LIFO, FIFO, & Moving Average Cost: Perpetual Inventory Methods: Rock Shop shows the following data related to an item of inventory: Inventory, January 1st.....……………………... 100 units @ $5.00 Purchase, January 9th.............. 300 units @ $5.40 Sold, January 11th.….......…...... Purchase, January 19th.......... Purchase, January 21st.... Sold, January 28th................. 325 units 70 @ $6.00 250 @$6.10 150 units Please answer the following questions under the Perpetual Inventory Method: 1) What is the value of Ending Inventory & COGS under the FIFO Method? 2) What is the value of Ending Inventory & COGS under the LIFO Method? 3) What is the value of Ending Inventory & COGS under the Moving Avg. Cost Method?

LIFO, FIFO, & Moving Average Cost: Perpetual Inventory Methods: Rock Shop shows the following data related to an item of inventory: Inventory, January 1st.....……………………... 100 units @ $5.00 Purchase, January 9th.............. 300 units @ $5.40 Sold, January 11th.….......…...... Purchase, January 19th.......... Purchase, January 21st.... Sold, January 28th................. 325 units 70 @ $6.00 250 @$6.10 150 units Please answer the following questions under the Perpetual Inventory Method: 1) What is the value of Ending Inventory & COGS under the FIFO Method? 2) What is the value of Ending Inventory & COGS under the LIFO Method? 3) What is the value of Ending Inventory & COGS under the Moving Avg. Cost Method?

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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Co.’s purchases and sales of a particular product during the year are shown below:Jan. 1 Beginning Inventory 1,500 units @ $ 10Jan. 18 Purchase 1,250 units @ $ 12Jan 20 Sold 1,500 units @ $ 20Jan. 25 Purchase 1,750 units @ $ 14Jan. 27 Sold 1,750 units @ $ 25Jan. 29 Purchase 500 units @ $ 15 Assuming that company uses perpetual inventory system, determine thecost of goods sold and compute the ending inventory as of Jan. 31 and make the journal entry for Jan. 27 transaction by usinginventory subsidiary ledger for LIFO cost flow assumption.
Perpetual Inventory Using Weighted Average Beginning inventory, purchases, and sales for WCS12 are as follows: Oct. 1 Inventory 310 units at $12 13 Sale 150 units 22 Purchase 340 units at $14 29 Sale 400 units a. Assuming a perpetual inventory system and using the weighted average method, determine the weighted average unit cost after the October 22 purchase. Round your answer to two decimal places.$fill in the blank 1per unit b. Assuming a perpetual inventory system and using the weighted average method, determine the cost of goods sold on October 29. Round your "average unit cost" to two decimal places.$fill in the blank 2 c. Assuming a perpetual inventory system and using the weighted average method, determine the inventory on October 31. Round your "average unit cost" to two decimal places.$fill in the blank 3
Hh1. Account Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 18 units at $41 $738 Aug. 13 Purchase 7 units at $44 308 Nov. 30 Purchase 10 units at $46 460 Available for sale 35 units $1,506 There are 21 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the (a) first-in, first-out (FIFO) method; (b) last-in, first-out (LIFO) method; and (c) weighted average cost method (round per-unit cost to two decimal places and your final answer to the nearest whole dollar). a. First-in, first-out (FIFO) $fill in the blank 1 b. Last-in, first-out (LIFO) $fill in the blank 2 c. Weighted average cost $fill in the blank 3
3 From the following, calculate the cost of ending inventory and cost of goods sold for the FIFO method, ending inventory is 49 units. Note: Round your answers to the nearest cent. ences Beginning inventory and purchases January 1 April 10 May 15 July 22 August 19 September 30 November 10 December 15 Mc Graw Hill Cost of ending inventory Cost of goods sold Units 5 10 12 15 18 20 32 16 Unit cost $ 2.00 2.50 3.00 3.25 4.00 4.20 4.40 4.80 < Prev M fr 6 of 10 control JUL 30 Q # A Z 1 option W Next O S X E H command D 4 R C F T V G B 7 H U B N J 1 9 M K 0 0 J P command
ces From the following, calculate the cost of ending inventory and cost of goods sold for the LIFO method, ending inventory is 49 units. Note: Round your answers to the nearest cent. Mc Graw Hill Beginning inventory and purchases January 1 April 10 May 15 July 22 August 19 September 30 November 10 December 15 Units 5 10 Cost of ending inventory Cost of goods sold 12 15 18 20 32 16 -L Unit cost $ 2.00 2.50 3.00 3.25 4.00 4.20 4.40 4.80 < Prev caps lock shift 5 of 10 1 JUL 30 Q A Z W S Next 3 E X 4 D R Co 5 F T V G Y A H 8 J 9 K W 0 L P
Required information [The following information applies to the questions displayed below.] Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Monson uses a perpetual inventory system. Also, on December 15, Monson sells 15 units for $23 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 10 units @ $9.00 cost 20 units @ $15.00 cost 15 units @ $17.00 cost Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method. Perpetual LIFO: Goods purchased Cost of Goods Sold Cost of Goods # of Date Cost per Cost per Cost of ( Sol # of units Available for units unit unit Sale sold December 7 10 at $ 9.00 2$ 90.00 %3D 20 at $ 15.00 $ 300.00 %3D December 14 Total December 14 15 at $ 23.00 = 2$ December 15 Total December 15 15 at $ 17.00 $ 255.00 %3D December 21 Totals $ :
Use data below to calculate the cost of ending inventory using the LIFO periodic inventory system method.January 1 Beginning Inventory 20 units at $20 eachJanuary 10 Purchase 24 units at $25 eachJanuary 31 Purchase 25 units at $28 eachOn January 31, ending Inventory consisted of 32 units. a. $750 b. $680 c. $700 d. $600
Hh1. Account
Sherman Electric uses a pericdic inventory system. The beginning nventory of a particular product, and the purchases during the curent year, were as follows: $105 = $ 6.300 Beginning inventory Purchase..n Purchase 60 units @ 30 units @ 90 units @ 20 units @ 200 units Jan. 3115- 3125 S135 = 3,450 11,250 2.700 $23.700 Mar. Aug. 11 Oet. 23 Purchase Total available for sale At December 31. the ending inventory of this product consisted of 65 units. Using periodic costing procedures, determine (1) cost of the year-end inventory and. (2) cost of goods sold relating to this product under each of the following flow assumptions: (1) Inventory at Dec. 31 (2) Cast of Goods Sold Average cost First-in. first-out Last-in, first-out
Beginning inventory, purchases, and sales for Item 88-HX are as follows: Jan. 1 Inventory 92 units @ $18 8. Sale 74 units 15 Purchase 102 units @ $21 27 Sale 86 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of goods sold on Jan. 27 and (b) the inventory on Jan. 31. a. Cost of goods sold on Jan. 27 b. Inventory on Jan. 31
Beginning inventory, purchases, and sales for Item HM46 are as follows: January 1 Inventory 37 units @ $22 9 Sale 31 units 13 Purchase 37 units @ $25 28 Sale 10 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on January 28 and (b) the inventory on January 31.