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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Subject-Acounting Acme Manufacturing Company began business in June and made the following four inventory purchases: June 1 150 units $ 990 June 10 200 units 1,344 June 15 200 units 1,368 June 28 150 units 1,062 $4,764 The company uses a periodic inventory system. A physical count of merchandise inventory on June 30 reveals that there are 200 units on hand. Using the average-cost method, the amount allocated to the ending inventory on June 30 is A. $1,361. B. $1,320. C. $1,344. D. $1,416. Reset Selection
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
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The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 25 units @ $29 $725 June 16 Purchase 32 units @ $34 1,088 Nov. 28 Purchase 40 units @ $37 1,480 97 units $3,293 There are 17 units of the product in the physical inventory at November 30. The periodic inventory system is used. Round answers to the nearest whole dollar. a. Determine the inventory cost by the FIFO method. $4 b. Determine the inventory cost by the LIFO method. $4 c. Determine the inventory cost by the average cost methods.
A company's inventory records report the following in November of the current year: Date November 1 Beginning inventory November 2 Purchase November 8 Sales November 12 Purchase Multiple Choice O O 6 units @ $55 = $330 Using the LIFO perpetual inventory method, what was the amount recorded in the cost of goods sold account for the 12 units sold? $554 Activities $398 $642 Units Acquired at Cost 5 units @ $50 = $250 10 units @ $52 = $520 Units Sold at Retail 12 units @ $84
Filimonov Inc. has the following information related to purchases and sales of one of its inventory items: Date Description Units Purchased at Cost Units Sold at Retail June 1 Beginning Inventory 150 units @ $5 = $750 9 Purchase 1 200 units @ $12 = $2,400 14 Sale 1 300 units @ $25 22 Purchase 2 250 units @ $14 = $3,500 29 Sale 2 225 units @ $25 Assume that Filimonov uses a periodic inventory system. Required: Calculate the cost of goods sold and the cost of ending inventory using the average cost method. (Note: Use four decimal places for per-unit calculations and round all other numbers to the nearest dollar.) Cost of goods sold Cost of ending inventory
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Lok Company reports net sales of $5,562,000 for Year 2 and $7,019,000 for Year 3. End-of-year balances for total assets are Year 1, $1,658,000; Year 2, $1,768,000; and Year 3, $1,949,000. (1) Compute Lok's total asset turnover for Year 2 and Year 3. (2) Lok's competitor has a Total Asset Turnover of 3.0 during Year 3. Is Lok performing better or worse than its competitor on the basis of total asset turnover?
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