Inventory records for Eliza Company revealed the following:DateTransactionMarch 1Beginning InventoryMarch 10March 16March 23PurchasePurchasePurchaseNumber ofUnitsUnit Cost1,050$ 7.145308805307:337.457.70Eliza sold 2,000 units of inventory during the month. What is the cost of goods sold assuming weighted-average cost? (Round the weighted-average unitcost to 4 decimals if necessary and round your final answer to nearest whole dollar.)Multiple ChoiceO$14,280О$14,660$14 810< Prev40 of 45Next >

Step 1: TransactionNumber of units (a)Unit cost (b)Total cost (a x b)Beginning…

Answered: Inventory records for Eliza Company…

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 Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 25 units @ $30 $750 June 16 Purchase 27 units @ $33 891 Nov. 28 Purchase 45 units @ $39 1,755 97 units $3,396 There are 13 units of the product in the physical inventory at November 30. The periodic inventory system is used. Round answers to the nearest whole dollar. a. Determine the inventory cost by the FIFO method.$ b. Determine the inventory cost by the LIFO method.$ c. Determine the inventory cost by the average cost methods.$
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NOVA Sports Inc. has the following data for inventory for June: Units Unit Cost Total Cost June 1 Beginning inventory 30 $18 $540 June 14 Purchases 25 $20 $500 June 23 Purchases 45 $22 $990 100 $2,030 Records show that 90 units were sold in June. The company uses the average cost method. What is the value of ending inventory as of June 30? (Round the weighted-average unit cost to three decimal places [e.g. 21.041]. Round your answer to two decimal places [e.g. 21.04]. Do not include dollar signs or commas in your answer. )
The units of Manganese Plus available for sale during the year were as follows: Mar. 1 25 units @ $29 $725 Inventory Purchase June 16 29 units @ $32 928 Nov. 28 Purchase 41 units @ $37 1,517 95 units $3,170 There are 12 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. b. Determine the inventory cost by the LIFO method. c. Determine the inventory cost by the weighted average cost methods. Round intermediate calculations and final answer to two decimal places.
Akira Company had the following transactions for the month. Numberof Units TotalCost Beginning inventory 140 $1,400 Purchased Mar. 31 190 2,280 Purchased Oct. 15 160 2,400 Total goods available for sale 490 6,080 Ending inventory 70 ? Calculate the gross margin for the period for each of the following cost allocation methods, using periodic inventory updating. Assume that all units were sold for $29 each. Round your intermediate calculations to 2 decimal places and final answers to the nearest dollar amount. Gross Margin A. First-in, First-out (FIFO) $fill in the blank 1 B. Last-in, First-out (LIFO) $fill in the blank 2 C. Weighted Average (AVG) $fill in the blank 3
Assume Ava Co. has the following purchases of inventory during the first month of operations Number of Units Cost per unit First Purchase 140 2.4 Second Purchase 105 4.7 Assuming Ava Co sells 120 units at $14 each, what is the cost of goods sold if they use LIFO?
Akira Company had the following transactions for the month. Number Cost of Units per Unit Beginning Inventory 150 $10 Purchased Mar. 31 180 13 Purchased Oct. 15 150 16 Ending Inventory 70 ? Calculate the ending inventory dollar value for the period for each of the following cost allocation methods, using periodic inventory updating. Round your intermediate calculations to 2 decimal places and final answers to the nearest dollar amount. Ending Inventory A. First-in, First-out (FIFO) B. Last-in, First-out (LIFO) C. Weighted Average (AVG) $ %24 %24
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Below is the Inventory purchases of Carrigan Corrugated Company. Beginning balance January 1st purchase January 8th purchase January 17th purchase January 27th purchase January 31st purchase Units Cost per Unit 173 $ 1.25 257 $ 1.15 300 $ 0.95 287 $ 1.10 164 $ 1.30 139 $ 1.35 At the end of January, a physical inventory revealed that 1,205 units were sold and the remainder were left as ending inventory. Calculate the Cost of Goods Sold and the ending Inventory balance using the FIFO method. (round all answers using two (2) decimal places)
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Radical Radials Company has the following inventory data:July 1 beginning inventory: 30 units at $19 eachJuly 7 purchases: 105 units at $20 each July 22 purchases: 15 units at $22 eachA physical count of merchandise inventory on July 30 reveals that there are 48 units on hand. Using the LIFO inventory method, the amount allocated to ending inventory for July is:a. $930b. $912c. $960d. $1,056.
Inventory records for Capetown, Incorporated revealed the following: Date April 1 April 20 Transaction Beginning Inventory Purchase Number of Units 570 330 Unit Cost $ 2.37 2.72 Capetown sold 590 units of inventory during the month. What is the amount of ending Inventory assuming weighted-average cost? (Round weighted-average unit cost to 4 decimals and round your final answer to the nearest whole dollar.) Multiple Choice $789 $774 $864 $742

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