Odomfo Plc, a newly incorporated company, uses a software to cost and value its inventory. This popular software is programmed to value inventory using the weighted-average cost method only. The following are the purchases and sales made by Odomfo Plc during 2013 (as a newly setup company, Odomfo had no inventory carried forward from earlier periods): Purchases January 15, 2013 March 15, 2013 September 25, 2013 200 units 200 units 200 units @ GHS200 per unit @GHS300 per unit @GHS350 per unit Sales 100 units March 25, 2013 December 15, 2013 175 units Based on this information, the valuation of the inventory and the cost per unit of the inventory at March 31, 2013, September 30, 2013, and December 31, 2013, under the weighted-average cost method, would be

Odomfo Plc, a newly incorporated company, uses a software to cost and value its inventory. This popular software is programmed to value inventory using the weighted-average cost method only. The following are the purchases and sales made by Odomfo Plc during 2013 (as a newly setup company, Odomfo had no inventory carried forward from earlier periods): Purchases January 15, 2013 March 15, 2013 September 25, 2013 200 units 200 units 200 units @ GHS200 per unit @GHS300 per unit @GHS350 per unit Sales 100 units March 25, 2013 December 15, 2013 175 units Based on this information, the valuation of the inventory and the cost per unit of the inventory at March 31, 2013, September 30, 2013, and December 31, 2013, under the weighted-average cost method, would be

Name: Example 2: Weighted-Average Cost MethodOdomfo Plc, a newly incorporat
Uploaded: 2024-03-20T06:32:37.000Z
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Description: Example 2: Weighted-Average Cost MethodOdomfo Plc, a newly incorporated company, uses a software to cost and value its inventory. This popularsoftware is programmed to value inventory using the weighted-average cost method only. The followingare the

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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Required information [The following information applies to the questions displayed below.] Hemming Company reported the following current-year purchases and sales for its only product. Date January 1 January 10 March 14 March 151 July 30 October 5 October 26 Activities beginning inventory Sales Purchase Sales Purchase Sales Purchase Totals Required: Hemming uses a perpetual inventory system. Units Acquired at Cost $11.40- 235 units 360 units 435 units 135 units 1,165 units $16.40- $21.40- $26.40- $ 2,679 5,904 9,309 3,564 $ 21,456 1. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. 2. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. 3. Compute the gross profit for FIFO method and LIFO method. Units Sold at Retail 170 units 290 units 410 units 870 units $41.40 $41.40 @$41.40
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Crane Solutions Company just began business and made the following four inventory purchases in June: June 1 189 units $1134 June 10 252 units 1764 June 15 252 units 2016 June 28 189 units 1701 $6615 The company uses a periodic inventory system. A physical count of merchandise inventory on June 30 reveals that there are 252 units on hand. Using the LIFO inventory method, the value of the ending inventory on June 30 is O $1512. O $1575. O $2205. O $2268.