October 1, 20-1 Beginning inventory 400 $19.50 $7,800 October 18 1st purchase 490 20.00 9,800 November 25 2nd purchase 220 21.00 4,620 January 12, 20-2 3rd purchase 340 22.50 7,650 March 17 4th purchase 890 24.00 21,360 June 2 5th purchase 850 24.50 20,825 August 21 6th purchase 200 25.50 5,100 September 27 7th purchase 670 26.50 17,755 4,060 $94,910 Use the following information for the specific identification method. There are 1,300 units of inventory on hand on September 30, 20-2. Of these 1,300 units: 100 are from October 18, 20-1 1st purchase 200 are from January 12, 20-2 3rd purchase 100 are from March 17 4th purchase 400 are from June 2 5th purchase 200 are from August 21 6th purchase 300 are from September 27 7th purchase Required: Calculate the total amount to be assigned to cost of goods sold for the fiscal year ended September 30, 20-2, and ending inventory on September 30, 20-2, under each of the following periodic inventory methods. Cost of Goods Cost of Ending Sold Inventory 1. FIFO 2. LIFO 3. Weighted-average (round calculations to two decimal places) 4. Specific identification %24

October 1, 20-1 Beginning inventory 400 $19.50 $7,800 October 18 1st purchase 490 20.00 9,800 November 25 2nd purchase 220 21.00 4,620 January 12, 20-2 3rd purchase 340 22.50 7,650 March 17 4th purchase 890 24.00 21,360 June 2 5th purchase 850 24.50 20,825 August 21 6th purchase 200 25.50 5,100 September 27 7th purchase 670 26.50 17,755 4,060 $94,910 Use the following information for the specific identification method. There are 1,300 units of inventory on hand on September 30, 20-2. Of these 1,300 units: 100 are from October 18, 20-1 1st purchase 200 are from January 12, 20-2 3rd purchase 100 are from March 17 4th purchase 400 are from June 2 5th purchase 200 are from August 21 6th purchase 300 are from September 27 7th purchase Required: Calculate the total amount to be assigned to cost of goods sold for the fiscal year ended September 30, 20-2, and ending inventory on September 30, 20-2, under each of the following periodic inventory methods. Cost of Goods Cost of Ending Sold Inventory 1. FIFO 2. LIFO 3. Weighted-average (round calculations to two decimal places) 4. Specific identification %24

Name: Units Unit Price Total CostOctober 1, 20-1Beginning inventory400$19.5
Uploaded: 2024-03-20T06:32:37.000Z
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Description: Units Unit Price Total CostOctober 1, 20-1Beginning inventory400$19.50$7,800October 181st purchase49020.009,800November 252nd purchase22021.004,620January 12, 20-2 3rd purchase34022.507,650March 174th purchase89024.0021,360June 25th purchase85024.50

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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Mastery Problem Hurst Company’s beginning inventory and purchases during the fiscal year ended December 31, 20-2, are shown. Units Unit Price Total Cost January 1, 20-2 Beginning inventory 1,500 $10.00 $15,000 January 12 1st purchase 500 11.50 5,750 February 28 2nd purchase 600 14.50 8,700 June 29 3rd purchase 1,200 15.00 18,000 August 31 4th purchase 800 16.50 13,200 October 29 5th purchase 300 18.00 5,400 November 30 6th purchase 700 18.50 12,950 December 21 7th purchase 400 20.00 8,000 6,000 $87,000 There are 1,200 units of inventory on hand on December 31, 20-2. Required: 1. Calculate the total amount to be assigned to the cost of goods sold for 20-2 and ending inventory on December 31 under each of the following periodic inventory methods: Cost of Goods Sold Cost of Ending Inventory a. FIFO $ $ b. LIFO $ $ c. Weighted-average (round calculations to two decimal places) $ $ 2. Assume that the…
Hide or show questions Progress:24/50 items Addison, Inc. uses a perpetual inventory system. Below is information about one inventory item for the month of September. Sep. 1 Inventory 20 units at $20 4 Sold 10 units 10 Purchased 30 units at $25 17 Sold 20 units 30 Purchased 10 units at $30 If Addison uses FIFO, the September 17 entry for cost of goods sold would be: a. Cost of Goods Sold 450 Inventory 450 b. Inventory 450 Cost of Goods Sold 450 c. Cost of Goods Sold 450 Sales 450 d. Sales 450 Cost of Goods Sold 450
View Policies Current Attempt in Progress Waterway Company's inventory records show the following data: Inventory: January 1 Purchases: June 18 Units Unit Cost 9900 O $204300. $297700. O $166100. O $176800. 8800 November 8 6400 $9.00 8.00 7.00 -/1 3 A physical inventory on December 31 shows 4300 units on hand. Waterway sells the units for $11 each. The company has an effective tax rate of 24%. Waterway uses the periodic inventory method. What is the cost of goods available for sale?
17 A company's inventory records show the following data for the month of July. Date July 1 Activities July 5 Beginning inventory Purchase Units Acquired at Cost 100 units @ $21 Units Sold at Retail 50 units @ $24 $2,100 $1,200 July 10 Sale 75 units @ $50 July 20 July 25 225 units @ $26 = $5,850 Purchase Sale 200 units @ $50 If the company uses the weighted average method and the perpetual inventory system, what would be the cost of its ending inventory? July 1 + Goods purchased Cost of Goods Sold Inventory Balance Date Number of Cost per units unit Number of units sold Cost per unit Cost of Goods Sold Number of units Cost per unit Inventory Balance July 5 Average cost July 5 July 10 July 20 Average cost July 20 July 25 Total July 25
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Perpetual Inventory Usihg LIFO The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 4,000 units at $40 Apr. 19 Sale 2,500 units June 30 Purchase 4,500 units at $44 Sept. 2 Sale 5,000 units Nov. 15 Purchase 2,000 units at $46 The firm maintains a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale, assuming the last-in, first-out method. Present the data in the form illustrated in Exhibit 4. Under LIFO, if units are in inventory at two or more different costs, enter the units with the LOWER unit cost first in the Inventory Unit Cost column. Schedule of Cost of Goods Sold LIFO Method Purchases Cost of Goods Sold Inventory Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Jan. 1 Apr. 19 June 30 Sept. 2 Nov. 15 Dec. 31 Balances
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