Oriole Company Inc. had a beginning inventory of 105 units of Product RST at a cost of $7 per unit. During the year, purchases were:Feb. 20595 unitsat$8Aug. 12410 unitsat$10May 5500 unitsat$9Dec. 8100 unitsat$11Oriole Company uses a periodic inventory system. Sales totaled 1,485 units.(a)Your answer is correct.Determine the cost of goods available for sale.The cost of goods available for sale $15,195(61)eTextbook and MediaYour AnswerCorrect Answer* Your answer is incorrect.Calculate average cost per unit. (Round answer to 3 decimal places, e.g. 2.237)Average cost per unit$(b2)eTextbook and MediaSolution8.89Attempts: 1 of 3 usedAttempts: 3 of 3 usedDetermine the ending inventory and the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, andaverage-cost). (Round per unit cost to 3 decimal places, e.g. 15.647 and final answers to O decimal places, eg. 5,125.)The ending$inventoryThe cost of goods$soldFIFO$$LIFOS$AVERAGE-COST

b1. 8.886b2. FIFOLIFOAverage Costending inventory cost2,350…

Answered: Oriole Company Inc. had a beginning…

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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Ayayai Corp. uses a periodic inventory system. Its records show the following for the month of May, in which 69 units were sold. Date May 1 15 24 (a) Explanation Inventory Purchase Purchase Total Units Unit Cost 32 25 43 100 $8 Weighted-average unit cost $ 9 10 Total Cost $256 225 430 $911 Calculate the weighted-average unit cost. (Round answer to 3 decimal places, e.g. 5.125.) Ayayai Corp. uses a periodic inventory system. Its records show the following for the month of May, in which 69 units were sold. Date May 1 15 24 (a) Explanation Inventory Purchase Purchase Total Units 32 25 43 100 Unit Cost $8 Weighted average unit cost $ 9 10 Total Cost $256 225 430 c $911 Calculate the weighted-average unit cost. (Round answer to 3 decimal places, e.g. 5.125.)
Akira Company had the following transactions for the month. Sales for the month are $25 per unit. # of Units Cost per Unit Beginning Inventory 150 $10 Purchased Mar. 31 160 $12 Purchased Oct. 15 130 $15 Ending Inventory 50 ? In the table below, calculate the dollar value for the period for each of the following items using the listed cost allocation methods and using periodic inventory updating. PLEASE NOTE: All dollar amounts will be rounded to whole dollars using "$" with commas as needed (i.e. $12,345), except for the Weighted Average cost per unit, which will be rounded to two decimal places and include "$". Weighted average cost per unit = ___?_____ per unit Cost Allocation Method Cost of Goods Available Cost of Goods Sold Ending Inventory Sales Gross Margin First-in, First-out (FIFO) Last-in, First-out (LIFO) Weighted Average (AVG)
A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 310 units. Ending inventory at January 31 totals 130 units. Units Unit Cost Beginning inventory on January 1 280 $ 2.60 Purchase on January 9 60 2.80 Purchase on January 25 100 2.94 Required:Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on LIFO.
Culver Limited uses a periodic inventory system. On June 24, the company sold 810 units. The following additional information is available: (a) Calculate the June 30 inventory and the June cost of goods sold, using the weighted average cost formula. (Round weighted average cost per unit to 2 decimal places, e.g. 5.27 and final answers to 0 decimal places, e.g. 5,275.) Ending inventory $ Cost of goods sold $Culver Ltd. had beginning inventory of 52 units that cost $102 each. During September, the company purchased 208 units on account at $102 each, returned 7 units for credit, and sold on account 152 units at $202 each. Prepare journal entries for the September transactions, assuming that Culver uses a perpetual inventory system.
Sales during the year were 1,220 units. Beginning inventory was 380 units at a cost of $6 per unit. Purchase 1 was 610 units at $7 per unit. Purchase 2 was 940 units at $8 per unit. Required: a. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using FIFO method. (Enter all values as a positive value.) b. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using LIFO method. (Enter all values as a positive value.)
A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 430 units. Ending inventory at January 31 totals 170 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Weighted Average - Perpetual: Goods purchased Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. (Round your per unit costs to 2 decimal places.) Date January 1 January 9 Average cost January 25 Average cost January 26 Totals # of units Cost per unit Units Unit Cost 390 90 120 # of units sold $3.80 4.00 4.10 Cost of Goods Sold Cost per Cost of Goods unit Sold Inventory Balance Cost per unit # of units 390 @ $ 3.80 = Inventory Balance $1,482.00
A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 440 units. Ending inventory at January 31 totals 170 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units 400 90 Unit Cost $ 3.90 4.10 120 4.20 Required: Assume the periodic inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method. Answer is complete but not entirely correct. Periodic FIFO Cost of Goods Available for Sale Cost of Goods Sold Inventory Balance Cost of Goods Available # of Cost of Goods Sold # of units # of units Cost per unit Cost Cost in ending linventor Ending Inventory units per unit per unit enld
Sage Hill Inc. uses a periodic inventory system. Its records show the following for the month of May, in which 78 units were sold. Date Explanation Units Unit Cost Total Cost May 1 Inventory 33 $8 $264 15 Purchase 27 9 243 24 Purchase 40 10 400 Total 100 $907 Calculate the weighted-average unit cost. (Round answer to 3 decimal places, e.g. 5.125.) Weighted-average unit cost $Enter the Weighted-average unit cost in dollars Calculate the ending inventory at May 31 using the FIFO, LIFO and average-cost methods. (Round answers to 0 decimal places, e.g. 125.) FIFO LIFO AVERAGE-COST The ending inventory at May 31 $Enter a dollar amount $Enter a dollar amount $Enter a dollar amount
Crane Company had 100 units in beginning inventory at a total cost of $8,000. The company purchased 200 units at a total cost of $22,000. At the end of the year, Crane had 60 units in ending inventory. Crane Company uses a periodic inventory system. Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round average-cost per unit and final answers to 0 decimal places, e.g. 1,250.) FIFO LIFO Average-cost The cost of the ending inventory $enter a dollar amount rounded to 0 decimal places $enter a dollar amount rounded to 0 decimal places $enter a dollar amount rounded to 0 decimal places The cost of goods sold $enter a dollar amount rounded to 0 decimal places $enter a dollar amount rounded to 0 decimal places $enter a dollar amount rounded to 0 decimal places
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
Novak Outdoor Stores Inc. uses a perpetual inventory system and has a beginning inventory, as at April 1, of 149 tents. This consists of 51 tents purchased in February at a cost of $213 each and 98 tents purchased in March at a cost of $221 each. During April, the company had the following purchases and sales of tents: Date Apr. 3 (a) 10 17 24 30 (b) Your Answer Units Unit Cost Purchases 204 290 Cost of goods sold Gross profit Ending inventory $ $ Correct Answer (Used) Your answer is incorrect. Gross profit margin Save for Later $276 Determine the cost of goods sold and the cost of the ending inventory using FIFO. 287 19 $ eTextbook and Media Units 78 244 202 Sales Unit Price $393 Calculate Novak Outdoors's gross profit and gross profit margin for the month of April. (Round gross profit margin to 1 decimal place, e.g. 1.2% and gross profit to O decimal places, e.g. 5,275.) 137,902 393 34,153 393 96 Attempts: 2 of 3 used Submit Answer

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