Pinewood Crafts uses a perpetual inventory system. The company purchased 300 units of raw material at $12 per unit. Later, they purchased 200 more units at $14 per unit. If Pinewood Crafts sells 350 units, what is the ending inventory using the FIFO method?
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- Use the following information to compute cost of goods sold under the FIFO and LIFO inventory methods. The firm sold 200 units.Assume your company uses the periodic inventory costing method, and the inventory count left out an entire warehouse of goods that were in stock at the end of the year, with a cost value of $222,000. How will this affect your net income in the current year? How will it affect next years net income?Vargas Company uses the perpetual inventory system and the FIFO cost flow method. During the current year, Vargas purchased 400 units of inventory that cost $15.00 each. At a later date during the year, the company purchased an additional 800 units of inventory that cost $18.00 each. Vargas sold 500 units of inventory for $27.00. What is the amount of cost of goods sold that will appear on the current year's income statement? Multiple Choice ο ο ο ο $4,500 $6,000 $7,800 $5,700
- June Corp. sells one product and uses perpetual inventory system. The beginning inventort consisted of 10 units that cost P20 per unit. During the current month, the company purchased 60 units at P20 each. Sales during the month totaled 45 units for P43 each. What is the cost of goods sold using the FIFO method?Anton Company uses the perpetual inventory system and FIFO cost flow method. During the year, Anton purchased 400 units of inventory that cost $12.00 each and then purchased an additional 600 units of inventory that cost $16.00 each. If Anton sells 700 units of inventory, what is the amount of cost of goods sold? Multiple Choice O OOO $8,400 $11,200 $9,600 $10,400Using FIFO, a company with beginning inventory of 200 units at $5 each and purchases of 300 units at $6 each sells 250 units. What is the cost of goods sold?
- Chou Sales Corporation uses the periodic inventory system. On January 1, 2018, Chou had 1,000 units of product A with a unit cost of $20 per unit. A summary of purchases and sales during 2018 follows: Unit Units Units Cost Purchased Sold Feb.2 400 Apr.6 $22 1,800 July 10 1,600 Aug.9 25 800 Oct.23 800 Dec.30 28 1,400 Required a. Assume that Chou uses the first-in, first-out method. Compute the cost of goods sold for 2018 and the ending inventory balance at December 31, 2018, for product A. b. Assume that Chou uses the last-in, first-out method. Compute the cost of goods sold for 2018 and the ending inventory balance at December 31, 2018, for product A. c. Assume that Chou uses the weighted-average cost method. Compute the cost of goods sold for 2018 and the ending inventory balance at December 31, 2018, for product A. Do not round until your final answers. Round your answers to the nearest dollar. a. First-in, First-out: Ending Inventory Cost of Goods Sold $ b. Last-in, first-out:…Quick Stop Dairy had beginning inventory of Heavy Cream of 200 units at a cost of $2 each. During the month, they had the following purchases: 1st purchase: 500 units at $3 each 2nd purchase: 400 units at $4 each Quick Stop Dairy sold 1,000 units to a customer. Using a FIFO cost flow assumption, determine the cost of goods sold for this sale as well as the balance in ending inventorySunland Company sells one product and uses a perpetual inventory system. The beginning inventory consisted of 83 units that cost $20 per unit. During the current month, the company purchased 479 units at $20 each. Sales during the month totaled 362 units for $43 each. What is the cost of goods sold using the LIFO method?
- Sheffield Corp. sells one product and uses a perpetual inventory system. The beginning inventory consisted of 79 units that cost $22 per unit. During the current month, the company purchased 480 units at $22 each. Sales during the month totaled 360 units for $45 each. What is the cost of goods sold using the LIFO method? $7920. $1738. $10560. $16200.Jillet Corporation began the year with inventory of 10,000 units of its only product. The units cost $8 each. The company uses a perpetual inventory system and the FIFO cost method. The following transactions occurred during the year: a. Purchased 50,000 additional units at a cost of $10 per unit. Terms of the purchases were 2/10, n/30. The company uses the gross method to record purchase discounts. The inventory was purchased f.o.b. shipping point and additional freight costs of $0.50 per unit were charged to Jillet. b. 1,000 units purchased during the year were returned to suppliers for credit. Jillet was also given credit for the freight charges of $0.50 per unit on the original purchase. The units were defective and were returned two days after they were received. The remaining inventory was paid within the discount period. (Hint: The discount applies only to inventory and not the freight.) c. Sales for the year totaled 45,000 units at $18 per unit. (Hint: The cost of the inventory…Morgenstern Ltd. has the following units and costs for the month of April. Beginning inventory, April 1, 1,000 units at $20 (Cost) Purchase 1, April 9, 1,200 units at $23 (cost) Sold, April 12, 2,100 units at $40 (Retail) Purchase 2, April 22, 800 units at $25 (Cost) If Morgenstern uses a perpetual inventory system, what is the cost of ending inventory under FIFO at April 30? a.$18,000 b.$22,300 c.$45,300 d.$49,600
