Use the following information for the next two questions:Thursday Co. is estimating the cost of its inventory at month-end.The accountant determined the following: 20,000 P 28,0009. How much are the ending inventory and cost of salesoter 8454CostRetail110,600160,600Inventory, January 14,000PurchasesEndFreight-InPurchase discounts1,000end10,40017,200Purchase returns2,0003,000Departmental Transfers-InDepartmental Transfers-OutMarkupsMarkup cancellations1,6002,40012,000PR4,00024,000YOMarkdownsraMarkdown cancellations6,000inAdditional information:A loss of P10,000 was recognized during the period fordamaged goods. The goods have a retail value of P14,000.• Gross sales for the period amounted to P87,600. Sales returnsand discounts amounted to P5,000 and P2,000, respectively.Employee discounts, treated as outright deduction to saleprice, amounted to P1,000.Normal of P400 was subsumed to cost of sales.spoilage8. How much are the ending inventory and cost of salesrespectively, under the average cost method?a. 46,412; 67,188b. 48,981; 64,619c. 49,126; 64,474d. 52,023; 61,5779. How much are the ending inventory and cost ofrespectively, under the FIFO method?a. 49,920; 63,680b. 47,588; 66,012c. 52,266; 61,334d. 44,927; 68,673

Inventory accounting is that the body of accounting that deals with valuing and accounting for…

Answered: its inventory at month-end.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 3PA: Trini Company had the following transactions for the month. Calculate the cost of goods sold dollar...

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DeForest Company had the following transactions for the month. Calculate the ending inventory dollar value for the period for each of the following cost allocation methods, using periodic inventory updating. Provide your calculations. A. first-in, first-out (FIFO) B. last-in, first-out (LIFO) C. weighted average (AVG)
Bleistine Company had the following transactions for the month. 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 $50 each. Provide your calculations. A. first-in, first-out (FIFO) B. last-in, first-out (LIFO) C. weighted average (AVG)
Trini Company had the following transactions for the month. Calculate the ending inventory dollar value for each of the following cost allocation methods, using periodic inventory updating. Provide your calculations. A. first-in, first-out (FIFO) B. last-in, first-out (LIFO) C. weighted average (AVG)
Bleistine Company had the following transactions for the month. Calculate the ending inventory dollar value for each of the following cost allocation methods, using periodic inventory updating. Provide your calculations. A. first-in, first-out (FIFO) B. last-in, first-out (LIFO) C. weighted average (AVG)
Akira Company had the following transactions for the month. Calculate the ending inventory dollar value for the period for each of the following cost allocation methods, using periodic inventory updating. Provide your calculations. A. first-in, first-out (FIFO) B. last-in, first-out (LIFO) C. weighted average (AVG)
Akira Company had the following transactions for the month. 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 $25 each. Provide your calculations. A. first-in, first-out (FIFO) B. last-in, first-out (LIFO) C. weighted average (AVG)
Consider the following transactions for DeTrees Company for the month shown in chronological order: In the table below, calculate the dollar value for the period for each of the following items using the listed cost allocation methods and using perpetual inventory updating. PLEASE NOTE: All dollar amounts will be rounded to whole dollars using "$" with commas as needed (i.e. $12,345), except for the Weighted Average cost per unit, which will be rounded to two decimal places and include "$" (i.e. $12,345.67). Weighted average cost per unit = per unit. Cost Allocation Method Cost of Goods Available Cost of Goods Sold Ending Inventory Sales Gross Margin First-in, First-out (FIFO) Last-in, First-out (LIFO) Weighted Average (AVG)
Park Company’s perpetual inventory records indicate the following transactions in the month of June: 1. Compute the cost of goods sold for June and the inventory at the end of June using each of the following cost flow assumptions: a. FIFO b. LIFO c. Average cost (Round unit costs to 3 decimal places and other amounts to the nearest dollar.) 2. Next Level Why are the cost of goods sold and ending inventory amounts different for each of the three methods？what do these amounts tell us about the purchase price of inventory during the year? 3. Next Level Which method produces…
Use FIFO to determine the cost of the ending inventory. Assume 35 FitBits in inventory at the end of the year. b. What was the Cost of Goods Sold (COGS)?
Balamb Corporation had the following transactions for the month: Calculate the ending inventory dollar value for the period for each of the following cost allocation methods, using periodic inventory updating. Provide your calculations. first-in, first-out (FIFO) last-in, first-out (LIFO) weighted average
FLCL Company had the following transactions for the month: Calculate the ending inventory dollar value for the period for each of the following cost allocation methods, using periodic inventory updating. Provide your calculations. first-in, first-out (FIFO) last-in, first-out (LIFO) weighted average
The beginning inventory for Midnight Supplies and data on purchases and sales for a three-month period are as follows. Required: 1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibit 5, using the weighted average cost method. Round unit cost to two decimal places, if necessary. Round all total cost amounts to the nearest dollar. 2. Determine the total sales, the total cost of goods sold, and the gross profit from sales for the period. Total sales $_______________ Total cost of goods sold $_______________ Gross profit $_______________ 3. Determine the ending inventory cost as of March 31.$___________

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