Novak Company uses a periodic inventory system. For April, when the company sold 450 units, the following information is available.UnitsUnit CostTotal CostApril 1 inventory320$35$ 11,200April 15 purchase4304218,060April 23 purchase2504611,5001,000$40,760(a1)Calculate weighted-average cost per unit. (Round answer to 2 decimal places, e.g. 2.76.)Weighted-average cost per unit$

To compute: Weighted-average cost per unit = Total cost / Total units available for sale…

Answered: Novak Company uses a periodic inventory…

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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A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 430 units. Ending inventory on January 31 totals 170 units. Units Unit cost Beginning inventory on January 1 390 $3.80 Purchase on January 9 90 4.00 Purchase on January 25 120 4.10 Required::::Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method.
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
Required information [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 310 units. Ending inventory at January 31 totals 130 units. January 1 Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. Note: Round your per unit costs to 2 decimal places. Date Goods purchased Cost per unit # of units Units 280 60 100 Unit Cost $ 2.60 2.80 2.94 # of units sold Weighted Average-Perpetual: Cost of Goods Sold Cost per Cost of Goods Sold unit # of units Inventory Balance Cost per unit Inventory Balance
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Tablet Company, which uses a periodic inventory system, reports the following in its inventory records forJune: Units Unit CostBeginning Inventory 10 $12.00Purchase #1 5 $10.00Purchase #2 5 $14.00 During June, Tablet Company sold 12 units. Using the weighted-average cost method, compute the June 30 ending inventory balance for this product.
Calculate the November 30 Inventory and the November Cost of goods sold using the FIFO cost formula Sarasota Corporation uses a perpetual inventory system. On November 19, the company sold 610 units. The following additional information is available: Nov. 1 inventory Nov. 15 purchase Nov. 23 purchase Units 330 430 390 1,150 Unit Cost $11 15 16 Total Cost $3,630 6,450 6,240 $16,320
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.
The following data are available for Sellco for the fiscal year ended on January 31, 2020: Sales 830 units Beginning inventory 230 units @ $ 4 Purchases, in chronological order 290 units @ $ 5 450 units @ $ 7 250 units @ $ 7 Required:a. Calculate cost of goods sold and ending inventory under the cost flow assumptions, FIFO, LIFO and Weighted average (using a periodic inventory system): (Round unit cost to 2 decimal places.) b. Assume that net income using the weighted-average cost flow assumption is $15,300. Calculate net income under FIFO and LIFO. (Round unit cost to 2 decimal places.)
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
5. Corporation Analysis Background Information: World Cup Rugby Inc. is authorized to issue an unlimited number of no par value common shares, and has 100,000 shares outstanding. The business has the following balances in its shareholders' equity accounts: Common Shares Retained Earnings Total Equity World Cup Rugby Inc. Corporation Shareholder's Equity $300,000.00 $120,000.00 $420,000.00 As you can see, the company has enough in its Retained Earnings account to declare a dividend. The board of directors has decided to either pay a $1.00 per share cash dividend or issue one share for every four shares each shareholder owns. The current market price is $4.00 per share. Value of Cash Dividend: 100,000 outstanding shares x $1.00 = $100,000.00 Value of Stock Dividend: 100 000/4 x $4.00 = 25,000 shares @ $4.00 each = $100,000.00 What effect does each scenario have on total shareholders' equity? World Cup Rugby Inc. Before Dividend Cash Dividend Stock Dividend Shareholder's Equity Common…
Akira Company had the following transactions for the month. Number Cost of Units per Unit Beginning Inventory 150 $10 Purchased Mar. 31 180 13 Purchased Oct. 15 150 16 Ending Inventory 70 ? Calculate the ending inventory dollar value for the period for each of the following cost allocation methods, using periodic inventory updating. Round your intermediate calculations to 2 decimal places and final answers to the nearest dollar amount. Ending Inventory A. First-in, First-out (FIFO) B. Last-in, First-out (LIFO) C. Weighted Average (AVG) $ %24 %24
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

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