Ivanhoe Company uses a periodic inventory system and reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 120 $5 $600 12 Purchase 390 6 2,340 23 Purchase 210 7 1,470 30 Inventory 220 (a1) Your answer is correct. Calculate weighted-average unit cost. (Round answer to 3 decimal places, eg. 5.125.) Weighted-average unit cost $ (a2) eTextbook and Media 6.125 Attempts: 2 of 5 used Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round answers to O decimal places, eg. 125.) FIFO LIFO Average-cost Cost of the ending inventory $ $ $ Cost of goods sold $ $ $

Ivanhoe Company uses a periodic inventory system and reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 120 $5 $600 12 Purchase 390 6 2,340 23 Purchase 210 7 1,470 30 Inventory 220 (a1) Your answer is correct. Calculate weighted-average unit cost. (Round answer to 3 decimal places, eg. 5.125.) Weighted-average unit cost $ (a2) eTextbook and Media 6.125 Attempts: 2 of 5 used Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round answers to O decimal places, eg. 125.) FIFO LIFO Average-cost Cost of the ending inventory $ $ $ Cost of goods sold $ $ $

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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Bonita Company reports the following for the month of June. June 1 (a1) 12 23 Inventory 270 Purchase Purchase Units 420 310 30 Inventory 100 Save for Later Weighted Average Unit Cost $ eTextbook and Media Unit Cost $7 8 9 Total Cost $1,890 Calulate weighted average unit cost. (Round answer to 2 decimal places, e.g. 15.25.) 3,360 2,790
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can you illustrate me Ending inventory and cost of good sold by using three method of FIFO , LIFO , weighted Average.
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Norris Co. purchase and sales data is as follows: Units Cost per Unit Aug. 1 Inventory 50 $25 7 Sale 38 18 Purchase 25 $30 24 Sale ? 29 Purchase 60 $32 The August 24th sale is provided as a slider to vary the quantity sold as follows: 1. If 10 units are sold on August 24th, what is the total Cost of Merchandise Sold for the month under LIFO? $ _________ 2. If 30 units are sold on August 24th, what is the Merchandise Inventory balance on August 31 under FIFO? $ ___________ 3. Under either FIFO or LIFO, as the number of units sold increases, the number of units in the Merchandise Inventory ending balance ________(DECREASE/INCREASE/REMAIS UNCHANGED/VARIES RANDOMLY) . 4. If 30 units are sold on August 24th under LIFO, what is the total cost of this sale? $ _________ 5. If 20 units are sold on August 24th under FIFO, what is the total cost of this sale? $ ____________ 6. The…
The following data are available for Sellco for the fiscal year ended on January 31, 2020: Sales 830 units Beginning inventory 230 units @ $ 4 Purchases, in chronological order 290 units @ $ 5 450 units @ $ 7 250 units @ $ 7 Required:a. Calculate cost of goods sold and ending inventory under the cost flow assumptions, FIFO, LIFO and Weighted average (using a periodic inventory system): (Round unit cost to 2 decimal places.) b. Assume that net income using the weighted-average cost flow assumption is $15,300. Calculate net income under FIFO and LIFO. (Round unit cost to 2 decimal places.)
Whispering Winds Corp. reports the following for the month of June. Units Unit Cost Total Cost June 1 Inventory 300 $4 $1,200 12 Purchase 600 $9 $5400 23 Purchase 450 $10 $4500 30 Inventory 150 Calculate Weighted Average Unit Cost. (Round answer to 2 decimal places, e.g. 15.25.) Weighted Average Unit Cost ? Compute the cost of the ending inventory and the cost of goods sold using the average-cost method. (Round answers to 0 decimal places, e.g. 1,250.) The ending inventory ? The cost of goods sold ? Will the results in (a) be higher or lower than the results under FIFO and LIFO? Ending inventory is (higher or lower) than FIFO $? and (higher or lower) than LIFO $? In contrast, cost of goods sold is (higher or lower) than FIFO $? and (higher or lower) than LIFO $?
! Required information [The following information applies to the questions displayed below.] The following are the transactions for the month of July. July 1 July 13 July 25 July 31 Beginning Inventory Purchase Units 46 Unit Cost $ 10 Unit Selling Price 230 11 Sold Ending Inventory (100) 176 $ 14 Required: a. Calculate cost of goods available for sale and ending inventory under FIFO. Assume a periodic inventory system is used. b. Calculate sales, cost of goods sold, and gross profit, under FIFO. Assume a periodic inventory system is used. Complete this question by entering your answers in the tabs below. Required A Required B Calculate cost of goods available for sale and ending inventory under FIFO. Assume a periodic inventory system is used. FIFO (Periodic) Units Cost per Unit Total Beginning Inventory Purchases July 13 S Prev 1 2 3 of 11 Next
Howsham Ltd. reports the following for the month of June. Date Explanation Units Unit Cost June 1 Inventory 200 E5 12 Purchase 300 6 23 Purchase 500 7 30 Inventory 160 Periodic Inventory System The cost of the ending inventory The cost of goods sold Perpetual Inventory System The cost of the ending inventory The cost of goods sold $ 4 S 4 FIFO €1,120 £5,180 t FIFO £1,120 £5,180 eTextbook and Media Total Cost Indicate how the results differ between the two inventory systems? €1.000 1.800 3,500 B / VT, TI = = = JE AVERAGE-COST £1,008 £5,292 MOVING-AVERAGE COST £1,083 €5,217 Why is the average unit cost not £6 ((E5+£6+ £7)+3-£6]? Oword(s)
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