vurnng uie ITOTIT OI Jaliuat y, ve VIU LUIIPally WICIT uses a perpCludi iiventurysystem recorded the following information:UnitsUnits CostTotal CostUnits On Hand1,000,0001.800,00010,00016,000Balance on 1/110,000100Purchased on 1/76,0003007.00011.000Sold on 1/209,000Purchased 1/254,000502.000,000Under the moving average method, what amount should De Oro report as inventory onlenuany 31?

Under Moving Average method, using perpetual inventory system, Value of ending inventory is…

pany system recorded the following information: Units Units Cost Total Cost Units On Hand 10,000 16,000 7,000 11.000 1,000,000 1,800,000 Balance on 1/1 10,000 100 300 6,000 9,000 4,000 Purchased on 1/7 Sold on 1/20 Purchased 1/25 50 2,000,000 Under the moving average method, what amount should De Oro report as inventory on

pany system recorded the following information: Units Units Cost Total Cost Units On Hand 10,000 16,000 7,000 11.000 1,000,000 1,800,000 Balance on 1/1 10,000 100 300 6,000 9,000 4,000 Purchased on 1/7 Sold on 1/20 Purchased 1/25 50 2,000,000 Under the moving average method, what amount should De Oro report as inventory on

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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The following data are available for SQM - Sociedad Quimica y Minera S.A. Calculate Inventory Turnover (1 Decimal Place): Revenue 1850 Beg. Inventory 610 End Inventory 670 Credit Sales 1480 COGS 1110 1.8 2.9 1.8 2.3 1.9 O 1.7
Applying the lower-of-cost-or-market method to each item of inventory, what should the total inventory value be for the following items? Total Cost Total Market Inventory Item Quantity Cost per Unit Market Value Total per Unit Price Price LCM A 181 $12 $17 $2,172 $3,077 $ B 91 18 16 1,638 1,456 C 70 10 22 25 1,540 1,750 Previous Next
Gg.149.
James's Televisions produces television sets in three categories: portable, midsize, and flat-screen. On January 1, 2025, James adopted dollar-value LIFO and decided to use a single inventory pool. The company's January 1 inventory consists of: Category Portable Midsize Flat-screen Category Portable Midsize Quantity Cost per Unit $100 Flat-screen 3,000 4,000 1,500 8,500 Quantity Purchased 7,500 During 2025, the company had the following purchases and sales. 10,000 5,000 250 22,500 400 Cost per Unit $110 300 Total Cost 500 $300,000 1,000,000 600,000 $1,900,000 Quantity Sold 7,000 12,000 3,000 22,000 Selling Price per Unit $150 400 600
The following data represent the beginning inventory and, in order of occurrence, the purchases and sales of Galantine, Inc., for an operating period. Unit Cost Beginning Inventory Sale No. 1 Purchase No. 1 Sale No. 2 Purchase No. 2 Totals Select one: O O O O Units 30 A. $840 B. $1,200 C. $1,110 D. $1,320 50 20 100 $21 30 33 Total Cost $630 - 1,500 Units Sold 660 $2,790 20 40 Assuming Galantine, Inc. uses LIFO perpetual inventory procedures, sale no. 2 is recorded as an entry to Cost of Goods Sold for: 60
The following data regarding purchases and sales of a commodity were taken from the related inventory account (perpetual inventory system is used): May 1 Balance 25 units at $41 6 Sale 20 units 8 Purchase 20 units at $42 16 Sale 10 units 20 Purchase 20 units at $43 23 Sale 25 units 30 Purchase 15 units at $45 (a) Determine the total cost of the inventory balance at May 31, using the first-in, first-out method. Also, identify the quantity, unit price, and total cost of each lot/layer in the ending inventory. (b) Determine the total cost of the inventory balance at May 31, using the last-in, first-out method. Also, identify the quantity, unit price, and total cost of each lot/layer in the ending inventory. (a) FIFO (b) LIFO
The following inventory information is gathered from the accounting records of Tucker Enterprises: # of Units x Unit Cost = Total Beginning Inventory 4000 x 5 Purchases 6000 x 7 Sales 9000 x 10 Ending Inventory 1000 a. Calculate Ending Inventory # of Units Unit Cost Ending Inventory 1.FIFO 0 $- 2.LIFO 0 $- 3.Weighted Average Cost 0 $- $- $- $- b. Cost of Goods Sold # of Units # of Units Unit cost Unit cost Cost of Goods Sold 1.FIFO $- 2.LIFO $- 3.Weighted Average Cost $- $- 0 $- c.Gross profit using each of the following methods: Sales Cost of Goods Sold Gross Profit 1.FIFO $- $- $- 2.LIFO $- $- $- 3.Weighted Average Cost $- $- $-
please solve with the FIFO method ( question 2)
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