Oriole Company's inventory records show the following data:UnitUnitsCostInventory, January 1 10300$9.00Purchases: June 1893008.00November 866006.00A physical inventory on December 31 shows 6600 units on hand. Under the FIFO method, the December 31 inventory is○ $52800.O $39600.○ $59400.○ $52992.

FIFO (First-In, First-Out) assumes that the oldest inventory items are sold first. Therefore, the…

Answered: Oriole Company's inventory records show…

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter7: Inventories

Section: Chapter Questions

Problem 4PEB: Beginning inventory, purchases, and sales for WCS12 are as follows: Assuming a perpetual inventory...

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Hurst Companys beginning inventory and purchases during the fiscal year ended December 31, 20-2, were as follows: 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: (a) FIFO (b) LIFO (c) Weighted-average (round calculations to two decimal places) 2. Assume that the market price per unit (cost to replace) of Hursts inventory on December 31 was 18. Calculate the total amount to be assigned to the ending inventory on December 31 under each of the following methods: (a) FIFO lower-of-cost-or-market (b) Weighted-average lower-of-cost-or-market 3. In addition to taking a physical inventory on December 31, Hurst decides to estimate the ending inventory and cost of goods sold. During the fiscal year ended December 31, 20-2, net sales of 100,000 were made at a normal gross profit rate of 35%. Use the gross profit method to estimate the cost of goods sold for the fiscal year ended December 31 and the inventory on December 31.
Lower-of-cost-or market inventory Data on the physical inventory of Moyer Company as of December 31, 20Y9, are presented below. Quantity and cost data from the last purchases invoice of the year and the next-to-the-last purchases invoice are summarized as follows: Instructions Determine the inventory at cost and at the lower of cost or market, using the first-in, first-out method. Record the appropriate unit costs on an inventory sheet and complete the pricing of the inventory. When there are two different unit costs applicable to an item, proceed as follows: 1. Draw a line through the quantity, and insert the quantity and unit cost of the last purchase. 2. On the following line, insert the quantity and unit cost of the next-to-the-last purchase. 3. Total the cost and market columns and insert the lower of the two totals in the LCM column. The first item on the inventory sheet has been completed below as an example.
RE7-8 Johnson Company uses a perpetual inventory system. On October 23, Johnson purchased 100,000 of inventory on credit with payment terms of 1/15, net 45. Using the net price method, prepare journal entries to record Johnsons purchases on October 23 and the subsequent payment on October 31. Using the information from RE7-8, prepare journal entries to record Johnsons purchase on October 23 and the subsequent payment on November 30.
Beginning inventory, purchases, and sales for WCS12 are as follows: Assuming a perpetual inventory system and using the weighted average method, determine (a) the weighted average unit cost after the October 22 purchase, (b) the cost of the merchandise sold on October 29, and (c) the inventory on October 31.
Beginning inventory, purchases, and sales for WCS12 are as follows: Assuming a perpetual inventory system and using the weighted average method, determine (a) the weighted average unit cost after the October 22 purchase, (b) the cost of goods sold on October 29, and (c) the inventory on October 31.
Calculate the cost of goods sold dollar value for A74 Company for the sale on March 11, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average (AVG).
Calculate the cost of goods sold dollar value for B74 Company for the sale on November 20, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average (AVG).
Crane Company's inventory records show the following data: Unit Units Cost Inventory, January 1 10400 $7.00 Purchases: June 18 9700 7.60 November 8 5600 9.00 A physical inventory on December 31 shows 5600 units on hand. Under the FIFO method, the December 31 inventory is O $42560. O $39200. O $42752. O $50400. Save for Later Attempts: 0 of 1 used Submit Answer
An entity provided the following records connected to its inventory transactions: Date and transaction Units Unit cost January 1 balance 40,000 P 20 February 10 sale 30,000 April 12 purchase 60,000 P 25 September 20 sale 59,000 November 28 purchase 40,000 P 30 The entity used the moving average method. At December 31, the entity determined that the NRV per unit is P 23 (Round to two decimal places) 30. What is the cost of the inventory at December 31? a. 1,173,000 b. 1,275,000 c. 1,475,000 d. 1,466,890 31. What amount of cost of goods sold should be reported at December 31? a. 2,225,000 b. 2,327,000 c. 2,033,110 d. 2,025,000
1.
Ivanhoe's Place recorded the following data: Units Unit Date Received Sold On Hand Cost 1/1 Inventory 640 $2.5 1/8 Purchased 1050 1690 2.8 1/12 Sold 1160 530 Under a periodic inventory system, the weighted average unit cost of the inventory at January 31 is: $2.59. $3.20. $2.69. $2.50.
Data on the physical inventory of Katus Products Co. as of December 31 follow: Market Value per Unit (Net Realizable Value) $ 56 Inventory Item Inventory Quantity A54 37 C77 24 178 F66 30 132 H83 21 545 K12 375 Q58 90 18 S36 235 20 V97 140 Y88 744 17 Quantity and cost data from the last purchases invoice of the year and the next-to-the-last purchases invoice are summarized as follows: Last Next-to-the-Last Purchases Invoice Purchases Invoice Quantity Unit Purchased Cost Unit Inventory Item Quantity Purchased Cost $ 60 A54 30 40 $58 C7 25 174 15 180 F66 20 130 15 128 H83 547 15 540 K12 500 500 Q58 75 25 80 26 S36 256 4 260 V97 100 17 115 16 Y88 10 750 740 Instructions Determine the inventory at cost as well as at the lower of cost or market, using the first-in, first-out method. Record the appropriate unit costs on the inventory sheet and complete the pricing of the inventory. When there are two different unit costs applicable to an item: 1. Draw a line through the quantity and insert…

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