14. Inventory records for Epstein's Chemicals revealed the following:March 1, 2022, inventory: 1,000 gallons @ P7.20 =P7,200PurchasesMar. 10 - 600 gals @ P7.25Mar. 16- 800 gals @ P7.30Mar. 23 - 600 gals @ P7.35SalesMar. 5 - 400 galsMar. 14- 700 galsMar. 20- 500 galsMar. 26- 700 galsEnding inventory assuming FIFO in a perpetual inventory system would be:4,9605,0605,0805,140

Solution: Total units in ending inventory = total units available - units sold = 1000 + 600 + 800 +…

Answered: Inventory records for Epstein's…

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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Required Information [The following information applies to the questions displayed below.] During the year, TRC Corporation has the following inventory transactions. Total Cost $ 3,120 Date Transaction Number of Units Unit Cost Jan. 1 Beginning inventory Apr. 7 Purchase 60 $ 52 140 54 7,560 Jul.16 Purchase 210 57 11,978 Oct. 6 Purchase 120 58 6,960 530 $29,610 For the entire year, the company sells 450 units of inventory for $70 each. 2. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. LIFO Beginning Inventory Ending Inventory Ending Cost of Goods Available for Sale Cost of Goods Sold # of units Cost per Cost of Goods # of units unit Available Cost per unit Cost of Goods Sold # of units for Sale 60 $ 52 $ 3,120 60 S 52 S 3.120 60 S 52 $ 3,120 Cost per unit Inventory Purchases: Apr 07 140 S 54 7,560 120 $ 54 6,480 20 $ 54 1,080 Jul 16 210 S 57 11,970 210 $ 57 11.970 Oct 06 120 S 58 Total 530 $ 6,960 29.610 120 $ 58 6,960 450 $ 25,410 80 $…
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.
A company's inventory records report the following in November of the current year: Date November 1 Beginning inventory November 2 Purchase November 8 Sales November 12 Purchase Multiple Choice O O 6 units @ $55 = $330 Using the LIFO perpetual inventory method, what was the amount recorded in the cost of goods sold account for the 12 units sold? $554 Activities $398 $642 Units Acquired at Cost 5 units @ $50 = $250 10 units @ $52 = $520 Units Sold at Retail 12 units @ $84
36. Inventory records for DD Incorporated revealed the following: Number Unit Date Transaction of Units Cost Apr. 1 Beginning inventory 100 $82.00 Apr. 10 Purchase 1,500 S84.00 DD sold 1,550 units of inventory during the month. Ending inventory assuming LIFO would be $ 37. Inventory records for MM Company revealed the following: NumberUnit Date Transaction of UnitsCost Mar. 1 Beginning inventory 100 $25.00 Mar. 6 Purchase 400 $25,50 Mar. 16 Purchase 500 $25.70 Mar, 23 Purchase 400 $26.00 MM sold 1,370 units of inventory during the month. Ending inventory assuming FIFO would be $ 38. Inventory records for SC Company revealed the following: NumberUnit Date Transaction of UnitsCost Mar. 1 Beginning inventory 100 $38.00 Mar. 3 Purchase 600 S39.00 Mar. 23 Purchase 300 $40.00 SC sold 990 units of inventory during the month. Ending inventory assuming Weighted Average would be 2$
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
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…
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Inventory records for Epstein's Chemicals revealed the following: March 1, 2022, inventory: 1,000 gallons @ P7.20 = P7,200 Purchases Mar. 10 - 600 gals @ P7.25 Mar. 16 - 800 gals @ P7.30 Mar. 23 - 600 gals @ P7.35 Sales Mar. 5 - 400 gals Mar. 14- 700 gals Mar. 20- 500 gals Mar. 26- 700 gals