Mower-Blower Sales Company started business on January 20, 2022. Products sold were snow blowers and lawn mowers. Eachproduct sold for $1,400. Purchases during 2022 were as follows:January 21February 3February 28March 13April 6May 22June 3June 20August 15September 20November 7Blowers10 @ $70020 @ $68020 @ $65010 @ $65010 @ $700Req A1The December 31, 2022, inventory included 10 blowers and 20 mowers. Assume the company uses a periodic inventory system.Required:a. 1. Compute ending inventory valuation at December 31, 2022, under the FIFO and LIFO cost flow assumptions.2. Is there any difference in valuation under FIFO and LIFO.BlowersMowersb. If the cost of mowers had increased to $750 each by December 26th, and if management had purchased 20 mowers just beforethe end of the year, which cost flow assumption was probably being used by the firm?MowersComplete this question by entering your answers in the tabs below.Req A2 and B$10 @ $62020 @ $64020 @ $66030 @ $70010 @ $64010 @ $620Compute ending inventory valuation at December 31, 2022, under the FIFO and LIFO cost flow assumptions.FIFO7,000 $LIFO7,000Show less A The December 31, 2022, inventory included 10 blowers and 20 mowers. Assume the company uses a periodic inventory system.Required:a. 1. Compute ending inventory valuation at December 31, 2022, under the FIFO and LIFO cost flow assumptions.2. Is there any difference in valuation under FIFO and LIFO.b. If the cost of mowers had increased to $750 each by December 26th, and if management had purchased 20 mowers just beforthe end of the year, which cost flow assumption was probably being used by the firm?Complete this question by entering your answers in the tabs below.Req A1a2.b.Req A2 and BShow lessa2. Is there any difference in valuation under FIFO and LIFO.b. If the cost of mowers had increased to $750 each by December 26th, and if management had purchased 20 mowers justbefore the end of the year, which cost flow assumption was probably being used by the firm?

A perpetual inventory system is like having a real-time monitor for your inventory. It's a method of…

Mower-Blower Sales Company started business on January 20, 2022. Products sold were snow blowers and lawn mowers. Each product sold for $1,400. Purchases during 2022 were as follows: January 21 February 3 February 28 March 13 April 6 May 22 June 3 June 20 August 15 September 20 November 7 Blowers 10 @ $700 20 @ $680 20 @ $650 10 @ $650 10 @ $700 Mowers 10 @ $620 20 @ $640 20 @ $660 30 @ $700 10 @ $640 10 @ $620

Mower-Blower Sales Company started business on January 20, 2022. Products sold were snow blowers and lawn mowers. Each product sold for $1,400. Purchases during 2022 were as follows: January 21 February 3 February 28 March 13 April 6 May 22 June 3 June 20 August 15 September 20 November 7 Blowers 10 @ $700 20 @ $680 20 @ $650 10 @ $650 10 @ $700 Mowers 10 @ $620 20 @ $640 20 @ $660 30 @ $700 10 @ $640 10 @ $620

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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Radakrishnan Corporation begins business in 20X5, decides to use LIFO costing, and makes the following purchases in 20X5: Purchase Date Units Purchased February 12 May 4 July 18 September 11 November 1 December 8 Total AO B 600 C 2,300 2,900 2,200 $128,423 4,800 $112,874 1,100 13,900 $122,481 Unit Cost $105,741 $32 $34 $35 $38 $40 $44 Total Cost $19,200 Radakrishnan's 20X5 year-end physical count yields 4,600 units, and its 20X6 physical count yields 3,100 units. What is Radakrishnan's 20X6 ending inventory? When calculating the cost per unit, round the calculated result to two decimal places (for example, $30.10). 78,200 101,500 83,600 192,000 48,400 $522,900
Product Price per Unit $400 Desktop computer Tablet computer Landline telephone 4-in-1 desktop printer 60 60 100 Date Transactions 2018 California Business Solution purchases 10 electronic hardware packages at a cost of $620 each by paying cash April 1 April 7 CBS purchases 30 desktop computers on credit at a cost of $400 each. The credit terms are n/15 with an invoice date of April 7. April 17 CBS makes full payment on the amount due from the April7 purchase May 1 CBS purchases 67 tablet computers at a cost of $60 each on credit. The payment terms are 5/10, n/30, and the invoice is dated May 1. May 10 CBS pays their account in full. June CBS purchased 300 landline telephones with cash at a cost of $60 each. On June 3. CBS discovers that 25 of the phones are the wrong color and returns the phones to the manufacturer for a full refund,, June 8 CBS discovers that 60 more phones from the June 1 purchase are slightly damaged. CBS decides to keep the phones but receives a purchase allowance…
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Required Information [The following information applies to the questions displayed below.] The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations: Jan. 20 Apr. 21 July 25 Sept. 19 Purchased Purchased Purchased Purchased 410 units @ $ 9 = 210 units@ $ 11 = 290 units @ $ 14 = 100 units @ $ 16 = $3,690 2,310 4,060 1,600 During the year, The Shirt Shop sold 840 T-shirts for $25 each. c. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions. Difference in gross margin between the FIFO and LIFO cost flow assumptions
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Mower-Blower Sales Co. started business on January 20, 2016. Products sold were snow blowers and lawn mowers. Each product sold for $1,400. Purchases during 2016 were as follows: Blowers Mowers January 21 20@$800 February 3 40 @780 February 28 30760 March 13 20 @ 760 April 6 20@$840 May 22 40860 June 3 40 @880 June 20 60920 August 15 20860 September 20 20840 November 7 20@800 The December 31, 2016 inventory included 10 blowers and 25 mowers. Assume the company uses a periodic inventory system. Required: Compute ending inventory valuation at December 31, 2016 under: a) FIFO b) LIFO (Hint: Compute ending inventory under each method, and then compare results.)
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