Lopez Company reported the following current-year data for its only product. The company uses a periodic inventory system, and its ending inventory consists of 600 units-200 from each of the last three purchases. January 1 Beginning inventory Purchase March 7 July 28 October 3 December 19 Purchase Purchase Purchase Totals Req A to D Complete this question by entering your answers in the tabs below. (a-d) Determine the cost assigned to ending inventory and to cost of goods sold for the following. (e) Which method yields the highest net income? Req E 300 units @ $6.00 640 units @ $6.25 1,280 units @ $6.50 1,160 units @ $6.80 720 units @ $8.90 4,100 units (a) Specific identification (b) Weighted average (c) FIFO (d) LIFO Ending Inventory = Determine the cost assigned to ending inventory and to cost of goods sold for the following. Note: Do not round intermediate calculations and round your answers to 2 decimal places. $ 1,800 4,000 8,320 7,888 6,408 $ 28,416 Cost of Goods Sold

Lopez Company reported the following current-year data for its only product. The company uses a periodic inventory system, and its ending inventory consists of 600 units-200 from each of the last three purchases. January 1 Beginning inventory Purchase March 7 July 28 October 3 December 19 Purchase Purchase Purchase Totals Req A to D Complete this question by entering your answers in the tabs below. (a-d) Determine the cost assigned to ending inventory and to cost of goods sold for the following. (e) Which method yields the highest net income? Req E 300 units @ $6.00 640 units @ $6.25 1,280 units @ $6.50 1,160 units @ $6.80 720 units @ $8.90 4,100 units (a) Specific identification (b) Weighted average (c) FIFO (d) LIFO Ending Inventory = Determine the cost assigned to ending inventory and to cost of goods sold for the following. Note: Do not round intermediate calculations and round your answers to 2 decimal places. $ 1,800 4,000 8,320 7,888 6,408 $ 28,416 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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Hamilton Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 1: Ending inventory Cost of goods sold Inventory, December 31, prior year For the current year: Purchase, March 21 Purchase, August 1 Inventory, December 31, current year Required: Compute ending Inventory and cost of goods sold under FIFO, LIFO, and average cost inventory costing methods. Average Cost FIFO Units 2,000 LIFO Unit Cost $5 4 6,000 4,000 3,000
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Fill in the table. Determine the cost assigned to ending inventory and to cost of goods sold using weighted average.
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Rand Company produces dry fertilizer. At the beginning of the year, Rand had the following standard cost sheet: Direct materials (8 lbs. @ $1.25) $10.00 Direct labor (0.15 hr. @ $18.00) 2.70 Fixed overhead (0.20 hr. @ $3.00) 0.60 Variable overhead (0.20 hr. @ $1.70) 0.34 Standard cost per unit $13.64 Overhead rates are computed using practical volume, which is 49,000 units. The actual results for the year are as follows: Units produced: 53,000 Direct materials purchased: 408,000 pounds at $1.32 per pound Direct materials used: 406,800 pounds Direct labor: 10,500 hours at $17.95 per hour Fixed overhead: $36,570 Variable overhead: $18,000 MPV=28,560 UNFAV MUV=21,500 FAV LRV=525 FAV LEV=45,900 UNFAV FIXED SPENDING VARIANCE= 7,170 UNFAV FIXED VOLUME VARIANCE= 2,400 FAV VARIABLE SPENDING= 150 UNFAV VARIABLE EFFICIENCY= 4,335 UNFAV Prepare journal entries for the following: The purchase of direct materials The issuance…