On 1st March, Sea View Ltd. had the Opening Inventory balance of a product is 220 units @ 22 per unit. Using the Last-In, First-Out (LIFO) method of Inventory valuation, find the value of total Sales Value ($) as on 31st March if the following transactions took place during the month. Number of Price per Unit ($) Date Transaction details Units Purchases Sales 210 150 21.00 2-Mar 9-Mar 35.00 Purchases Purchases Purchases Sales 260 150 100 350 23.00 16-Mar 21-Mar 24-Mar 25.00 24.00 39.00 31-Mar $ 19,800.00 $ 19,800.50 O $ 18,900.00

On 1st March, Sea View Ltd. had the Opening Inventory balance of a product is 220 units @ 22 per unit. Using the Last-In, First-Out (LIFO) method of Inventory valuation, find the value of total Sales Value ($) as on 31st March if the following transactions took place during the month. Number of Price per Unit ($) Date Transaction details Units Purchases Sales 210 150 21.00 2-Mar 9-Mar 35.00 Purchases Purchases Purchases Sales 260 150 100 350 23.00 16-Mar 21-Mar 24-Mar 25.00 24.00 39.00 31-Mar $ 19,800.00 $ 19,800.50 O $ 18,900.00

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

The beginning inventory of merchandise at Dunne Co. and data on purchases and sales for a three-month period ending June 30 are as follows: Date Transaction Numberof Units Per Unit Total Apr. 3 Inventory 90 $450 $40,500 8 Purchase 180 540 97,200 11 Sale 121 1,500 181,500 30 Sale 76 1,500 114,000 May 8 Purchase 150 600 90,000 10 Sale 90 1,500 135,000 19 Sale 45 1,500 67,500 28 Purchase 150 660 99,000 June 5 Sale 90 1,575 141,750 16 Sale 120 1,575 189,000 21 Purchase 270 720 194,400 28 Sale 135 1,575 212,625 Required: 1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 4, using the last-in, first-out method. Under LIFO, if units are in inventory at two different costs, enter the units with the HIGHER unit cost first in the Cost of Merchandise Sold Unit Cost column and…
Skysong Company's record of transactions for the month of April was as follows. (b) Assuming that perpetual inventory records are kept in dollars, determine the inventory using (1) FIFO and (2) LIFO. Purchases Sales April 1 (balance on hand) 1,800 @ $5.60 April 3 1,500 @ $10.00 4 4,500 @ 5.70 9 4,200 @ 10.00 8 2,400 @ 6.00 11 1,800 @ 11.00 Inventory $ 13 3,600 @ 6.10 21 2,100 @ 6.20 27 22 23 3,600 @ 11.00 2,700 @ 12.00 eTextbook and Media 29 1,500 @ 6.40 13,800 Save for Later 15,900 (1) FIFO $ (2) LIFO 11790 Attempts: 0 of 3 used Submit Answ
The following units of a particular item were available for sale during the calendar year: Jan. 1 Apr. 19 Inventory Sale 4,000 units at $50 2,500 units June 30 Purchase 4,500 units at $54 Sept. 2 Sale 5,000 units Purchase 2,000 units at $56 Nov. 15 The firm uses the weighted average cost method with a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale. Present the data in the form illustrated in Exhibit 5. Date Purchases Quantity Purchases Unit Cost Purchases Total Cost Quantity Weighted Average Cost Flow Method Cost of Goods Sold Cost of Goods Sold Unit Cost Cost of Goods Sold Total Cost Jan. 1 Apr. 19 June 30 Sept. 2 Nov. 15 ☐ ☐ ☐ ☐ ☐ ☐ Dec. 31 Balances
A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 280 units. Ending inventory at January 31 totals 130 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Perpetual FIFO: Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method. Date January 1 January 9 January 25 January 26 Totals Goods purchased # of units Cost per unit Units Unit Cost 250 60 100 # of units sold $2.30 2.50 2.64 Cost of Goods Sold Cost per Cost of Goods unit Sold Inventory Balance Cost per unit # of units Inventory Balance
Bonita Company's record of transactions concerning part X for the month of April was as follows. Purchases April 1 (balance on hand) 4 (a1) 11 18 26 30 280 @ 580 Average-cost per unit $ fel 480 @ 380 $5.90 6.00 380 @ 6.30 fel 6.30 780 @ 6.60 6.80 Sales April 5 12 27 28 480 380 1,160 150 Calculate average-cost per unit. Assume that perpetual inventory records are kept in units only. (Round answer to 4 decimal places, e.g. 2.7682.)
Skysong, Inc. has the following inventory data: July 1 Beginning inventory 33 units at $16 $528 7 Purchases 115 units at $17 1955 22 Purchases 16 units at $18 288 $2771 A physical count of merchandise inventory on July 30 reveals that there are 41 units on hand. Using the LIFO inventory method, the amount allocated to cost of goods sold for July is
