Liverpool Company uses a perpetual inventory system. The following table shows thebeginning inventory, the purchases and sales of product X during the current year 2019:DateDescriptionUnitQuantity(unit)TotalCost13 Jan10 Apr21 Jul18 Aug| 23 Oct11 NovBeginning inventoryPurchasesPurchasesSalesPurchasesSales$6,000$4,800S12,00060S10040S120100S12080S110S17,60016050Required:(SHOW WORKINGS)Using First-In, First-Out (FIFO) method, calculate (i) and (ii):(i)Cost of Goods Sold for the year ended 31 December 2019.(ii)the cost of Ending Inventory as at 31 December 2019.

Inventory or Stock is the goods and material a business holds for a resale. Before working on the…

Answered: Liverpool Company uses a perpetual…

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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You have the following information for Tamarisk, Inc. for the month ended October 31, 2022. Tamarisk uses a periodic method for inventory. Date Description Units Unit Cost or Selling Price Oct. 1 Beginning inventory 60 24 Oct. 9 Purchase 115 26 Oct. 11 Sale 95 45 Oct. 17 Purchase 95 27 Oct. 22 Sale 60 50 Oct. 25 Purchase 70 29 Oct. 29 Sale 105 50 A(3) Calculate gross profit rate under each of the following: 1.LIFO 2.FIFO 3. Average-cost. Gross profit rate - LIFO% - FIFO% AND AVERAGE-COST %
Vermont Resources, which uses the FIFO inventory costing method, has the following account balances at October 31, 2025, prior to releasing the financial statements for the year: $ Merchandise Inventory, ending Cost of Goods Sold Net Sales Revenue 15,500 72,000 122,000 Requirement 1. Prepare any adjusting journal entry required from the given information. (Record debits first, then credits. Select the explanation on the last line of the journal entry. For situations that do not require an entry, make sure to select "No entry required" in the first cell in the "Accounts" column and leave all other cells blank.) Accounts and Explanation Date Oct. 31 Debit Vermont has determined that the current replacement cost (current market value) of the October 31, 2025, ending merchandise inventory is $12,000. Read the requirements. Credit
Required information [The following information applies to the questions displayed below.] Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date March 1 March 5 March 9 March 18 March 25 March 29 Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals Units Acquired at Cost 100 units @ $51.00 per unit 225 units @ $56.00 per unit 85 units. @ $61.00 per unit 150 units @ $63.00 per unit. 560 units Units Sold at Retail 260 units @ $86.00 per unit 130 units @ $96.00 per unit 390 units 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, units sold include 65 units from beginning inventory, 195 units from the March 5 purchase, 45 units from the March 18 purchase, and 85 units from the March 25 purchase.
The following data are available for Sellco for the fiscal year ended on January 31, 2023: Sales Beginning inventory Purchases, in chronological order 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): b. Assume that net income using the weighted-average cost flow assumption is $15,600. Calculate net Income under FIFO and LIFO. 790 units 220 units@ $4 310 units @ $5 410 units@ $6 220 units@ $7 Complete this question by entering your answers in the tabs below. Required A Required B Calculate cost of goods sold and ending inventory under the cost flow assumptions, FIFO, LIFO and Weighted average (using a periodic inventory system): Note: Round unit cost to 2 decimal places. FIFO LIFO Weighted average Cost of Goods Sold Ending Inventory
You have the following information for Ivanhoe Inc. for the month ended October 31, 2025. Ivanhoe uses a periodic system for inventory. Date Oct. 1 Oct. 9 Oct. 11 Oct. 17 Oct. 22 Oct. 25 Oct. 29 (a1) (a2) Description Beginning inventory Purchase Sale Purchase Sale Purchase Sale Ending inventory $ Cost of goods sold Gross profit Units Unit Cost or Selling Price $26 +A 55 - Your answer is partially correct. $ 140 tA 100 1.LIFO. 2. FIFO. 3. Average-cost. (Round answers to O decimal places, e.g. 125.) 100 55 65 110 Calculate ending inventory, cost of goods sold, and gross profit under each of the following methods. LIFO 2424 7841 4034 $ $ 28 $ 45 29 50 31 50 FIFO 2885 7380 5370 i +A tA $ LA AVERAGE-COST 2580 7685 4190
The records for the Flagstaff Company showed the following for the one item they sell during the year ended December 31, 2022: Date of Transactions Units Unit Costs Inventory 1/1 40 $20 Purchase 3/5 120 $24 Sale 5/15 80 Purchase 7/11 40 $22 Sale 9/24 30 Purchase 10/23 50 $26 Sale 11/5 40 Required: Assuming a periodic inventory system compute the cost of goods sold during the year and the ending inventory in dollars under each of the following inventory costing methods (show computations and round to the nearest cents): 1) Weighted-average cost (Average cost method the book calls it) 2) First-in, First-out (FIFO) 3) Last-in, First-out (LIFO)
Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2024, the records indicate the following data: Beginning inventory Purchases Freight-in on purchases Purchase returns Net markups Net markdowns Net sales ($ in 000s) Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold Cost $ 60 533 26 1 $ $ Retail $ 100 935 1 Required: Assuming the price level increased from 1.00 at January 1 to 1.80 at December 31, 2024, use the dollar-value LIFO retail method to approximate cost of ending inventory and cost of goods sold. Note: Round your intermediate and final answers to the nearest whole dollar. Enter your answers in thousands. +372 X Answer is complete but not entirely correct. ($ in 000s) 209 X 130 X 650 X 812 Screenshot
! Required information [The following information applies to the questions displayed below.] Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Total Date March 1 March 5 March 9 March 18 March 25 March 29 Beginning inventory Purchases: March 5 March 18 March 25 Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals Units Acquired at Cost 220 units @ $53.40 per unit 285 units @ $58.40 per unit Required: 1. Compute cost of goods available for sale and the number of units available for sale. 145 units @ $63.40 per unit 270 units @ $65.40 per unit # of units 920 units Cost of Goods Available for Sale Cost per Cost of Goods Available Unit for Sale Units Sold at Retail 380 units @ $88.40 per unit 250 units @ $98.40 per unit 630 units
S ! Required information [The following information applies to the questions displayed below.] Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date March 1 March 5 March 9 March 18 March 25 March 29 Activities Complete this Beginning inventory Purchase Sales Purchase Purchase Sales Totals Units Acquired at Cost 90 units @ $50.80 per unit 220 units @ $55.80 per unit 80 units @ $60.80 per unit 140 units @ $62.80 per unit 530 units Units Sold at Retail 250 units @ $85.80 per unit 120 units @ $95.80 per unit 370 units 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, units sold include 60 units from beginning inventory, 190 units from the March 5 purchase, 40 units from the March 18 purchase, and 80 units from the March 25 purchase.
Required information [The following information applies to the questions displayed below.] Total Date March 1 March 5 March 9 March 18 March 25 March 29 Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Beginning inventory Purchases: March 5 March 18 March 25 Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals Saved Required: 1. Compute cost of goods available for sale and the number of units available for sale. # of units Cost per Unit Units Acquired at Cost 100 units @ $51.00 per unit 225 units @ $56.00 per unit 130 units @ $96.00 per unit 390 units Subn

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