Question 5: Baker Company's purchases and sales for JanuaryDate ActivityBegin. InventoryUnits Acquired at Cost140 @ $6Units Sold at Retail$8401/11/10 Sales1/20 Purchases1/25 Sales100 @$15 $1,50060 @$5$30080 @$15 $1,200PurchasesTotals180 @4.50380 units$810$1,9501/30180 units $2,700 Prepare comparative Income Statements for the month of January for the four inventory flowmethods. Assume expenses are$1,250

Name: Question 5: Baker Company's purchases and sales for JanuaryDate Activ
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Question 5: Baker Company's purchases and sales for JanuaryDate ActivityBegin. InventoryUnits Acquired at Cost140 @ $6Units Sold at Retail$8401/11/10 Sales1/20 Purchases1/25 Sales100 @$15 $1,50060 @$5$30080 @$15 $1,200PurchasesTotals180 @4.50380 uni

Calculation of sale price = 180 units x $ 15 = $ 2700. Calculation of ending inventory: Total…

Answered: Prepare comparative Income Statements…

Business

Accounting

Prepare comparative Income Statements for the month of January for the four inventory flow methods. Assume expenses are $1,250

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

petermine the gross profit, cost of merchandise sold, and ending inventory on July 31 using the (a) first-in, first-out, (b) last-in, first-out, and (c) average cost flow methods.
You have the following information for Tamarisk, Inc. for the month ended October 31, 2022. Tamarisk uses a periodic method for inventory. Date Description Units Unit Cost or Selling Price Oct. 1 Beginning inventory 60 24 Oct. 9 Purchase 115 26 Oct. 11 Sale 95 45 Oct. 17 Purchase 95 27 Oct. 22 Sale 60 50 Oct. 25 Purchase 70 29 Oct. 29 Sale 105 50 A(3) Calculate gross profit rate under each of the following: 1.LIFO 2.FIFO 3. Average-cost. Gross profit rate - LIFO% - FIFO% AND AVERAGE-COST %
The following are the transactions for the month of July. Units Unit Cost Unit Selling Price July 1 Beginning Inventory 55 $ 10 July 13 Purchase 275 11 July 25 Sold (100 ) $ 14 July 31 Ending Inventory 230 Calculate cost of goods available for sale and ending inventory, then sales, cost of goods sold, and gross profit, under FIFO. Assume a periodic inventory system is used. How would i creat a FIFO periodic table?
Gladstone Company 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. Assume its accounting records provided the following information at the end of the annual accounting period, December 31. Transactions Units Unit Cost Beginning inventory, January 1 3,200 $ 45 Transactions during the year: a. Purchase, January 30 4,550 55 b. Sale, March 14 ($100 each) (2,850 ) c. Purchase, May 1 3,250 75 d. Sale, August 31 ($100 each) (3,300 ) Assuming that for the Specific identification method (item 1d) the March 14 sale was selected two-fifths from the beginning inventory and three-fifths from the purchase of January 30. Assume that the sale of August 31 was selected from the remainder of the beginning inventory, with the balance from the purchase of May 1.
Culver Corporation uses a periodic inventory system and reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 116 $4 $464 12 Purchases 464 6 2,784 23 Purchases 290 8 00 2,320 30 Inventory 270 (a) Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (For calculation purposes, round average cost to 3 decimal places, eg. 5.275. Round answers to O decimal places, e.g. 125.) FIFO The cost of the ending inventory $ The cost of goods sold $ LIFO $ $ Average-Cost
Balamb Corporation had the following transactions for the month: Calculate the ending inventory dollar value for the period for each of the following cost allocation methods, using periodic inventory updating. Provide your calculations. first-in, first-out (FIFO) last-in, first-out (LIFO) weighted average
2. Consider the following transactions for DeTrees Company for the month shown in chronological order: Number of Units Unit Cost Sales Beginnig inventory 100 $66 Puchased 80 75 Sold 50 $120 Sold 25 125 Ending inventory 105 In the table below, calculate the dollar value for the period for each of the following items using the listed cost allocation methods and using perpetual inventory updating. PLEASE NOTE: All dollar amounts will be rounded to whole dollars using "$" with commas as needed (i.e. $12,345), except for the Weighted Average cost per unit,…
The units of an item available for sale during the year were as follows: Jan 1 Inventory 15 units at 122 April 15 Purchase 140 units at 116 September 9 Purchase 26 units at 122 There are 31 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the last-in, first-out (LIFO)
Determine the ending inventory using the periodic inventory system and the weighted average cost method (rounded to the nearest cent), assuming that 18 units were sold at a price of $14. Date Item Units Cost Total June 1 Beginning inventory 6 $5 $30 June 12 Purchase 10 6 60 June 18 Purchase 8 7 56 Totals 24 — $146
The following data are available for Sellco for the fiscal year ended on January 31, 2023: Sales Beginning inventory Purchases, in chronological order Required: a. Calculate cost of goods sold and ending Inventory under the cost flow assumptions, FIFO, LIFO and Weighted average (using a periodic Inventory system): b. Assume that net income using the weighted-average cost flow assumption is $15,600. Calculate net Income under FIFO and LIFO. 790 units 220 units@ $4 310 units @ $5 410 units@ $6 220 units@ $7 Complete this question by entering your answers in the tabs below. Required A Required B Calculate cost of goods sold and ending inventory under the cost flow assumptions, FIFO, LIFO and Weighted average (using a periodic inventory system): Note: Round unit cost to 2 decimal places. FIFO LIFO Weighted average Cost of Goods Sold Ending Inventory
The Company uses a periodic inventory system. For specific identification, ending inventory consists of 200 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory. Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification, (b) weighted average, (c) FIFO, and (d) LIFO. Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. (Round cost per unit to 2 decimal places.)
How do you calculate the total amount to be assigned to the ending inventory and cost of goods sold December 31 under each of the following methods?