MANGO store had the following purchases during its first year of operations. They purchased 1880 units in January at $40 cost per unit and 4,300 unit at $25. The store has sold 1,480 units at $50 per units. What is the number of units in the ending inventory? O 1,480 units O 4,700 units O 7,660 units O 1.880 units
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- Sterling Corporation has an EOQ of 5,000 units. The company uses an average of 500 units per day. An order to replenish the part requires a lead time of five days. Required: 1. Calculate the reorder point, using Equation 20.3. 2. Graphically display the reorder point, where the vertical axis is inventory (units) and the horizontal axis is time (days). Show two replenishments, beginning at time zero with the economic order quantity in inventory. 3. What if the average usage per day of the part is 500 units but a daily maximum usage of 575 units is possible? What is the reorder point when this demand uncertainty exists?Johnson Corporation had beginning inventory of 20,000 at cost and 35,000 at retail. During the year, it made net purchases of 180,000 at cost and 322,000 at retail. Johnson nude sales of 300,000. Assuming a price index of 100 at the beginning of the year and 110 at the end of the year, compute Johnsons ending inventory at cost using the dollar-value LIFO retail method.Prepare the journal entry to record the sale of 2,000 units that cost $8 per unit and sold for $15 per unit.
- Ottis, Inc., uses 640,000 plastic housing units each year in its production of paper shredders. The cost of placing an order is 30. The cost of holding one unit of inventory for one year is 15.00. Currently, Ottis places 160 orders of 4,000 plastic housing units per year. Required: 1. Compute the annual ordering cost. 2. Compute the annual carrying cost. 3. Compute the cost of Ottiss current inventory policy. Is this the minimum cost? Why or why not?Assume the following events for a month for Company X: Beginning Balance of Inventory is 400 Units and the cost is $ 200 per Unit. October 5 Company X purchases 400 Units at a cost of $220 per Unit. October 9 Company X sells 600 units for $500 per Unit. October 17 Company X purchases 200 Units at a cost of $230 per Unit. October 27 Company X sells 300 units for $500 per Unit. October 29 Company X purchases 200 units for $250 per Unit. Use this data to answer all questions. Using FIFO Periodic, what is the Gross Profit for October?A company had the following purchases during its first year of operations: January |May September October Purchases 6 units at $28 10 units at $ 22 12 units at $ 25 What is the weighed average cost per unit On May? Round your answer to 2 decimal places. Sales 16 units at $ 50
- In its first month of operations, Lily Company made three purchases of merchandise in the following sequence: (1) 310 units at $8, (2) 450 units at $9, and (3) 240 units at $10. (a) Calculate the average unit cost. (Round answer to 2 decimal places, e.g. 15.25.) Average unit cost $Shepard Company sold 4,000 units of its product at $100 per unit during the year and incurred operating expenses of $15 per unit in selling the units. It began the year with 840 units in inventory and made successive purchases of its product as follows. Jan. 1 Beginning inventory . 840 units @ $58 per unit Apr. 2 Purchase . 600 units @ $59 per unit June 14 Purchase . 1,205 units @ $61 per unit Aug. 29 Purchase . 700 units @ $64 per unit Nov. 18 Purchase . 1,655 units @ $65 per unit Total . 5,000 units Required 1. Prepare comparative income statements similar to Exhibit 6.8 for the three inventory costing methods of FIFO, LIFO, and weighted average. (Round all amounts to cents.) Include a detailed cost of goods sold section as part of each statement. The company uses a periodic inventory system, and its income tax rate is 40%. 2. How would the financial results from using the three alternative inventory costing methods change if the company had been experiencing decreasing prices in its…Sigfusson Supplies reported beginning inventory of 100 units, for a total cost of $2,000. The company had the following transactions during the month:Jan. 6 Sold 20 units on account at a selling price of $30 per unit.9 Bought 10 units on account at a cost of $20 per unit.11 Sold 10 units on account at a selling price of $35 per unit.19 Sold 20 units on account at a selling price of $40 per unit.27 Bought 10 units on account at a cost of $20 per unit.31 Counted inventory and determined that 60 units were on hand.Required:1. Prepare the journal entries that would be recorded using a periodic inventory system.2. Prepare the journal entries that would be recorded using a perpetual inventory system, including any “book-to-physical” adjustment that might be needed.3. What is the dollar amount of shrinkage that you were able to determine in (a) requirement 1,and (b) requirement 2? Enter CD (cannot determine) if you were unable to determine the dollar amount of shrinkage
- In its first month of operations, Sheffield Corp. made three purchases of merchandise in the following sequence: (1) 350 units at $8, (2) 400 units at $9, and (3) 500 units at $10. Calculate average unit cost. (Round answer to 3 decimal places, e.g. 5.125.) Average unit cost $___________________I Required information [The following information applies to the questions displayed below.] Frigid Supplies reported beginning inventory of 200 units, for a total cost of $2,000. The company had the following transactions during the month: January 3 Sold 20 units on account at a selling price of $15 per unit. January 6 Bought 30 units on account at a cost of $10 per unit. January 16 Sold 30 units on account at a selling price of $15 per unit. January 19 Sold 20 units on account at a selling price of $20 per unit. January 26 Bought 10 units on account at a cost of $10 per unit. January 31 Counted inventory and determined that 160 units were on hand. 3-a. What is the dollar amount of shrinkage that you were able to determine in periodic inventory system? 3-b. What is the dollar amount of shrinkage that you were able to determine in perpetual inventory system? Periodic inventory system Perpetual inventory system Amount of shrinkagePT Maju Jaya sells one product. The following information is available for January. January 1, Inventory 100 units at a price of Rp 12,000 / unit January 4, Sales of 80 units at a price of Rp 16,000 / unit January 11, Purchased 150 units at a price of Rp 13,000 / unit January 13, Sales of 120 units at a price of Rp 17,500 / unit January 20, Purchased 160 units at a price of Rp 14,000 / unit January 27, Sales of 100 units at a price of Rp 18,000 / unit The company uses the FIFO cost flow assumption. All purchases and sales are made on credit. Requested: a. Assume the company uses a periodic system. Prepare all required journal entries, including the month-end closing journal for recording cost of goods sold! Physical accounting indicates the ending balance of the inventory for January of 110 units. b. Calculate gross profit using the periodic system!