Periodic Inventory-FIFO Carla Company uses the perpetual inventory system. The following information is available for January of the current year when Carla sold 1,600 units of inventory on January 14. Total Units Cost/Unit Cost Inventory, Jan. 1 1,500 $0.25 $375 Purchases, Jan. 13 1,100 0.27 297 2,600 $672 Using the FIFO method, calculate Carla's cost of goods sold for January and its January 31 inventory. Cost of goods sold $ Ending inventory $4

Periodic Inventory-FIFO Carla Company uses the perpetual inventory system. The following information is available for January of the current year when Carla sold 1,600 units of inventory on January 14. Total Units Cost/Unit Cost Inventory, Jan. 1 1,500 $0.25 $375 Purchases, Jan. 13 1,100 0.27 297 2,600 $672 Using the FIFO method, calculate Carla's cost of goods sold for January and its January 31 inventory. Cost of goods sold $ Ending inventory $4

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Description: Using the FIFO method, calculate Carla's cost of goods sold for January and its January 31 inventory. Periodic Inventory-FIFOCarla Company uses the perpetual inventory system. The following information is available for January of the current year wh

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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In chronological order, the inventory, purchases, and sales of a single product for a recent month are as follows (see attached). 1.Using the periodic inventory system, compute the cost of ending inventory, cost of goods sold, and gross margin. Use the average-cost, FIFO, and LIFO inventory costing methods. (Round unit costs to cents and totals to dollar.) 2.Explain the differences in gross margin produced by the three methods.
Based upon the following data for a business with a periodic inventory system, determine the cost of goods sold for August. Inventory, August 1 $ 70,890 Inventory, August 31 91,720 Purchases 353,300 Purchases returns & allowances 17,840 Purchases discounts 10,690 Freight in 4,820 Schedule of the Cost of Goods Sold For the Month Ended August 31 Cost of merchandise purchased: Net purchases Total cost of merchandise purchased %24
Givens Company uses a periodic inventory system.Its records show the following for the month of december 2019,in which 68 units were sold at$100 per unit. Units Units Cost Total Cost December 1 Beginning inventory 30 $9 $270 15 Purchase 25 $11 $275 24 Purchase 35 $12 $420 Totals 90 $965 Required: (show all calculate the Cost of Goods Sold on December 31,2019 for Given Company using the following cost flow assumptions: a.Calculate the Cost of Goods Sold on December 31,2019 for Given Company using the following cost flow assumptions: i)Weighted Average Cost method and ii) First-In-First-Out(FIFO) method. b.calculate the Gross Profit for the month ended December 31,2019 for Given Company using the following cost flow assumptions: i)Weighted Average Cost method and ii) First-In-First-Out(FIFO) method.
Aircard Corporation tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period as if it uses a periodic inventory system. The following are the transactions for the month of July. July 1 July 5 July 13 July 17 July 25 July 27 Beginning Inventory Sold Purchased Sold Purchased Sold Cost of Goods Available for Sale Ending Inventory Cost of Goods Sold Units 2,000 1,000 6,000 S 3,000 8,000 5,000 $ Calculate the cost of goods available for sale, ending inventory, and cost of goods sold if Aircard uses (a) FIFO, (b) LIFO, or (c) weighted average cost. (Round "Cost per Unit" to 2 decimal places.) Unit Cost $ 45 47 Answer is complete but not entirely correct. LIFO Weighted Average Cost 764,000 194,250 147,000 FIFO 764,000 $ 343,000 421,000 $ 49 764,000 343,000 147,000
Jessie Stores uses the periodic system of calculating inventory. The following information is available for December of the current year when Jessie sold 500 units of inventory. units cost/unit total Cost Inventory, Dec. 1 - 300 250 75000 Purchases, Dec. 8 - 600 275 165000 900 240000 Using the FIFO method, calculate Jessie’s inventory on December 31 and its cost of goods sold for December.
Based upon the following data for a business with a periodic inventory system, determine the cost of merchandise sold for August. Merchandise inventory, August 1 $ 97,070 Merchandise inventory, August 31 102,680 Purchases 254,100 Purchases returns and allowances 12,310 Purchases discounts 5,360 Freight in 3,120 $
Phillips Supply uses a periodic inventory system but needs to determine the approximate amountof inventory at the end of each month without taking a physical inventory. Phillips has provided thefollowing inventory data: EXERCISE 8.10Estimating Inventoryby the Retail MethodEEbLO6 RetailCost SellingPrice PriceInventory of merchandise, June 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . $300,000 $500,000Purchases during July . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 222,000 400,000Goods available for sale during July. . . . . . . . . . . . . . . . . . . . . . . . . . . $522,000 $900,000Net sales during July . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $600,000a. Estimate the cost of goods sold and the cost of the July 31 ending inventory using the retailmethod of evaluation.b. Was the cost of Phillips’s inventory, as a percentage of retail selling prices, higher or lower inJuly than it was in June? Explain.
Ch 9 Problem Set B Problem 9-1 Part B The company uses the perpetual inventory method. It began the month of March with 100 units of inventory, at a unit cost of $55. Purchases during March March 5, 60 units at $60 each. March 18, 200 units at $65 each March 29, 40 units at $75 each. Sales during March March 12, 60 units. March 25, 210 units. All units were sold to customer for $100 each. 1. Use the following format to set up this inventory costing problem, as shown in Video #2. Inventory Date Units Cost per Total Cost Date Units Total Cost Unit Beg Balance Units Cost Beginning Balance + Purchases Goods Available for Sale - Sold Ending Balance
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Easton Company uses the periodic inventory system and had the following inventory & sales activity for the month of May 2019: Date Activity Quantity Unit Price 5/1 Beginning Inventory 140 $11 5/5 Purchase 120 $13 5/15 Purchase 270 $15 5/25 Purchase 420 $17 Sales were 430 units at $25. Using the Weighted Average method, determine the dollar value of Ending Inventory for the month of May.
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