Question Content AreaTrini Company had the following transactions for the month.BeginninginventoryPurchased May31Purchased Jul. 15Purchased Nov. 1Totals (Goodsavailable)Numberof Units1,060 $221,0201,3301,2204,630CostperUnitA. First-in, First-out (FIFO)B. Last-in, First-out (LIFO)C. Weighted Average(AVG)232627?Total$23,32023,46034,58032,940Ending inventory 950Calculate the cost of goods sold dollar value for the period for each of the following cost allocationmethods, using periodic inventory updating. Round your intermediate calculations to 2 decimal placesand final answers to the nearest dollar amount.114,300Cost of GoodsSold$fill in the blank 1$fill in the blank 2$fill in the blank 3

Name: Question Content AreaTrini Company had the following transactions for
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Description: Question Content AreaTrini Company had the following transactions for the month.BeginninginventoryPurchased May31Purchased Jul. 15Purchased Nov. 1Totals (Goodsavailable)Numberof Units1,060 $221,0201,3301,2204,630CostperUnitA. First-in, First-out (FI

Calculation of Cost of good sold using FIFO Method : No. of units Unit cost Total Beginning…

Answered: ning tory ased May ased Jul. 15 ased…

Business

Accounting

ning tory ased May ased Jul. 15 ased Nov. 1 (Goods Number of Units 1,060 $22 1,020 1,330 1,220 Cost per Unit 1.630 23 26 27 Total $23,320 23,460 34,580 32,940 114 300

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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Ay 3. item Beta. Units. Cost The following three identical units of items PX2T are purchased during April April 2 Purchase 1 $104 April 15 Purchase 1 108 April 20. Purchase. 1. 112 Total. 3. $324 Average cost per unit. $108. ($324 ~ 3 units) Assume that one unit is sold on April 27 for $152. Determine the gross profit for April and ending inventory on April 30 using the (a) first -in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c)weighted average cost method a. First-in, first-out (FIFO). Gross Profit. Ending Inventory b. Last-in, first-out (LIFO) c. Weighted average c
Date Activities Units Acquired at Cost 10 units @ $25 = $250 15 units @ $28 = $420 Units Sold August 2 August 18 August 29 August 31 Purchase Purchase Sales 20 unit Purchase 14 units @ $29 = $406 What is the per unit value of ending inventory on August 31? Answers should be rounded to the nearest cent. Multiple Choice $28.42 $26.80 $29.00 $25.00 O $30.35
net realizable value = 902
Date Apr. 3 8 30 May 8 10 19 28 June 5 16 21 28 Transaction Inventory Purchase Sale Sale Purchase Sale Sale Purchase Sale Sale Purchase Sale Number of Units 72 120 72 36 120 216 Per Unit $600 720 2,000 2,000 800 2,000 2,000 880 2,100 2,100 960 2,100 Total $43,200 103,680 192,000 120,000 96,000 144,000 72,000 105,600 151,200 201,600 207,360 226,800
Required information (The following information applies to the questions displayed below] Warnerwoods Company uses a perpetual 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 25 Activities beginning inventory Purchase Sales Purchase Purchase Bales Totals Units Acquired at Cost 553.60 per unit $50.60 per unit 230 units 290 units 150 unit 200 units 350 units $63.60 per unit $45.00 per unit Perpetual FIFO Perpetual LIFO Weighted Average Specific d Compute the cost assigned to ending inventory using LIFO Complete this question by entering your answers in the tabs below. Units Bold at Retail 390 units # $88.40 per unit 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (d) weighted average, and (d) specific identification. For specific identification, units sold include 130 units from beginning inventory, 260 units from the March 5 purchase. 110 units from the March 18…
Instructions: Calculate the cost of goods sold under FIFO, LIFO, and weighted average cost. May 5th 100 units for $7 May 10th 70 units for $8 June 3rd 44 units for $5 July 5th 90 units for $6 July 8th 70 units for $4 Total units: 374 units Total cost: $2,300 Number of units sold: 300
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