Metlock Company uses a periodic inventory system. For April, when the company sold 650 units, the following information is available. April 1 inventory April 15 purchase April 23 purchase Ending inventory Units Cost of goods sold 310 390 300 1,000 $ Unit Cost $ $20 24 26 Total Cost $ 6,200 Compute the April 30 inventory and the April cost of goods sold using the FIFO method. 9,360 7,800 $23,360

Metlock Company uses a periodic inventory system. For April, when the company sold 650 units, the following information is available. April 1 inventory April 15 purchase April 23 purchase Ending inventory Units Cost of goods sold 310 390 300 1,000 $ Unit Cost $ $20 24 26 Total Cost $ 6,200 Compute the April 30 inventory and the April cost of goods sold using the FIFO method. 9,360 7,800 $23,360

Name: Metlock Company uses a periodic inventory system. For April, when the
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Metlock Company uses a periodic inventory system. For April, when the company sold 650 units, the following information is available.April 1 inventoryApril 15 purchaseApril 23 purchaseEnding inventoryUnitsCost of goods sold3103903001,000Unit Cost$$2

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Salmone Company reported the following purchases and sales of its only product. Salmone uses a perpetual inventory system. Determine the cost assigned to cost of goods sold using FIFO. Date Activities Units Acquired at Cost Units Sold at Retail May 1 Beginning inventory 156 units @ $10 = $1,560 May 5 Purchase 226 units @$12 = $2,712 May 10 Sales 146 units @ $20 May 15 Purchase 106 units @$13 = $1,378 May 24 Sales 96 units @ $21
Haynes Company uses the perpetual inventory system. The following information is available for the month the March. March 1 Beginning Inventory 10 units at $2 for $20, March 4 Sold 8 units, March 22 Purchased 50 units at $4 for $200, March 26 Sold 48 units. If Haynes Company uses the LIFO inventory costing method, what is the balance in Ending Inventory at March 31? A. $40 B. $16 C. $12 D. $8
Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date March 1 March 5 March 91 March 18 March 25 March 29 Total Beginning inventory Purchases: March 5 March 18 March 25 Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals, Required: 1. Compute cost of goods available for sale and the number of units available for sale. Units Acquired at Cost 80 units @ $50.60 per unit 215 units @ $55.60 per unit # of units 75 units @ $60.60 per unit 130 units @ $62.60 per unit Cost per Unit 500 units Cost of Goods Available for Sale Cost of Goods Available. for Sale Units Sold at Retail 240 units @ $85.60 per unit 110 units @ $95.60 per unit 350 units
The following information was available from the inventory records of Rich Company for January: Units 9,000 Unit Cost $9.77 Total Cost Balance at January 1 Purchases: $87,930 January 6 January 26 6,000 8,100 10.30 10.71 61,800 86,751 Sales: January 7 January 31 Balance at January 31, (7,500) (11,100) 4,500 Assuming that Rich maintains perpetual inventory records, what should be the inventory at January 31, using moving average method, rounded nearest dollar?
Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactions for March. Date March 1 March 5 March 9 March 18 March 25 March 29 Activities Beginning inventory Purchase Sales Purchase Purchase Answer: Sales Totals Units Acquired at Cost 90 units @ $50.80 per unit 220 units @ $55.80 per unit 80 140 units @ $60.80 per unit units @ $62.80 per unit 530 units Calculate the total cost of goods available for sale Units Sold at Retail 250 units @ $85.80 per unit 120 units 370 units @ $95.80 per unit
Amsterdam Company uses a periodic inventory system. For April, when the company sold 600 units, the following information is available. Units Unit Cost Total Cost April 1 inventory 250 $10 $ 2,500 April 15 purchase 400 12 4,800 April 23 purchase 350 13 4,550 1,000 $11,850 Compute the April 30 inventory and the April cost of goods sold using the average-cost method.
The following information was available from the inventory records of Jun Company for January: Unit Cost Total Cost $9.77 $87,930 Units Balance at January 19,000 Purchases: Sales: January 6 January 26 6,000 8,100 January 7 January 31 10.30 10.71 61,800 86,751 (7,500) (11,100) Balance at January 31 4,500 Assuming that Jun maintains perpetual inventory records, what should be the cost of goods sold during January, using the average inventory method, rounded to the nearest dollar? Group of answer choices $192,516. $190,413. $189,861. $188,286.
Waterway Company uses a periodic inventory system. For April, when the company sold 450 units, the following information is available. April 1 inventory April 15 purchase April 23 purchase (a) Units Unit Cost 260 360 380 1,000 $29 Weighted average cost per unit 35 38 Total Cost $ $7,540 12,600 Calculate weighted average cost per unit. (Round answer to 2 decimal places, eg. 2.76) 14,440 $34,580
Ivanhoe Company uses a periodic inventory system. Its records show the following for the month of May, in which 70 units were sold. Date Explanation Units Unit Cost Total Cost May 1 Inventory 30 $10 $300 15 Purchase 25 11 275 24 Purchase 38 12 456 Total 93 $1,031 Calculate the weighted-average unit cost. (Round answer to 3 decimal places, e.g. 5.125.) Weighted-average unit cost $ Calculate the ending inventory at May 31 using the FIFO, LIFO and average-cost methods. (Round answers to 0 decimal places, e.g. 125.) FIFO LIFO AVERAGE-COST The ending inventory at $ May 31 %24 %24 %24 %24
Shellhammer Company's inventory and purchases accounts show the following data for the month of September: Inventory, Purchases: September 1 September 8 September 18 Ending inventory Cost of goods sold $ tA Units $ 100 450 350 Unit Cost A physical inventory on September 30 shows 200 units on hand. Calculate the cost of ending inventory and cost of goods sold if the company uses the FIFO method and a periodic inventory system. $3.34 3.50 3.70 A
Tamarisk Company uses a periodic inventory system. For April, when the company sold 550 units, the following information is available. April 1 inventory April 15 purchase April 23 purchase Units Unit Cost $26 Ending inventory 230 360 410 1,000 31 Cost of goods sold $ 34 Total Cost $5,980 11.160 Compute the April 30 inventory and the April cost of goods sold using the LIFO method. 13,940 $31.080
The following information was available from the inventory records of Moen Company for January: Units 3,000 Unit Cost Total Cost P29,310 Balance at January 1 Purchases: P9.77 January 6 January 26 2,000 2,700 10.30 20,600 28,917 10.71 Sales: January 7 January 31 Balance at January 31 (2,500) (3,200) 2,000 1. Assuming that Moen does not maintain perpetual inventory records, what should be the inventory at January 31, using the weighted-average inventory method, rounded to the nearest peso? 2. Assuming that Moen maintains perpetual inventory records, what should be the inventory at January 31, using the moving-average inventory method, rounded to the nearest peso?