March Beginning and Ending Inventory Balance March 1st $4,950 $4,950 $5,000 $4,000 $3,000 $2,000 $1,000 $0 $3,050 March 31st $2,875 LIFO FIFO LIFO Inventory Purchase Quantity January 10th February 7th 100 150 E February 19th 0 20 40 60 80 Quantity 125 100 120 140 160 FIFO Inventory Purchase Price $15.00 $14.00 $13.00 $12.50 $12.00 $13.00 $14.00 $11.00 $10.00 January 10th February 7th February 19th Required: 1. During the Month of March there were no purchases and only one sale occurred. What was the quantity sold during March? Quantity sold 2. Compute the cost of goods sold for Capistrano Retailers for the month of March under each Method: FIFO Cost of Goods Sold LIFO 3. Which inventory costing method may be preferred for income tax reporting purposes?

March Beginning and Ending Inventory Balance March 1st $4,950 $4,950 $5,000 $4,000 $3,000 $2,000 $1,000 $0 $3,050 March 31st $2,875 LIFO FIFO LIFO Inventory Purchase Quantity January 10th February 7th 100 150 E February 19th 0 20 40 60 80 Quantity 125 100 120 140 160 FIFO Inventory Purchase Price $15.00 $14.00 $13.00 $12.50 $12.00 $13.00 $14.00 $11.00 $10.00 January 10th February 7th February 19th Required: 1. During the Month of March there were no purchases and only one sale occurred. What was the quantity sold during March? Quantity sold 2. Compute the cost of goods sold for Capistrano Retailers for the month of March under each Method: FIFO Cost of Goods Sold LIFO 3. Which inventory costing method may be preferred for income tax reporting purposes?

Corporate Financial Accounting

14th Edition

ISBN:9781305653535

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter6: Inventories

Section: Chapter Questions

Problem 6.2BE: Perpetual inventory using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as...

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C Cengage NOWv2 | Onlin Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item PK95 are as follows: July 1 Inventory 44 units @ $15 9 Sale 30 units 13 Purchase 25 Sale 30 units @ $17 23 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on July 25 and (b) the inventory c July 31. a. Cost of merchandise sold on July 25 b. Inventory on July 31 402 X 348 X Incorrect Feedback Check My Work
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Nash Company uses the LCNRV method, on an individual-item basis, in pricing its inventory items. The inventory at December 31, 2020, consists of products D, E, F, G, H, and I. Relevant per unit data for these products appear below. Item D Item E Item F Item G Item H Item I Estimated selling price $124 $113 $98 $93 $113 $93 Cost 77 82 82 82 52 37 Cost to complete 31 31 26 36 31 31 Selling costs 10 19 10 21 10 21 Using the LCNRV rule, determine the proper unit value for balance sheet reporting purposes at December 31, 2020, for each of the inventory items above. Item D %24 Item E %$4 Item F 24 Item G %24 Item H %24
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QUESTION 14 ABC Corporation has the following inventory information for March, 2019: Units $Unit cost $ Total Cost Beg. Inv. 10.50 26,250 2,500 Purchase 1 10.75 34,400 3,200 Purchase 2 11.00 29,700 2,700 Purchase 3 11.25 22,500 2,000 Total 112,850 10,400 On March 31, ABC has 2,700 units in ending inventory. Using the periodic LIFO (last-in, first-out) method, what is the value of ending inventory on March 31? O a. $28,400 O b. $28,350 O c. $30,375 O d. $30,200
Question 5 options: 7565.23 7415.65 7433.44 7395.58
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Chapter 1-Inventories Inancial lued a ating Mega Company had the following inventory transactions during 2019 Unit Selling Price Units 250 200 275 (120) (55) (250) 300 Unit Cost P10.50 11.00 Inventory, January 1 Purchase, March 7 Purchase, July 15 Sale, May 20 Sale, June 30 Sale, September 17 Inventory, December 31 अधि a P562,500 11.75 P14.00 15.00 16.00 endor om eived and shipped on REQUIRED: 31, 2019 ry 2, 2020 -The goods Determine the cost of ending Insontory, cost of goods sold and gross profit under cach of the following inientory cost flru methods. Complete the table given beiow. cost to nearest rentare and total cost fo neerest pese (Where necessary, round off unit पा oापा ecember 31 in the year ere deliverr Cost of End ng Inventory Cost of Goods Sold Gross Proft FIFO Weighted Average received an
ces 7.pdf O $600 QUESTION 3 At the end of the year, a company reports the following inventory amounts ($ per unit): Item # of Units Cost Net Realizable Value A 100 $4 $6 B 150 $8 $4 The amount to report for ending inventory using the lower of cost and net realizable value is: $1,000 $1,600 $1,300 O $1,700 Click Save and Submit to save and submit. Click Save All Answers to save all answers. Q Search Il meet.goo