March 174th purchase80018.0014,400June 25th purchase40019.007,600August 216th purchase30021.006,300September 277th purchase50021.7510,8754,000$72,400Use the following information for the specific identification method.There are 900 units of inventory on hand on September 30, 20-2. Of these 900 units:50 are from October 18, 20-11st purchase300 are from January 12, 20-23rd purchase100 are from March 174th purchase200 are from June 25th purchase50 are from August 216th purchase200 are from September 277th purchaseRequired:Calculate the total amount to be assigned to the cost of goods sold for the fiscal year ended September 30, 20-2, and ending inventory on September 30, 20-2,each of the following periodic inventory methods.Cost of Goods SoldCost of Ending Inventory1. FIFO%$42. LIFO3. Weighted-average$4. Specific identification Specific Identification, FIFO, LIFO, and Weighted-AverageBoyce Company's beginning inventory and purchases during the fiscal year ended September 30, 20-2, are shown.Units Unit Price Total CostOctober 1, 20-1Beginning inventory400$15.00$6,000October 181st purchase30016.504,950November 252nd purchase60017.0010,200January 12, 20-2 3rd purchase70017.2512,075March 174th purchase80018.0014,400June 25th purchase40019.007,600August 216th purchase30021.006,300September 277th purchase50021.7510,8754,000$72,400Use the following information for the specific identification method.There are 900 units of inventory on hand on September 30, 20-2. Of these 900 units:50 are from October 18, 20-11st purchase300 are from January 12, 20-23rd purchase100 are from March 174th purchase200 are from June 25th purchase50 are from August 216th purchase200 are from September 277th purchase

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Description: March 174th purchase80018.0014,400June 25th purchase40019.007,600August 216th purchase30021.006,300September 277th purchase50021.7510,8754,000$72,400Use the following information for the specific identification method.There are 900 units of inventor

LIFO means last in first out where as FIFO means first in first out. Inventory and cost of…

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March 17 4th purchase 800 18.00 14,400 June 2 5th purchase 400 19.00 7,600 August 21 6th purchase 300 21.00 6,300 September 27 7th purchase 500 21.75 10,875 4,000 $72,400 Use the following information for the specific identification method. There are 900 units of inventory on hand on September 30, 20-2. Of these 900 units: 50 are from October 18, 20-1 1st purchase 300 are from January 12, 20-2 3rd purchase 100 are from March 17 4th purchase 200 are from June 2 5th purchase 50 are from August 21 6th purchase 200 are from September 27 7th purchase Required: Calculate the total amount to be assigned to the cost of goods sold for the fiscal year ended September 30, 20-2, and ending inventory on Se each of the following periodic inventory methods. Cost of Goods Sold Cost of Ending Inventory 1. FIFO 2. LIFO $ 3. Weighted-average

March 17 4th purchase 800 18.00 14,400 June 2 5th purchase 400 19.00 7,600 August 21 6th purchase 300 21.00 6,300 September 27 7th purchase 500 21.75 10,875 4,000 $72,400 Use the following information for the specific identification method. There are 900 units of inventory on hand on September 30, 20-2. Of these 900 units: 50 are from October 18, 20-1 1st purchase 300 are from January 12, 20-2 3rd purchase 100 are from March 17 4th purchase 200 are from June 2 5th purchase 50 are from August 21 6th purchase 200 are from September 27 7th purchase Required: Calculate the total amount to be assigned to the cost of goods sold for the fiscal year ended September 30, 20-2, and ending inventory on Se each of the following periodic inventory methods. Cost of Goods Sold Cost of Ending Inventory 1. FIFO 2. LIFO $ 3. Weighted-average

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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Periodic inventory by three methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 2,700 units at $7 Feb. 17 Purchase 2,800 units at $8 Jul. 21 Purchase 3,400 units at $9 Nov. 23 Purchase 1,100 units at $10 There are 1,300 units of the item in the physical inventory at December 31. The periodic inventory system is used. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. Open spreadsheet a. Determine the inventory cost by the first-in, first-out method. Round your answer to the nearest dollar. st dollar. b. Determine the inventory cost by the last-in, first-out method. Round your answer to the ne C. Determine the inventory cost by the weighted average cost method. Round your answer to the nearest dollar.
Beginning inventory, purchases, and sales for Item Copper are as follows: Mar. 1 Inventory 450 units at $7 Sale 390 units 13 Purchase 410 units at $8 25 Sale 340 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) the inventory on March 31. a. Cost of merchandise sold on March 25 2,720 X b. Inventory on March 31 980
Suppose that Target Corporation uses the periodic inventory system to account for inventories and has the following information at October 31. October 1 Beginning inventory 400 units $12.00 = $4,800 8 Purchase 800 units @ $12.40 = 9,920 16 Purchase 600 units @ $12.80 = 7,680 24 Purchase 200 units @ $13.60 = 2,720 Total units and cost 2,000 units $25,120 (a) Determine the ending inventory using the FIFO cost assumption if 500 units remain on hand at October 31. Ending inventory $
please solve with all workings like explanation , computation for each part and steps clearly in proper format answer in text form
Company just starting business made the following purchases in August: August 1 300 units $1,560 August 12 400 units 2,340 August 24 400 units 2,520 August 30 300 units 1,980 1,400 units $8,400 A physical count of the inventory on August 31 reveals that there are 500 units on hand. Using the FIFO inventory method in a perpetual inventory system, how much is the value of the ending inventory on August 31? $5,670 $3,240 O $2,730 $5,160
Current Attempt in Progress Windsors has the following inventory data: Nov. 1 Inventory 26 units @ $5.20 each 8 Purchase 103 units @ $5.55 each 17 Purchase 52 units @ $5.40 each 25 Purchase 77 units @ $5.70 each A physical count of merchandise inventory on November 30 reveals that there are 86 units on hand. Cost of goods sold under LIFO is $488. $939. $468. $958.
Jasper & Williams made purchases of a particular product In the current year as follows: 1 Beginning inventory Jan. 120 units O$2.10 @$2.20 @$2.30 @$2.45 = $ 252 Mar. 7 Purchased 250 units 550 July 28 Purchased 5ee units 1,150 Ooct. Purchased 60 units 147 Totals 930 units $ 2,099 Assume that the specific Identification method is used to assign costs to cost of goods sold ending inventory. The units In ending Inventory were specifically identified as follows. • 80 units from beginning Inventory • 27 units from the March 7 purchase, and • 48 units from the July 28 purchase. Requlred: Determine the cost to be assigned to ending Inventory and cost of goods sold. (Round the final answers to 2 decimal places.) Ending inventory Cost of goods sold