pright Corp. uses the periodic inventory system. During its first year of operations, Fulbright made the following purchases (listed in chronological order of acquisition): 40 units at $100 per unit 70 units at $80 per unit 170 units at $60 per unit Sales for the year totaled 270 units, leaving 10 units on hand at the end of the year. Ending Inventory using the average cost method (rounded) is: Multiple Choice $650 $1,000. $707 $600. O O

pright Corp. uses the periodic inventory system. During its first year of operations, Fulbright made the following purchases (listed in chronological order of acquisition): 40 units at $100 per unit 70 units at $80 per unit 170 units at $60 per unit Sales for the year totaled 270 units, leaving 10 units on hand at the end of the year. Ending Inventory using the average cost method (rounded) is: Multiple Choice $650 $1,000. $707 $600. O O

Name: Fulbright Corp. uses the periodic inventory system. During its first
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Description: Fulbright Corp. uses the periodic inventory system. During its first year of operations, Fulbright made the following purchases (listed in chronological order of acquisition)• 40 units at $100 per unit• 70 units at $80 per unit• 170 units at $60 per

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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Required information [The following information applies to the questions displayed below.] During the year, TRC Corporation has the following inventory transactions. Date Transaction Number of Units Unit Cost Total Cost Jan. 1 Beginning inventory 52 $ 44 $ 2,288 Apr. 7 Purchase 132 46 6,072 Jul. 16 Purchase 202 49 9,898 Oct. 6 Purchase 112 50 5,600 498 $ 23,858 For the entire year, the company sells 432 units of inventory for $62 each. 3. Using weighted-average cost, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. (Round "Average Cost per unit" to 4 decimal places and all other answers to the nearest whole number.)
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…
During the year, Wright Company sells 510 remote-control airplanes for $100 each. The company has the following inventory purchase transactions for the year. Number of Unit Total Date January 1 Transaction, Beginning inventory Units Cost Cost 50 $64 $3,200 May 5 Purchase 290 67 19,430 240 580 72 17,280 $39,910 November 3 Purchase Calculate ending inventory and cost of goods sold for the year, assuming the company uses FIFO. Cost of Goods Available for Sale Number Cost per FIFO Cost of Goods Number of units unit Available for Sale of units Cost of Goods Sold Cost per unit Cost of Goods Number Sold of units Ending Inventory Cost per unit Ending Inventory Beginning Inventory 50 $ 64 $ 3,200 $ 이 Purchases May 5 290 67 19,430 0 November 3 240 72 17.280 0 Total 580 $ 39,910 ° $ о $ 0
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What is the amount of the inventory at the end of the year using the LIFO method?
The following lots of a particular commodity were available for sale during the year Beginning inventory 11 units at $52.00 First purchase 18 units at $53.00 Second purchase 21 units at $58.00 Third purchase 17 units at $61.00 The firm uses the periodic system, and there are 21 units of the commodity on hand at the end of the year. What is the amount of inventory at the end of the year according to the FIFO method? Select the correct answer. A. $1,092.00 B. $3,760.00 C. $3,781.00 D. $1,269.00
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Required information [The following information applies to the questions displayed below.] During the year, TRC Corporation has the following inventory transactions. Number Unit Date Transaction of Units Cost Total Cost Jan. 1 Beginning inventory Purchase 46 $38 $ 1,748 Apr. 7 Jul. 16 126 40 5,040 8,428 4,664 Purchase 196 43 Oct. 6 Purchase 106 44 474 $19,880 For the entire year, the company sells 425 units of inventory for $56 each. Required: 1. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. O search a 42
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TB MC Qu. 8-72 (Algo) Fulbright Corporation uses the periodic inventory... Fulbright Corporation uses the periodic inventory system. During its first year of operations, Fulbright made the following purchases (listed in chronological order of acquisition): . 41 units at $102 per unit .74 units at $86 per unit • 173 units at $65 per unit Sales for the year totaled 275 units, leaving 13 units on hand at the end of the year. Ending inventory using the FIFO method is: Multiple Choice O O C $1,326. $895. $845. 20 GDD < Prev F6 12 of 16 F7 Next DII FB F9 F10 1
Vaughn Company had 100 units in beginning inventory at a total cost of $12,000. The company purchased 200 units at a total cost of $30,000. At the end of the year, Vaughn had 80 units in ending inventory. Vaughn Company uses a periodic inventory system. Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round average-cost per unit and final answers to 0 decimal places, e.g. 1,250.) FIFO LIFO Average-cost The cost of the ending inventory $enter a dollar amount rounded to 0 decimal places $enter a dollar amount rounded to 0 decimal places $enter a dollar amount rounded to 0 decimal places The cost of goods sold $enter a dollar amount rounded to 0 decimal places $enter a dollar amount rounded to 0 decimal places $enter a dollar amount rounded to 0 decimal places Which cost flow method would…