l TEW LTE 12:05 PM @ 10% AA 2-xythos.content.blackboardcdn.com C Directions & Honesty Cash over short Inventory Valuation Inventory Turnover 4 Points Inventory Calculations: Units Per Unit S Total Cost Beginning Inventory 9/1/20 10 10 100 Purchase 9/5/20 60 11 660 Purchase 9/15/20 Total Goods Available 50 120 12 600 1,360 The Company had 30 units left in Ending Inventory at the End of the month. Using FIFO - Compute the dollar value of Cost of Goods Sold and Ending Inventory Enter your answers in the yellow shaded boxes and show your work below. Cost of Goods Sold (in S): Ending Inventory (in S): Using WEIGHTED AVERAGE - Compute the dollar value of Cost of Goods Sold and Ending Inventory Enter your answers in the yellow shaded boxes and show your work below. Cost of Goods Sold (in $): Ending Inventory (in S): Show work:

l TEW LTE 12:05 PM @ 10% AA 2-xythos.content.blackboardcdn.com C Directions & Honesty Cash over short Inventory Valuation Inventory Turnover 4 Points Inventory Calculations: Units Per Unit S Total Cost Beginning Inventory 9/1/20 10 10 100 Purchase 9/5/20 60 11 660 Purchase 9/15/20 Total Goods Available 50 120 12 600 1,360 The Company had 30 units left in Ending Inventory at the End of the month. Using FIFO - Compute the dollar value of Cost of Goods Sold and Ending Inventory Enter your answers in the yellow shaded boxes and show your work below. Cost of Goods Sold (in S): Ending Inventory (in S): Using WEIGHTED AVERAGE - Compute the dollar value of Cost of Goods Sold and Ending Inventory Enter your answers in the yellow shaded boxes and show your work below. Cost of Goods Sold (in $): Ending Inventory (in S): Show work:

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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PROBLEM 12: DDD Company uses the perpetual inventory system. The inventory transactions for August of the current year were us follows: Number Unil Transaction Begnning balance of Units 20,000 Date 8/1 8/7 8/10 8/12 Cost P 4.00 Purchase 10,000 4.20 Purchase 20,000 15,000 4,30 Sale 8/16 Purchase 20,000 4.60 8/20 8/28 Sale Sale return 40,000 3.000 The sclo roturn on August 28 rolatos to the salc madc on August 20. 15. If the FIFC ccst flow method is used, the sae retum shall be costed back into inventory at what unit cost? 16. If the average cost flow method is used, the sale retum shall be costed back into inventory at what unit cost?
.ll Verizon LTE 11:41 AM 1 0 77% AA v2.cengagenow.com CengageNOWv2 | Online teaching and learning resource from Cengage Leaming Close Window Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item Foxtrot are as follows: Mar. 1 Inventory 270 units at $18 Sale 225 units 15 Purchase 375 units at $20 27 Sale 240 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on March 27 and (b) the inventory on March 31. a. Cost of merchandise sold on March 27 %24 b. Inventory on March 31 4. PE.07-04B O eBook Show Me How Perpetual Inventory Using Weighted Average Beginning inventory, purchases, and sales for WCS12 are as follows: Oct. 1 Inventory 300 units at $8 13 Sale 175 units 22 Purchase 375 units at $10 29 Sale 280 units a. Assuming a perpetual inventory system and using the weighted average method, determine the weighted average unit cost after the October 22 purchase. Round your answer…
Bramble Company reports the following for the month of June. June 1 (a) 12 23 30 (b) Inventory 290 Purchase 400 Purchase Inventory Units Unit Cost $5 Cost of goods sold 300 130 Cost of the ending inventory Your answer has been saved. See score details after the due date. Compute the cost of the ending inventory and the cost of goods sold under FIFO and LIFO. Save for Later 6 $ 7 in Total Cost $1,450 2,400 2,100 FIFO 910 5040 Which costing method gives the higher ending inventory? 5 $ LIFO 650 5300 Attempts: 1 of 1 used Attempts: 0 of 1 used Submit Answer
Jan. 1 Inventory 4,000 units at $20 Apr. 19 Sale 2,500 units June 30 Purchase 6,000 units at $24 Sept. 2 Sale 4,500 units Nov. 15 Purchase 1,000 units at $25 How do you figure out the inventory cost and total cost when doing sale in the weighted average cost flow method under perpetual inventory system? The firm uses the weighted average cost method with a perpetual inventory system. Determine the cost of merchandise sold for each sale and the inventory balance after each sale. Present the data in the form illustrated in Exhibit 5. Round unit cost to two decimal places, if necessary. Schedule of Cost of Merchandise SoldWeighted Average Cost Flow Method Purchases Cost of Merchandise Sold Inventory Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Jan. 1 $ $ Apr. 19 $ $ June 30 $ $ Sept. 2 Nov. 15 Dec. 31 Balances $ $ $
