Inventory information for Part 311 of Waterway Corp. discloses the following information for the month of June. June 1 11 20 Balance Purchased Purchased 301 units @ $16 797 units @ $19 503 units @ $20 June 10 15 27 Sold Sold Sold 197 units @ $37 498 units @ $39 297 units @ $42

Inventory information for Part 311 of Waterway Corp. discloses the following information for the month of June. June 1 11 20 Balance Purchased Purchased 301 units @ $16 797 units @ $19 503 units @ $20 June 10 15 27 Sold Sold Sold 197 units @ $37 498 units @ $39 297 units @ $42

Name: Assuming that the perpetual inventory method is used and costs are co
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Description: Assuming that the perpetual inventory method is used and costs are computed at thetime of each withdrawal, what is the value of the ending inventory at LIFO?The ending inventory at LIFO$ Inventory information for Part 311 of Waterway Corp. discloses

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.
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 $3,800 $49,400 Aug. 7 Purchase 19 units at $3,900 74,100 Dec. 11 Purchase 13 units at $4,100 53,300 45 units $176,800 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).
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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 1,080 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