N The following data is available for the month of September for two items of inventory that might soon be render obsolete for Island Solutions. Inventory balances at September 1, 2023, were as follows: USB-C (TA3) Hub-200 @ $400 ea. USB-C (TB3) Hub - 600 @ $800 ea. Date Sep 5 10 15 20 | 25 USB-C (TA3) HUB Purchases 500 @ $450 400 @ $475 300 @ $500 Sales 500 @ $540 400 @ $570 Date Sep 10 19 25 28 30 USB-C (TB3) HUB Purchases 600 @ $900 300 @ $950 500 @ $1 000 Sales 900 @ $1 080 600 @ $1 140 a. Assume that Island Solutions uses a periodic inventory system under the FIFO method, determine the cost of ending inventory and cost of goods sold at September 30, 2023, for the individual items and in total. (Show all workings) b. Assume that Island Solutions uses a periodic inventory system under the average cost method, determine the cost of ending inventory and cost of goods sold at September 30, 2023, for the individual items and in total. (Round to 2 decimal places) 2

N The following data is available for the month of September for two items of inventory that might soon be render obsolete for Island Solutions. Inventory balances at September 1, 2023, were as follows: USB-C (TA3) Hub-200 @ $400 ea. USB-C (TB3) Hub - 600 @ $800 ea. Date Sep 5 10 15 20 | 25 USB-C (TA3) HUB Purchases 500 @ $450 400 @ $475 300 @ $500 Sales 500 @ $540 400 @ $570 Date Sep 10 19 25 28 30 USB-C (TB3) HUB Purchases 600 @ $900 300 @ $950 500 @ $1 000 Sales 900 @ $1 080 600 @ $1 140 a. Assume that Island Solutions uses a periodic inventory system under the FIFO method, determine the cost of ending inventory and cost of goods sold at September 30, 2023, for the individual items and in total. (Show all workings) b. Assume that Island Solutions uses a periodic inventory system under the average cost method, determine the cost of ending inventory and cost of goods sold at September 30, 2023, for the individual items and in total. (Round to 2 decimal places) 2

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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en H [The following information applies to the questions displayed below] A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 300 units. Ending inventory at January 31 totals 130 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 January 1 January 9 Total January Required: Assume the perpual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method January 25 Total January 25 January 26 Total January 26 Goods purchased Number of Cost per unite unit 60 at $2.70 100 at 5 284 Number of units sold 270 Units 270 60 100 30 60 Unit Cost $2.50 2.70 Perpetual EIEO: Cost of Goods Sold Cost per Cost of Goods unit Sold Inventory Balance Cost per whit Number of units 270 at 30 at 60 at $ 270 = 100 at Saved $ 270- $ 284- $ 270 $ 284 Inventory Balance 162.00 $ 162.00
The following is a record of Blossom Company’s transactions for the month of May 2022. May 1 Balance 320 units @ $20 May 10 Sale 240 units @ $38 12 Purchase 480 units @ $25 20 Sale 430 units @ $38 (a) Compute the ending inventory under the perpetual system using FIFO. FIFO Ending inventory $ 3250 (b) Compute the ending inventory under the perpetual system using LIFO. LIFO Ending inventory $
9. Sylvia's Designs Co. had the following inventory activity during April: Unit Units 100 Cost $10 Beginning inventory Purchase (April 3) Sale (April 10) Purchase (April 18) Purchase (April 23) Sale (April 28) 50 12 80 40 14 60 15 120 Assuming Sylvia's uses a periodic LIFO cost flow assumption, ending inventory for April would be a. $2,560 b. $ 750 c. $2,310 d. $ 500
Oriole Company's record of transactions concerning part WA6 for the month of September was as follows. Purchases September 1 (balance on hand) 3 (a1) نا 12 292 2 16 300 200 @ 300 @ 300 @ 500 @ 300 @ $13.00 Average-cost per unit $ @ 13.10 13.25 13.30 13.30 13.40 Sales September 4 17 27 30 400 600 300 200 Calculate average-cost per unit. Assume that perpetual inventory records are kept in units only. (Round answer to 2 decimal places, eg. 2.76.)
Show Me How Beginning inventory, purchases, and sales data for prepaid cell phones for December are as follows: Inventory Dec. 1 1,600 units at $33 Purchases Dec. 10 800 units at $35 20 720 units at $37 Sales Dec. 12 1,120 units 14 960 units 31 480 units a. Assuming that the perpetual inventory system is used, costing by the LIFO method, determine the cost of goods sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 4. Under LIFO, if units are in inventory at two different costs, enter the units with the HIGHER unit cost first in the Cost of Goods Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column. Schedule of Cost of Goods Sold LIFO Method Prepaid Cell Phones Quantity Purchases Purchases Purchased Unit Cost Total Cost Cost of Quantity Goods Sold Goods Sold Sold Unit Cost Total Cost Cost of Inventory Quantity Inventory Unit Cost Inventory Total Cost Date Dec. 1 1,600 33 52,800 Dec. 10 800 35…
Warwick Co. has the following data related to an item of inventory: Inventory, March 1 Purchase, March 7 Purchase, March 16 Inventory, March 31 100 units @ P3.10 350 units @ P3.20 70 units @ P3.25 120 units Find: a. Ending Inventory under FIFO b. Ending Inventory under LIFO c. COGS under FIFO d. COGS under LIFO