Concept Videos i es Required information UNIT 30s $45 May 1 April 5 April 10 April 15 April 201 April 22 # Knowledge Check 01 Assume that we use a perpetual inventory system and that five identical units are purchased at the following four dates and costs: 3 $ 10 $ 12 0:00-0:54 $14 $16 - $17 Cost of the ending inventory $ One unit is sold on April 25. The company uses the weighted average inventory costing method. Identify the cost of the ending inventory on the balance sheet. Note: Round your answer to 2 decimal places. 4 % 5 H 6 In
Thelen's inventory records show the following data at January 31: Beginning inventory Jan. 1 Jan. 10 purchase Jan. 22 purchase 110 units at $6 per unit 300 units at $12 per unit 100 units at $13 per unit At January 31, 190 units are still on hand. What is the cost of the ending inventory at January 31 if Thelen uses the LIFO method? O A. $1,140 O B. $2,470 OC. $1,620 O D. $1,700 Click to select your answer. %23 P Type here to search
Date Activities Units Acquired at Cost 10 units @ $25 = $250 15 units @ $28 = $420 Units Sold August 2 August 18 August 29 August 31 Purchase Purchase Sales 20 unit Purchase 14 units @ $29 = $406 What is the per unit value of ending inventory on August 31? Answers should be rounded to the nearest cent. Multiple Choice $28.42 $26.80 $29.00 $25.00 O $30.35
Bleistine Company had the following transactions for the month. F3 # 3 E Beginning inventory Purchased Jun. 1 Purchased Nov. 1 Ending inventory Calculate the ending inventory dollar value for FIFO periodic. 3,850 110 O4,560 O4,730 KA F4 $ 4 R F5 do 5 Number of Units % 880 750 800 110 F6 T < 6 DELL (7) Cost per Unit $35 40 43 ? F7 Y & 7 (DELL F8 U * 00 F9 8 F10 PrtScr F11 86°F
on show the following at May 31: Data Table g in of u y using ar.) May 1 Beginning inventory 10 units @ $160 = $1,600 Cos May 15 Purchase 5 units @ $161 = $805 %3D May 26 Purchase 14 units @ $170 = $2,380 Print Done ost of goods sold? Which method produces the lowest cost of goods sold? e to the next question.
.ll Verizon LTE 11:37 AM 1@ 73% AA v2.cengagenow.com Sales-related and purchase-related transactions using perpetual inventory system Instructions Chart of Accounts Journal The following were selocted from among the transactions completed by Babcock Company during November of the current year: Nov. 3 Purchased merchandise on account from Moonlight Co., list price $85,000, trade discount 25%, terms FOB destination, 2/10, n/30. 4 Sold merchandise for cash, $37,680. The cost of the merchandise sold was $22,600. 5 Purchased merchandise on account from Papoose Creek Co., $47,500, terms FOB shipping point, 2/10, n/30, with prepaid freight of $810 added to the invoice. 6. Returned $13,500 ($18,000 list price less trade discount of 25%) of merchandise purchased on November 3 from Moonlight Co. 8 Sold merchandise on account to Quinn Co., $15,600 with terms n/15. The cost of the merchandise sold was $9,400. 13 Paid Moonlight Co. on account for purchase of November 3, less return of November 6.…
March1 Beginning inventory = 29 units @ $5.90 March3 Purchased 15 units @ 3.70 March9 Sold 23 units @ 8.90 1)What is the cost of goods sold for Julia & Company assuming it uses LIFO? Date Transaction Numberof Units UnitCost March 1 Beginning inventory 930 7.22 March 10 Purchase 550 7.64 March 16 Purchase 760 8.14 March 23 Purchase 580 8.54 2)Marvin sold 1,900 units of inventory during the month. Cost of goods sold assuming FIFO would be: 3)A company's sales equal $60,000 and cost of goods sold equals $20,000. Its beginning inventory was $1,600 and its ending inventory is $2,400. The company's inventory turnover ratio equals:
TB MC Qu. 05-125 Jammer Company... Jammer Company uses a weighted average perpetual inventory system and reports the following: August 2 August 18 August 29 August 31 Purchase Purchase Sale Purchase What is the per-unit value of ending inventory on August 31? (Round your per unit answers to 2 decimal places.) Multiple Choice $10.50 $13.50 $13.30 $14.64 8 units at $10.50 per unit. 10 units at $14.00 per unit. 16 units. 13 units at $13.50 per unit. $12.44 < Prev 5 of 10 N