Number of Units Cost per Unit Beginning inventory Purchased goods during the period Sold goods during the period Purchased goods during the period 140 $75 240 77 80 125 220 80 000
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Calculate the goods available for sale for Atlantis Company, in units and in dollar amounts, given
the following facts about their inventory for the period:
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- Using the FIFO method, complete the steps below to calculate the ending inventory units, inventory account balance, and cost of goods sold account balance at the end of the period.Date Activity Units Purchase Price (per unit)Sale Price(per unit)1-Feb Beginning Inventory 100 $ 4515-Feb Purchase 700 $ 529-Apr Sale 1 600 $ 9029-May Purchase 500 $ 5610-Jul Sale 2 600 $ 9010-Sep Purchase 400 $ 5815-Oct Sale 3 400 $ 905-Nov Purchase 900 $ 6218-Dec Sale 4 200 $ 901. Compute the Cost of Goods Sold and ending inventory (units and value) after Sale 1.Cost of Goods Sold (units) Total COGS after Sale 1 Inventory Remaining (units) Total Inventory Balance after Sale 1Totals:2. Compute the Cost of Goods Sold and ending inventory (units and value) after Sale 2.Cost of Goods Sold (units) Total COGS after Sale 2 Inventory Remaining (units) Total Balance after Sale 2Totals:3. Compute the Cost of Goods Sold and ending inventory (units and value) after Sale 3. Cost of Goods Sold (units) Total COGS after…petermine the gross profit, cost of merchandise sold, and ending inventory on July 31 using the (a) first-in, first-out, (b) last-in, first-out, and (c) average cost flow methods.UMET's Stores had the following inventory transactions in 2020: Transaction Units Cost per unit 1/1 Balance 50 $6 2/14 Sale 25 5/23 Purchase 100 8 8/21 Sale 50 11/5 Purchase 25 12 11/18 Sale 95 Required: Compute tge cost of goods sold and the ending inventory using the periodic inventory system for each of the following cost flow assumptions: a. FIFO b. LIFO c. Weighted average
- The following are the transactions for the month of July. Units Unit Cost Unit Selling Price July 1 Beginning Inventory 55 $ 10 July 13 Purchase 275 11 July 25 Sold (100 ) $ 14 July 31 Ending Inventory 230 Calculate cost of goods available for sale and ending inventory, then sales, cost of goods sold, and gross profit, under FIFO. Assume a periodic inventory system is used. How would i creat a FIFO periodic table?d The records of Cordova Corp. showed the following transactions, in the order given, relating to the major inventory item: Required: Complete the following schedule for each independent assumption. (Round unit costs to the nearest cent.) a. 1. Inventory 2. Purchase 3. Sale (at $15.20) 4. Purchase 5. Sale (at $15.20) 6. Purchase 7. Sale (at $18.20) 8. Purchase Independent Assumptions FIFO Weighted average, periodic inventory system Moving average, perpetual inventory system b. Unit Units Cost 5,600 $7.00 11,200 7.30 7,900 10,200 7.60 16,800 18,800 7.76 16,800 11,200 7.90 C. $ Ending Inventory 121,848 121,675 X 121,676 Units and Amounts Cost of Goods Sold $ 311,000 311,064 311,328 $ Gross Margin 370,200 370,136 X 369,872The following information relates to the retail inventory method used by Jeffress Company: 1. Compute the ending inventory by the retail inventory method using the following cost flow assumptions (round the cost-to-retail ratio to 3 decimal places): a. FIFO, b. average cost, c. LIFO d. lower of cost or market (based on average cost) 2. Next Level What assumptions are necessary for the retail in,,entory method to produce accurate estimates of ending inventory?
- The following data represent the beginning inventory and, in order of occurrence, the purchases and sales of Galantine, Inc., for an operating period. Unit Cost Beginning Inventory Sale No. 1 Purchase No. 1 Sale No. 2 Purchase No. 2 Totals Select one: O O O O Units 30 A. $840 B. $1,200 C. $1,110 D. $1,320 50 20 100 $21 30 33 Total Cost $630 - 1,500 Units Sold 660 $2,790 20 40 Assuming Galantine, Inc. uses LIFO perpetual inventory procedures, sale no. 2 is recorded as an entry to Cost of Goods Sold for: 60Required information [The following information applies to the questions displayed below.] Hemming Company reported the following current-year purchases and sales for its only product. Activities Beginning inventory Sales. Purchase Sales Purchase Sales Purchase Totals Date January 1 January 10 March 14 March 15 July 30 October 5 October 26 a) Cost of Goods Sold using Specific Identification Available for Sale Date January 1 March 14 July 30 October 26 Less: Equals: Activity Beginning Inventory Purchase Purchase Purchase b) Gross Margin using Specific Identification # of units 260 420 460 160 1,300 Units Acquired at Cost @$12.40 = @$17.40 = 260 units. 420 units 460 units 160 units 1,300 units Cost Per Unit $ 12.40 $17.40 $22.40 $ 27.40 3 @ $22.40 # of units sold @$27.40 Ending inventory consists of 45 units from the March 14 purchase, 75 units from the July 30 purchase, and all 160 units from the October 26 purchase. Using the specific identification method, calculate the following. = 0…The following data regarding purchases and sales of a commodity were taken from the related inventory account (perpetual inventory system is used): May 1 Balance 25 units at $41 6 Sale 20 units 8 Purchase 20 units at $42 16 Sale 10 units 20 Purchase 20 units at $43 23 Sale 25 units 30 Purchase 15 units at $45 (a) Determine the total cost of the inventory balance at May 31, using the first-in, first-out method. Also, identify the quantity, unit price, and total cost of each lot/layer in the ending inventory. (b) Determine the total cost of the inventory balance at May 31, using the last-in, first-out method. Also, identify the quantity, unit price, and total cost of each lot/layer in the ending inventory. (a) FIFO (b) LIFO
- The cost of merchandise sold and merchandise inventory is determined from the inventory cost flow assumption. To illustrate, beginning inventory, purchases and sales of shoes are shown below for Grant Co., using a perpetual inventory system. 1. In the table below, fill in the March 24 quantity, unit cost, and total cost in the spaces provided for determining Cost of Merchandise Sold (COMS) and Merchandise Inventory under the FIFO cost flow assumption, assuming 32 shoes are sold on March 24. Determine the COMS and Merchandise inventory final balances. If units are in inventory or are listed under cost of merchandise sold at two different costs, enter the units that were purchased earliest first. 2. In the table below, fill in the March 24 quantity, unit cost, and total cost in the spaces provided for determining Cost of Merchandise Sold (COMS) and Merchandise Inventory under the LIFO cost flow assumption, assuming 32 shoes are sold on March 24. Determine the COMS and Merchandise…The inventory records of Sunshine company show the following data: UNITS UNIT COST ESTD. SALES PRICE COST OF TO SELL A 8,000 400 415 20 B 8,000 365 405 15 C 6,000 410 412 7 What amount of inventory will be presented in the statement of financial position under the lower of cost or NRV convention?[The following information applies to the questions displayed below.] A company reports inventory using the lower of cost and net realizable value (NRV). Below is information related to its year-end inventory. Inventory Quantity Unit Cost Unit NRV Furniture 170 $ 82 $ 97 Electronics 47 370 285 Record the adjustment for inventory. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Cost of Goods Sold Inventory