Number Cost of Units per Unit Beginning inventory 130 $71 Purchased goods during the period 240 80 Sold goods during the period 70 120 Purchased goods during the period 230 90 Goods available for sale in units fill in the blank Goods available for sale in dollar $_
Q: linventory for Ivanhoe are (Hint:
A: Correct answer is :- 56.2 Days
Q: Date Purchases Sales Units Cost/Unit Units Jan. 1 100 $0.80 Jan. 4 390 0.90 Jan. 5 280…
A: The inventory can be evaluated using various methods as: FIFO, LIFO and Weighted Average method.
Q: Mar. 3 Inventory 12 units @ $15 11 Purchase 13 units @ $17 14 Sale 18 units 21 Purchase 9 units @…
A: Working note:
Q: Units Cost Beginning inventory 50 $10 Purchase (June 5) 10 16 Purchase (June 15) 30 14 Sale (June…
A: Perpetual inventory system: Under this inventory system, the records of inventory are continuously…
Q: Beginning Inventory Date January 1 Units Unit Cost Total Cost 120 Purchase January 15 380 $ 80 90 $…
A: Stockpile of 120 items at $80 items for $9,600. On January 15, $34,200 was spent on 380 $90 goods.…
Q: Required information [The following information applies to the questions displayed below.] Laker…
A: Periodic inventory system:The method or system of recording the transaction related to inventory…
Q: Date Explanation Units Cost Total Cost June 1 Inventory 225 $5 $1,125 12 Purchase 525 6 3,150 28 23…
A: Inventory valuation is based on the method of flow used by the organization. It can be the first in…
Q: Required information Trey Monson starts a merchandising business on December 1 and enters into the…
A: Inventory or stock is the goods and material a business holds for resale. Before working on the…
Q: The following data applies to a particular item of merchandise: On hand at start of period 300 $5.10…
A: In first in first out , it is assumed that the goods which are purchased first will be sold first.…
Q: The following three identical units of Item BZ1810 are purchased during November: Item BZ1810…
A: Ending inventory means the amount of inventory that an entity has on hand at the end of the period.…
Q: hree identical units of merchandise were purchased during May, as follows: Date Magnesium XP…
A: The objective of the question is to calculate the gross profit and ending inventory using three…
Q: he inventory data for an item for November are: Nov. 1 Inventory 24 units at $24 4 Sold 11…
A: Cost of Goods Sold under LIFO = (11*24) + (17*20) = 264 + 340 = 604
Q: Computing Cost of Sales and Ending Inventory Stocken Company has the following financial records for…
A: Inventory can be valued using various methods -First-in First-Out Method - Under the First-in…
Q: Question Content Area The inventory data for an item for November are: Date Line Item…
A: The objective of the question is to calculate the cost of goods sold (COGS) for November using the…
Q: Assume that three identical units of merchandise were purchased during October, as follows:…
A: Under LIFO Method, cost of goods sold is calculated on the assumption that units of inventory which…
Q: Assume Hadley Co has the following purchases of inventory during the first month of operations…
A: The direct costs of manufacturing the commodities sold by a corporation are referred to as the cost…
Q: Required information [The following information applies to the questions displayed below.] Altira…
A: Beginning inventory=Units×Cost per unit=3500×$7.60=$26,600
Q: The inventory data for an item for November are: Nov. 1 Inventory 24 units at $22 9 units 4 Sold 10…
A: LIFO - Last-In-First Out: As per LIFO inventory accounting, units purchased last are sold first.
Q: Blossom Company reports the following for the month of June. Units Unit Cost…
A:
Q: [The following information applies to the questions displayed below.] Trey Monson starts a…
A: Inventory valuation method includes: FIFO Method LIFO Method Weighted average Method FIFO Method -…
Q: ne following data applies to a particular item of merchandise: On hand at start of period 300 $5.10…
A: COGS stands for Cost of goods sold states the direct costs for producing the goods sold through…
Q: Determine the cost assigned to ending inventory and to cost of goods sold using weighted average.
A: Inventory Valuation is a method of calculating the value of stock at the end of an accounting…
Q: The following data applies to a particular item of merchandise: On hand at start of period 300 $5.10…
A: In first in first out , it is assumed that the goods which are purchased first will be sold first.…
Q: The following data applies to a particular item of merchandise: On hand at start of period 300 $5.10…
A: cost of goods sold = cost of goods available for sale - the cost of ending inventory.
