that the periodic inventory method is used, compute the cost of goods sold and ending inventory under (1) LIFO and (2) FIFO. (1) (2) LIFO FIFO Cost of Goods Sold 2$ 12397 2$ 11296 Ending Inventory $ 6712 2$ 7813 eTextbook and Media Attempts: 2 of 5 used (b) Assuming that the perpetual inventory method is used and costs are computed at the time of each withdrawal, what is the value of the ending inventory at LIFO? The ending inventory at LIFO 2$

Inventory information for Part 311 of Crane Corp. discloses the following information for the month of June. June 1 Balance 298 units @ $10 June 10 Sold 199 units @ $24 11 Purchased 797 units @ $12 15 Sold 497 units @ $26 20 Purchased 505 units @ $13 27 Sold 295 units @ $28 (a) Your answer is correct. Assuming that the periodic inventory method is used, compute the cost of goods sold and ending inventory under (1) LIFO and (2) FIFO. (1) (2) LIFO FIFO Cost of Goods Sold 2$ 12397 2$ 11296 Ending Inventory $ 6712 2$ 7813 eTextbook and Media Attempts: 2 of 5 used (b) Assuming that the perpetual inventory method is used and costs are computed at the time of each withdrawal, what is the value of the ending inventory at LIFO? The ending inventory at LIFO 2$

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

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 8 units at $33 $264 Aug. 7 Purchase 18 units at $35 630 Dec. 11 Purchase 15 units at $37 555 41 units $1,449 There are 16 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). a. First-in, first-out (FIFO) $ b. Last-in, first-out (LIFO) $ c. Weighted average cost $
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 $44 $704 Aug. 13 Purchase 6 units at $45 270 Nov. 30 Purchase 7 units at $46 322 Available for sale 29 units 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 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
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 18 units at $44 Aug. 13 Purchase 9 units at $47 Nov. 30 Purchase 13 units at $48 Available for sale $1,839 There are 24 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). 40 units a. First-in, first-out (FIFO) method b. Last-in, first-out (LIFO) method c. Weighted average cost method S $792 423 624
Please see image
Beginning inventory, purchases, and sales for Item Zeta9 are as follows: Oct. 1 Inventory 49 units @ $17 7 Sale 34 units 15 Purchase 54 units @ $19 24 Sale 22 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of the goods sold on October 24 and (b) the inventory value on October 31.
The following are the transactions for the month of July. Units Unit Cost Unit Selling Price July 1 Beginning Inventory 55 $ 10 July 13 Purchase 275 11 July 25 Sold (100 ) $ 14 July 31 Ending Inventory 230 Calculate cost of goods available for sale and ending inventory, then sales, cost of goods sold, and gross profit, under FIFO. Assume a periodic inventory system is used. How would i creat a FIFO periodic table?
Compute the correct December 31 Inventory The accounting records of Larkspur Electronics show the following data Beginning inventory3,120 units at $3 Purchases7,280 units at $5 Sales 8,760 units at $8 Determine cost of goods sold during the period under a periodic inventory system using (a) the FIFO method, (b) the LIFO method, and () the average cost method
Blair Enterprises recorded inventory information for the month of September as follows: Sept. 5 Sept. 65 units at $6 each 55 units at $8 each. Sept. 29 44 units at $10 each Sept. 30 70 units Determine ending inventory cost by (a) the FIFO method, (b) the LIFO method, and (c) the weighted average cost method. Round your answers to the nearest dollar. Purchase Purchase Purchase Ending inventory. 13 FIFO method: LIFO method: Weighted average cost method: 000
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 13 units at $44 $572 Aug. 7 Purchase 18 units at $46 828 Dec. 11 Purchase 12 units at $48 576 43 units $1,976 There are 16 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). a. First-in, first-out (FIFO) $ b. Last-in, first-out (LIFO) $ c. Weighted average cost $
The Company uses a periodic inventory system. For specific identification, ending inventory consists of 200 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory. Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification, (b) weighted average, (c) FIFO, and (d) LIFO. Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. (Round cost per unit to 2 decimal places.)
Beginning inventory, purchases, and sales for an inventory item are as follows: Sep. 1 Beginning Inventory 24 units @ $15 5 Sale 15 units 17 Purchase 25 units @ $18 30 Sale 16 units Assuming a perpetual inventory system and the last-in, first-out method: a. Determine the cost of the goods sold for the September 30 sale. b. Determine the inventory on September 30.
Given the following information, determine the cost of the inventory at June 30 using the LIFO perpetual inventory method. Date June 1 June 15 June 29 Activities Beginning inventory Sale Purchase The cost of the ending inventory is: Units Acquired at Cost 15 units @ $29 = $435 8 units @ $34 = $272 Units Sold at Retail 6 units @ $59