nku.3 Periodic inventory by three methods; cost of goods soldThe units of an item available for sale during the year were as follows:50 units at $10070 units at $10830 units at $11650 units at $122Jan. 1Mar. 10Aug. 30Dec. 12InventoryPurchasePurchasePurchaseThere are 60 units of the item in the physical inventory at December 31. The periodic inventorysystem is used.Determine the ending inventory cost and the cost of goods sold by three methods. In yourcalculations round average unit cost to the nearest cent, and round all other calculationsand your final answers to the nearest dollar.Cost of Ending Inventory and Cost of Goods SoldInventory MethodFirst-in, first-out (FIFO) $Last-in, first-out (LIFO)Weighted average costEnding Inventory Cost of Goods Sold11,120 X$7,100 X10,360 X6,886 X11,640 X22,954 X

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Description: nku.3 Periodic inventory by three methods; cost of goods soldThe units of an item available for sale during the year were as follows:50 units at $10070 units at $10830 units at $11650 units at $122Jan. 1Mar. 10Aug. 30Dec. 12InventoryPurchasePurchaseP

Weighted Average Method is one of the methods of inventory valuation in which it is assumed that…

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Periodic inventory by three methods; cost of goods sold The units of an item available for sale during the year were as follows: 50 units at $100 70 units at $108 30 units at $116 50 units at $122 Jan. 1 Inventory Mar. 10 Purchase Aug. 30 Purchase Dec. 12 Purchase There are 60 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the ending inventory cos and the cos goods sold by three methods. In your calculations round average unit cost to the nearest cent, and round all other calculations and your final answers to the nearest dollar. Cost of Ending Inventory and Cost of Goods Sold Inventory Method First-in, first-out (FIFO) $ Last-in, first-out (LIFO) Weighted average cost Ending Inventory Cost of Goods Sold 11,120 X $ 7,100 X 10,360 X 11,640 X 6,886 X 22,954 X

Periodic inventory by three methods; cost of goods sold The units of an item available for sale during the year were as follows: 50 units at $100 70 units at $108 30 units at $116 50 units at $122 Jan. 1 Inventory Mar. 10 Purchase Aug. 30 Purchase Dec. 12 Purchase There are 60 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the ending inventory cos and the cos goods sold by three methods. In your calculations round average unit cost to the nearest cent, and round all other calculations and your final answers to the nearest dollar. Cost of Ending Inventory and Cost of Goods Sold Inventory Method First-in, first-out (FIFO) $ Last-in, first-out (LIFO) Weighted average cost Ending Inventory Cost of Goods Sold 11,120 X $ 7,100 X 10,360 X 11,640 X 6,886 X 22,954 X

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter6: Inventories

Section: Chapter Questions

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

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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.
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.
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.
Beginning inventory, purchases, and sales for 30xT are as follows: Assuming a perpetual inventory system and using the weighted average method, determine (a) the weighted average unit cost after the May 23 purchase, (b) the cost of the merchandise sold on May 26, and (c) the inventory on May 31.
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