Q: Given the following: Number purchased Cost per unit Total January 1 inventory 41 $ 5 $ 205…
A: Number of units sold = Units purchased - Ending inventory units = 209 - 62 = 147
Q: Given the following: Number purchased Cost per unit Total January 1 inventory 30 $ 5 $…
A: LIFO: LIFO stands for Last-In, First-Out. In this method inventory purchased at last will be sold…
Q: The following data applies to a particular item of merchandise: On hand at start of period 300 $5.10…
A: Date Units Purchased Units Sold Ending Units Beginning Units 300 300 0 1st Purchase 500…
Q: The following data applies to a particular item of merchandise: On hand at start of period 300 $5.10…
A: Last in, first-out (LIFO): It is a cost flow assumption approach used in the measurement of the cost…
Q: -S The Stilton Company has the following inventory and credit purchases during the fiscal year ended…
A: FIFO Method :— It is one of the method of inventory valuation in which beginning Inventory and first…
Q: ✔Total cost of goods sold, $791,600 SHOW ME HOW EX 6-8 Weighted average cost flow method under…
A: INVENTORY VALUATIONInventory Valuation is a Method of Calculation of Value of Inventory at the End…
Q: Marquis Company uses a weighted-average perpetual inventory system and has the following purchases…
A: The weighted average perpetual inventory system employs a running average of expenses to track…
Q: The following data applies to a particular item of merchandise: On hand at start of period 300 $5.10…
A: given that, Units Available for sale = 2100 ending inventory = 500 units sold = 1600
Q: Required information Use the following information for the Exercises below. [The following…
A: As per the honor code, We’ll answer the first question since the exact one wasn’t specified. Please…
Q: e inventory data for an item for November are: Nov. 1 Inventory 19 units at $24 4 Sold 8 units…
A: LIFO is the last in first out that means most recent will be taken into account first.
Q: Required information [The following information applies to the questions displayed below.] Hemming…
A: In FIFO method,Ending inventory $4900Cost of goods sold $13850Gross margin $21350In LIFO…
Q: o the questions business on December inventory purchases. system Also on
A: The question is based on the concept of Cost Accounting.
Q: d. Weighted average. Goods Purchased Cost of Goods Sold Balance in Inventory…
A: In weighted average , an average price is calculated by taking quantity as weight and cost of goods…
Q: Requlred Information [The following Informatlon applies to the questions displayed below.] Hemming…
A: Perpetual Inventory Valuation method refers to where inventory are recorded at immediately after…
Q: The following data applies to a particular item of merchandise: On hand at start of period 300…
A: Particulars Units Cost per unit Total value On hand at start of period 300 $5.10 $1530…
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- Date January 1 May 5 November 3 Weighted Average Transaction Beginning inventory Purchase Purchase Cost Beginning Inventory Purchases: May 5 November 3 Total Calculate ending inventory and cost of goods sold for the year, assuming the company uses weighted-average cost. (Round your average cost per unit to 4 decimal places.) Number of units Number of Units 60 Cost of Goods Available for Sale 60 Average Cost per unit 220 140 420 Cost of Goods Available for Sale $ 220 140 420 $33,700.0000 $ Unit Cost $76 4,560 79 84 17,380 11,760 33,700 Total Cost $4,560 17,380 11,760 $33,700 Cost of Goods Sold - Weighted Average Cost Number of units sold Average Cost per Unit Cost of Goods Sold 375 $30,280.0000 $ 11,355,000.00 Ending Inventory - Weighted Average Cost Number of units in ending inventory Average Cost per unit 45 $ Ending Inventory 3,420.0000 $ 153,900.00The following data applies to a particular item of merchandise: On hand at start of period 300 $5.10 1st purchase 500 5.20 2nd purchase 700 5.30 3rd purchase 600 5.50 Number of units available for sale 2,100 On hand at end of period 500 Number of units sold during period 1,600 Of the 1,600 units sold during the period, 300 were from the beginning inventory; 500 from the first purchase; 600 from the second purchase; and 200 from the last purchase. Using the last-in, first-out costing method, the value of the inventory on hand at the end of the period would be a. $2,730. b. $8,570. Oc. $2,750. Od. $2,570.The inventory data for an item for November are: EE Nov. 1 Inventory 24 units at $22 4 Sold 9 units 10 Purchased 26 units at $20 17 Sold 22 units 30 Purchased 21 units at $23 Using a perpetual system, what is the cost of the goods sold for November if the company uses LIFO? Oa. $638 Оь. S668 Oc. $863 Od. $968 Previous Next
