Ivanhoe Company uses a perpetual inventory system and reports the following for the month of June.DateExplanationUnitsUnit Cost Total CostJune 1Inventory130$5$65012Purchase37062.22023Purchase2001,40030Inventory250(a1)Calculate the weighted average cost per unit, using a perpetual inventory system. Assume a sale of 400 units occurred on June 15 for a selling price of $8 and a sale of 50 units on June 27 for $9. (Round Intermediate calculations to O decimal places, eg. 152 and final answers to 3 decimal places, eg 5.125June 1June 12June 15$June 23SJune 27$(a2)Calculate the cost of the ending inventory and the cost of goods sold for each cost flow assumption, using a perpetual inventory system. Assume a sale of 400 units occurred on June 15 for a selling price of $8 and a sale of 50 units on June 27 for $9. (Round answers to O decimal places, es 125)FIFOCost of the ending inventory$Cost of goods soldLIFO$Moving Average

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Description: Ivanhoe Company uses a perpetual inventory system and reports the following for the month of June.DateExplanationUnitsUnit Cost Total CostJune 1Inventory130$5$65012Purchase37062.22023Purchase2001,40030Inventory250(a1)Calculate the weighted average c

FIFO stands for First-in-first-out. It refers to the method of valuing inventory in which goods…

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Ivanhoe Company uses a perpetual inventory system and reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 130 $5 $650 12 Purchase 370 ō 2.220 23 Purchase 200 1,400 30 Inventory 250 (a1) Calculate the weighted average cost per unit, using a perpetual inventory system. Assume a sale of 400 units occurred on June 15 for a selling price of $8 and a sale of 50 units on June 27 for $9. (Round Intermediate calculations to 0 decimal places, eg 152 and final answers to 3 decimal places, ag 5.1 June 1 $ June 12 $ June 15 $ June 23 S June 27 $ (a2) Calculate the cost of the ending inventory and the cost of goods sold for each cost flow assumption, using a perpetual inventory system. Assume a sale of 400 units occurred on June 15 for a selling price of $8 and a sale of 50 units on June 27 for $9. (Round answers to O decimal places, eg 125) FIFO LIFO Moving Average Cost of the ending inventory Cost of goods sold

Ivanhoe Company uses a perpetual inventory system and reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 130 $5 $650 12 Purchase 370 ō 2.220 23 Purchase 200 1,400 30 Inventory 250 (a1) Calculate the weighted average cost per unit, using a perpetual inventory system. Assume a sale of 400 units occurred on June 15 for a selling price of $8 and a sale of 50 units on June 27 for $9. (Round Intermediate calculations to 0 decimal places, eg 152 and final answers to 3 decimal places, ag 5.1 June 1 $ June 12 $ June 15 $ June 23 S June 27 $ (a2) Calculate the cost of the ending inventory and the cost of goods sold for each cost flow assumption, using a perpetual inventory system. Assume a sale of 400 units occurred on June 15 for a selling price of $8 and a sale of 50 units on June 27 for $9. (Round answers to O decimal places, eg 125) FIFO LIFO Moving Average 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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Akira Company had the following transactions for the month. Number Total of Units Cost Beginning inventory 130 $1,300 Purchased Mar. 31 180 2,160 Purchased Oct. 15 150 2,250 Total goods available for sale 460 5,710 Ending inventory 50 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 $30 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) B. Last-in, First-out (LIFO) C. Weighted Average (AVG) %24 %24
Tamarisk Company uses a periodic inventory system. For April, when the company sold 550 units, the following information is available. April 1 inventory April 15 purchase April 23 purchase Units Unit Cost $26 Ending inventory 230 360 410 1,000 31 Cost of goods sold $ 34 Total Cost $5,980 11.160 Compute the April 30 inventory and the April cost of goods sold using the LIFO method. 13,940 $31.080
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