The units of an item available for sale during the year were as follows: Jan. 1 Inventory 850 units at $ 43 Mar. 10 Purchase 1090 units at $ 46 Aug. 30 Purchase 902 units at $ 49 Dec. 12 Purchase 870 units at $ 55 There are 950 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost and the cost of merchandise sold by the following three methods, presenting your answers in the following form: Cost of Merchandise Merchandise Inventory method Inventory Sold a. First-in, first-out $ $ b. Last-in, first-out c. Weighted average cost Show your calculations
ces Montoure Company uses a periodic inventory system. It entered into the following calendar-year purchases and sales transactions. Date Activities January 1 Beginning inventory February 10 Purchase March 13 Purchase March 15 Sales August 21 Purchase September 5 Purchase September 10 Sales Totals Units Acquired at Cost Units Sold at Retail 685 units @$45.00 per unit 570 units @ $42.00 per unit 285 units @ $27.00 per unit 1,140 units @ $75.00 per unit 185 units 585 units @ $50.00 per unit @ $46.00 per unit 2,310 units 770 units @ $75.00 per unit 1,910 units Required: 1. Compute cost of goods available for sale and the number of units available for sale. Cost of goods available for sale Number of units available for sale 2. Compute the number of units in ending inventory. Ending inventory units units
A company had the following purchases and sales during its first year of operations: Purchases Sales February: January: 22 units at $180 14 units 32 units at $185 12 units May: 27 units at $190 16 units September: 24 units at $195 15 units November: 22 units at $200 28 units On December 31, there were 42 units remaining in ending inventory. Using the Perpetual LIFO inventory valuation method, what is the cost of the ending inventory? (Assume all sales were made on the last day of the month.) Multiple Choice $9,387. $7,815. $9,315.
During the year, TRC Corporation has the following inventory transactions. Date Jan. 1 Beginning inventory Apr. 7 Purchase Jul.16 Purchase Oct. 6 Purchase Weighted Average Cost Total Beginning Inventory Purchases: Apr 07 Jul 16 Oct 06 Transaction Sales revenue Gross profit For the entire year, the company sells 450 units of inventory for $70 each. 3. Using weighted-average cost, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. (Round "Average Cost per unit" to 2 decimal places and all other answers to the nearest whole number.) Number of Units 60 140 210 120 530 Cost of Goods Available for Sale # of units 60 140 210 120 530 Average Cost per unit Cost of Goods Available for Sale $ $ Unit Cost 3,120 $ 52 54 57 58 7,560 11,970 6.960 29,610 Total Cost $ 3,120 7,560 11,970 6,960 $29,610 Cost of Goods Sold - Weighted Average Cost of units Sold Average Cost of Cost per Unit Goods Sold Ending Inventory - Weighted Average Cost # of units in Ending Inventory…
21. Williams Co. uses a periodic inventory system. The following are inventory transactions for the month of March: 3/1 Beginning Inventory 5,000 units at $2 3/7 Purchase 2,500 units at $3 3/16 Purchase 2,500 units at $4 3/26 Sales at $8 per unit 7,500 units Williams uses the weighted average method to determine the value of its inventory. What amount should Williams report as cost of goods sold on the income statement for the month of January?
The beginning inventory for Dunne Co. and data on purchases and sales for a three-month period are shown in Problem 7-1B. Date Transaction Number of units Per unit ($) Total ($) April 3 Inventory 25 1.200 30.000 8 Purchase 75 1.240 93.000 11 Sale 40 2.000 80.000 30 Sale 30 2.000 60.000 May 8 Purchase 60 1.260 76.500 10 Sale 50 2.000 100.000 19 Sale 20 2.000 40.000 28 Purchase 80 1.260 100.800 June 5 Sale 40 2.250 90.000 16 Sale 25 2.250 56.250 21 Purchase 35 1.264 44.240 28 Sale 44 2.250 99.000 Instructions1. Determine the inventory on June 30, 2014, and the cost of goods sold for the threemonth period, using the first-in, first-out method and the periodic inventory system.2. Determine the inventory on June 30, 2014, and the cost of goods sold for the threemonth period, using the last-in, first-out method and the periodic inventory system.3. Determine the inventory on June 30, 2014, and the cost of goods sold for the threemonth period,…