Inventory records for Herb's Chemicals revealed the following:March 1, 2021, inventory: 1,350 gallons @ $7.90 per gallon = $10,665Purchases:Sales:Mar. 10470 gals670 gals @ $7.95870 gals @ $8.00670 gals @ $8.05Mar. 5Mar. 16Mar. 14770 galsMar. 23Mar. 20570 gals770 galsMar. 26The ending inventory assuming FIFO is:Multiple Choice$7,874.$7,814.$7,794.$7,784.

Name: Inventory records for Herb's Chemicals revealed the following:March 1
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Inventory records for Herb's Chemicals revealed the following:March 1, 2021, inventory: 1,350 gallons @ $7.90 per gallon = $10,665Purchases:Sales:Mar. 10470 gals670 gals @ $7.95870 gals @ $8.00670 gals @ $8.05Mar. 5Mar. 16Mar. 14770 galsMar. 23Mar.

First In, First Out (FIFO) - It is an accounting mentioned under which materials are purchased first…

Business

Accounting

Inventory records for Herb's Chemicals revealed the following: March 1, 2021, inventory: 1,350 gallons @ $7.90 per gallon = $10,665 Purchases: Sales: Mar. 10 670 gals e $7.95 Mar. 5 470 gals Mar. 16 Mar. 23 770 gals 570 gals 870 gals e $8.00 Mar. 14 670 gals e $8.05 Mar. 20 Mar. 26 770 gals The ending inventory assuming FIFO is: Multiple Choice $7,874. $7,814. $7794. $7784.

Inventory records for Herb's Chemicals revealed the following: March 1, 2021, inventory: 1,350 gallons @ $7.90 per gallon = $10,665 Purchases: Sales: Mar. 10 670 gals e $7.95 Mar. 5 470 gals Mar. 16 Mar. 23 770 gals 570 gals 870 gals e $8.00 Mar. 14 670 gals e $8.05 Mar. 20 Mar. 26 770 gals The ending inventory assuming FIFO is: Multiple Choice $7,874. $7,814. $7794. $7784.

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

14. 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 Ending inventory assuming FIFO in a perpetual inventory system would be: 4,960 5,060 5,080 5,140
Inventory records for Herb's Chemicals revealed the following: March 1, 2024, inventory: 1,000 gallons @ $7.20 per gallon = $7,200 Purchases: March 10 March 16 March 23 Sales: March 5 400 gallons March 14 700 gallons 500 gallons March 20 March 26 700 gallons Ending inventory assuming LIFO in a perpetual inventory system would be: Multiple Choice 600 gallons @ $7.25 800 gallons @ $7.30 600 gallons @ $7.35 $5,080. $4,960. $5,060. $5,140.
Ivanhoe Company uses a perpetual inventory system. The company began 2024 with 1,100 lamps in inventory at a cost of $10 per unit. During 2024, Ivanhoe had the following purchases and sales of lamps: February 15 April 24 June 6 October 18 December 4 Purchased Sold Purchased Sold Purchased 2,200 units @ $16 per unit 2,750 units @ $28 per unit 3,850 units @ $21 per unit 2,200 units @ $31 per unit 1,540 units @ $24 per unit All purchases and sales are on account.
First semester 2020 Q1: ABC company had the following purchases and sales information: Purchases Sales 10 units at $110 January February 20 units at $115 May 11 units November 10 units at $150 Using the FIFO inventory costing method, what is the cost of the ending inventory on 30 November? A. $3,400 B. $3,685 C. 2,185 D. $1,215
Current Attempt in Progress At May 1, 2020, Concord Company had beginning inventory consisting of 200 units with a unit cost of $5.40. During May, the company purchased inventory as follows: 870 units at $5,40 530 units at $7.00 The company sold 1160 units during the month for $14 per unit. Concord uses the average cost method. The average cost per unit for May is $5.900. $5,400. Ⓒ$6.400. Ⓒ$5.930.
Luke's Lamps had a beginning inventory January 1, 2020 of $970,000. They sold goods that cost $770,000 and purchased $300,000 during the month. What should Luke expect its ending inventory balance is at the end of month (January 31, 2020)? a. $1,770,000 b. $500,000 c. $300,000 d. $1,270,000
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…
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…
None
Lopez Company reported the following current-year data for its only product. The company uses a periodic inventory system, and its ending inventory consists of 480 units-160 from each of the last three purchases. 1 Beginning inventory 7 Purchase Jan. 260 units @ $4.40 560 units @ $5.25 1, 200 units @ $4.90 1, 080 units @ $5.20 = 560 units @ $6.50 = $ 1,144 2,940 5, 880 5,616 Mar. July 28 Purchase Oct. 3 Purchase Dec. 19 Purchase 3,640 Totals 3,660 units $19,220 (a-d) Determine the cost assigned to ending inventory and to cost of goods sold for the following. (Do not round intermediate calculations and round your answers to 2 decimal places.) Ending Inventory Cost of Goods Sold (a) Specific identification (b) Weighted average (c) FIFO (d) LIFO
Assessment i Saved During 2021, a company sells 19 units of inventory. The company has the following inventory purchase transactions for 2021: Number Unit Cost $53 55 Total Date Transaction of Units Cost Jan. 1 Beginning inventory Sep. 8 Purchase 17 $ 901 825 15 32 $1,726 Calculate ending inventory and cost of goods sold for 2021 assuming the company uses LIFO. Ending inventory Cost of goods sold
Case D Tompkins Company reports the following Inventory record for November. Date November 1 November 4 November 7 November 13 November 22 INVENTORY Activity Beginning balance Purchase Sale (@ $53 per unit) Purchase Sale (@ $53 per unit) # of Units 135 320 Cost/Unit $ 18 19 245 525 21 520 Selling, administrative, and depreciation expenses for the month were $15,500. Tompkins's effective tax rate is 40 percent. Required: 1. Calculate the cost of ending Inventory and the cost of goods sold under each of the following methods using periodic Inventory system: 2-a. What is the gross profit percentage under the FIFO method? 2-b. What is net income under the LIFO method? 3. Tompkins applied the lower of cost or market method to value its Inventory for reporting purposes at the end of the month. Assuming Tompkins used the FIFO method and that Inventory had a market replacement value of $17.70 per unit, what would Tompkins report on the balance sheet for Inventory? Complete this question by…