- Marquis Company uses a weighted-average perpetual inventory system and has the following purchases and sales: Date August 2 Activities Purchase Purchase Units Acquired at Cost 10 units @ $12 = $120 15 units @ $14 = $210 August 18 August 29 Sales Multiple Choice What is the amount of the cost of goods sold for this sale? (Round average cost per unit to 2 decimal places.) $330.00 $148.00 $210.00 $150.50 Units Sold at Retail $158.40 12 units soldFind the cost of goods sold if sales total $78,526 for the inventory table shown below. Cost per Total Retail price Total retail Units purchased unit per unit $985 43 $850 22 $2,115 Date of purchase Beginning inventory February 5 February 19 March 3 Goods available for sale Units sold Ending inventory 18 30 113 83 30 cost $36,550 $1,760 $38,720 $975 $17,550 $2,006 $490 $14,700 $610 $107,520 (Round to the nearest cent as needed.) value $42,355 $46,530 $36,108 $18,300 $143,293Given the following: Number purchased Cost per unit Total January 1 inventory 42 $ 3 $ 126 April 1 62 6 372 June 1 52 7 364 November 1 57 8 456 213 $ 1,318 A. Calculate the cost of ending inventory using the weighted-average method (ending inventory shows 63 units). Note: Round the "average unit cost" and final answer to the nearest cent. Cost of ending inventory $389.97 B. Calculate the cost of goods sold using the weighted-average method. Note: Round your intermediate calculations and final answer to the nearest cent. Cost of goods sold $ Please help with B ONLY. I cannot figure out the weighted average method. Thank you!
- Cost Flow Methods The following three identical units of Item JC07 are purchased during April: April 2 April 15 April 20 Total Average cost per unit Item Beta Units Cost Purchase 1 $182 Purchase 1 183 Purchase 1 184 3 $549 $183 ($5493 units) Assume that A method of inventory costing in which the cost of the units sold and in ending Inventory is a weighted average of the purchase costs. (b) last-in, first-out (LIFO); and (c) weighted average cost method. Gross Profit Ending Inventory a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost $ $ $Company "A" started the period with 85 units in beginning inventory that cost $2.60 each. During the period, the company purchased inventory items as follows. Company sold 315 units after purchase 3 for $10.80 each. Purchase, No. of Items, Cost1 290 $ 3.102 195 $ 3.203 50 $ 3.60Companies cost of goods sold under FIFO would beDate Explanation Units Unit Cost Total Cost Sept. 1 Inventory 14 $102 $1,428 Sept. 12 Purchases 48 105 5,040 Sept. 19 Purchases 50 106 5,300 Sept. 26 Purchases 23 23 107 2,461 Totals 135 $14,229 (a) Compute the ending inventory at September 30 using the FIFO, LIFO and average-cost methods. (Round average cost per unit to 3 decimal places, e.g. 125.153 and final answers to O decimal places, e.g. 125.) The ending inventory at September 30 $ FIFO $ LIFO $ AVERAGE COST (b) Compute the cost of goods sold at September 30 using the FIFO, LIFO and average-cost methods. (Round average cost per unit to 3 decimal places, e.g. 125.153 and final answers to O decimal places, e.g. 125.) Cost of goods sold EA FIFO +A $ LIFO AVERAGE-COST $
- [The following information applies to the questions displayed below.] Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Monson uses a perpetual inventory system. Also, on December 15, Monson sells 15 units for $23 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 10 units @ $9.00 cost 20 units @ $15.00 cost 15 units @ $17.00 cost Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method. Perpetual LIFO: Goods purchased Cost of Goods Sold Cost of Goods # of Date Cost per Cost per Cost of ( unit # of units Available for units unit Sol Sale sold December 7 10 at $ 9.00 $ 90.00 20 at $ 15.00 $ 300.00 December 14 Total December 14 15 at $ 23.00 = December 15 Total December 15 15 at $ 17.00 $ 255.00 %3D December 21 TotalsCost Flow Methods The following three identical units of Item Alpha are purchased during April: Item Alpha Apr. 2 14 28 Total Purchase Purchase Purchase Units a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost $ 1 $ 1 1 $ 3 Average cost per unit Assume that one unit is sold on April 30 for $140. 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 methods. Gross Profit Cost $112 113 114 $339 $113 ($339 3 units) Ending Inventory $Given the following: Numberpurchased Costper unit Total January 1 inventory 32 $ 4 $ 128 April 1 52 6 312 June 1 42 7 294 November 1 47 8 376 173 $ 1,110 a. Calculate the cost of ending inventory using the FIFO (ending inventory shows 53 units). b. Calculate the cost of goods sold using the FIFO (ending inventory shows 53 units).