Inventory Pools Stone Shoe Company adopted dollar-value LIFO on January 1, 2019. The company produces four products and uses a single inventory pool. The company's beginning inventory consists of the following: Type Quantity Cost per Unit Total Cost Running $16 Tennis 15 14 17 80,000 30,000 Basketball 60,000 Soccer 40,000 210,000 During 2019, the company has the following purchases and sales: Selling Price per Unit Quantity Type Purchased Cost per Unit Quantity Sold Running $19 Tennis 16 14 18 Basketball Soccer $1,280,000 450,000 840,000 680,000 $3,250,000 150,000 130,000 100,000 120,000 500,000 140,000 100,000 90,000 140,000 470,000 $40 38 37 42 Required: 1. Compute the dollar-value LIFO cost of the ending inventory. Round the cost index to 4 decimal places and all

Inventory Pools Stone Shoe Company adopted dollar-value LIFO on January 1, 2019. The company produces four products and uses a single inventory pool. The company's beginning inventory consists of the following: Type Quantity Cost per Unit Total Cost Running $16 Tennis 15 14 17 80,000 30,000 Basketball 60,000 Soccer 40,000 210,000 During 2019, the company has the following purchases and sales: Selling Price per Unit Quantity Type Purchased Cost per Unit Quantity Sold Running $19 Tennis 16 14 18 Basketball Soccer $1,280,000 450,000 840,000 680,000 $3,250,000 150,000 130,000 100,000 120,000 500,000 140,000 100,000 90,000 140,000 470,000 $40 38 37 42 Required: 1. Compute the dollar-value LIFO cost of the ending inventory. Round the cost index to 4 decimal places and all

Name: Inventory PoolsStone Shoe Company adopted dollar-value LIFO on Januar
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Inventory PoolsStone Shoe Company adopted dollar-value LIFO on January 1, 2019. The company produces four products and uses asingle inventory pool. The company's beginning inventory consists of the following:Type Quantity Cost per Unit Total CostRun

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

UMET's Stores had the following inventory transactions in 2020: Transaction Units Cost per unit 1/1 Balance 50 $6 2/14 Sale 25 5/23 Purchase 100 8 8/21 Sale 50 11/5 Purchase 25 12 11/18 Sale 95 Required: Compute tge cost of goods sold and the ending inventory using the periodic inventory system for each of the following cost flow assumptions: a. FIFO b. LIFO c. Weighted average
The following lots of Commodity Z were available for sale during the year. Beginning inventory 9 units at $50 First purchase 18 units at $53 Second purchase 55 units at $56 Third purchase 14 units at $61 The firm uses the periodic system, and there are 25 units of the commodity on hand at the end of the year. What is the ending inventory balance at the end of the year according to the LIFO method?
The 2021 inventory data for Island Corporation is presented below. Assume that Island uses periodic inventory tracking. 2021 Beginning Inventory (purchased in 2020) 100 units @ $28 per unit Purchases: Purchase 1 on 1/20/21 300 units @ $30 per unit Purchase 2 on 6/15/21 1,100 units @ $34 per unit Sales: Sale 1 on 4/8/21 520 units @ $60 per unit Sale 2 on 9/25/21 860 units @ $60 per unit When Island examines the actual units in ending inventory, they see that 30 of the units are from 2021 beginning inventory, 40 units are from the 1/20/21 purchase, and 50 units are from the 6/15/21 purchase. What is Inventory on the 12/31/21 Balance Sheet if Island uses FIFO? $3,400 $4,080 $45,120 $45,800 What is Cost of Goods Sold on the 2021 Income Statement if Island uses LIFO? $3,400 $4,080 $45,120 $45,800 What is Inventory on the 12/31/21 Balance Sheet if Island…
Opening and closing inventory balances and purchases for the month of October 2020 for Haadiyah Hearing Ltd are as follows: Units Per unit Inventory, 1 October 7,000 $4.00 Purchase, 3 October 8,000 $4.10 Purchase, 15 October 11,000 $4.20 Purchase, 20 October 15,000 $4.25 Inventory, 31 October 20,000 - Required: Determine the cost of goods sold for October under each of the following cost flow assumptions: FIFO Weighted average LIFO
Mist Company uses a PERIODIC inventory system. Mist had the following inventory purchases and sales during 2021: 2021 Beginning Inventory (purchased in 2020) Purchases: 60 units @ $20 per unit Purchase 1 on 3/8/21 140 units @ $28 per unit Purchase 2 on 8/5/21 50 units @ $32 per unit Sales: Sale 1 on 5/8/21 80 units @ $90 per unit Sale 2 on 9/13/21 125 units @ $90 per unit Of the items sold on 5/8/2021, 60 units were from the beginning inventory and 20 units were from 3/8/21 purchase. The 9/13/21 sale included 85 units from the 3/8/21 purchase and 40 units from the 8/5/21 purchase. Show how Mist's Balance Sheet and Income Statement would look under each of the inventory cost flow assumptions. Compute Ending Inventory, Sales, COGS, and Gross Profit under Specific Identification, Weighted Average Cost, FIFO and LIFO. Fill in your answers on the table below. SHOW YOUR WORK. Round per…
You have the following information for Bramble Inc. for the month ended June 30, 2022. Bramble uses a periodic inventory system. Date Description Quantity Unit Cost orSelling Price June 1 Beginning inventory 40 $31 June 4 Purchase 135 34 June 10 Sale 110 61 June 11 Sale return 15 61 June 18 Purchase 55 37 June 18 Purchase return 10 37 June 25 Sale 65 67 June 28 Purchase 35 41
Current Attempt in Progress Marigold Corp. had 290 units of product A on hand at January 1, 2020, costing $19 each. Purchases of product A during January were as follows: Date Units Unit Cost Jan. 10 380 $20 18 540 21 28 180 22 A physical count on January 31, 2020 shows 410 units of product A on hand. The cost of the inventory at January 31, 2020 under the LIFO method is O $7910. O $7610. O $8790. O $8310. Save for Later Attempts: 0 of 2 used Submit Answer
Remnant Carpet Company sells and installs commercial carpeting for office buildings. Remnant Carpet Company uses a job order cost system. When a prospective customer asks for a price quote on a job, the estimated cost data are inserted on an unnumbered job cost sheet. If the offer is accepted, a number is assigned to the job, and the costs incurred are recorded in the usual manner on the job cost sheet. After the job is completed, reasons for the variances between the estimated and actual costs are noted on the sheet. The data are then available to management in evaluating the efficiency of operations and in preparing quotes on future jobs. On October 1, Remnant Carpet Company gave Jackson Consulting an estimate of $2,464 to carpet the consulting firm’s newly leased office. The estimate was based on the following data: Estimated direct materials: 40 meters at $30 per meter $ 1,200 Estimated direct labor: 16 hours at $20 per hour 320 Estimated factory overhead (75% of…