Princess Company uses a periodic inventory system. The company's records for the month of February were as follows: After analyzing the transactions, calculate the ending inventory at February 28th and cost of goods sold using the FIFO and LIFO methods.

Princess Company uses a periodic inventory system. The company's records for the month of February were as follows: After analyzing the transactions, calculate the ending inventory at February 28th and cost of goods sold using the FIFO and LIFO methods.

Name: Princess Company uses a periodic inventory system. The company's recor
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Princess Company uses a periodic inventory system. The company's records for the month of February were as follows:After analyzing the transactions, calculate the ending inventory at February 28th and cost of goods sold using the FIFO and LIFO method

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

Scoresby Incorporated tracks the number of units purchased and sold throughout each year but applies its inventory costing method at the end of the year, 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 a. Inventory, Beginning For the year: Complete this question by entering your answers in the tabs below. b. Purchase, March 5 c. Purchase, September 19 d. Sale, April 15 (sold for $73 per unit) e. Salé, October 31 (sold for $76 per unit) f. Operating expenses (excluding income tax expense), $398,000 Required: 1. Calculate the number and cost of goods available for sale. 2. Calculate the number of units in ending inventory. 3. Compute the cost of ending inventory and cost of goods sold under (a) FIFO and (b) LIFO. 4. Prepare an income statement that shows the FIFO method and LIFO method. 5. Which inventory costing method minimizes income taxes? Required 1…
Hamilton Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 1: Units Unit Cost Inventory, December 31, prior year 1,930 $ 7 For the current year: Purchase, March 21, 6,080 6 Purchase, August 14, 100 4 Inventory, December 31, current year 2,980 Required: Compute ending inventory and cost of goods sold under FIFO, LIFO, and average cost inventory costing methods.
Calculate the cost of goods sold for may and the ending inventory at may 31 using the FIFO formula.
Nittany Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 1: Ending inventory Cost of goods sold Inventory, December 31, prior year For the current year: Purchase, March 21 Purchase, August 1 Inventory, December 31, current year Required: Compute ending inventory and cost of goods sold for the current year under FIFO, LIFO, and average cost inventory costing methods. Note: Round "Average cost per unit" to 2 decimal places and final answers to nearest whole dollar amount. FIFO Units 1,980 LIFO 5,010 2,900 4,160 Unit Cost $ 6 Average Cost 8 9
The Luann Company uses the periodic inventory system. The following July data are for an item in Luann's inventory: July 1 Beginning inventory 30 units @ 10 Purchased $9 per unit 50 units @ $11 per unit 15 Sold 60 units 26 Purchased 25 units @ $13 per unit Calculate the cost of goods sold for July and ending inventory at July 31 using (a) first-in, first-out, (b) last-in, first-out, and (c) the weighted-average cost methods. Note: Round your cost per unit to three decimal places, if needed. Then round your final answers to the nearest dollar. A. First-in, First-out: Ending Inventory Cost of Goods Sold: B. Last-in, first-out: Ending Inventory Cost of Goods Sold: C. Weighted-average cost: Ending Inventory Cost of Goods Sold
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.
Can you please explain how to get the Cost of Goods Solds category using LIFO?
Haresh
Gladstone Limited 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 Beginning inventory, January 1 Transactions during the year: a. Purchase, January 30 b. Sale, March 14 ($12 each) c. Purchase, May 1 d. Sale, August 31 ($12 each) Required: Units 1,900 Unit Cost $ 4.00 2,500 6.00 (1,700) 1,200 (1,900) 8.00 1. Compute the amount of goods available for sale, ending inventory, and cost of goods sold at December 31, under each of the following inventory costing methods. For Specific identification, assuming that 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…
Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactions for March. Date March 1 March 5 March 9 March 18 March 25 March 29 ) Periodic FIFO Beginning inventory Purchases. March 5 March 18 March 25 Activities Beginning inventory Purchase Sales Total Purchase Purchase Sales Totals b) Periodic LIFO For specific identification, units sold include 50 units from beginning inventory, 385 units from the March 5 purchase, 55 units from the March 18 purchase, and 135 units from the March 25 purchase. # of units oblem 6-2AA (Algo) Part 3 Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. ote: Round your "average cost per unit" to 2 decimal places. Cost of Goods Available for Sale Cost of Goods Available for Sale $ 5,750 115 $ Cost per unit 680 415 $ 55.00 150 $ 60.00 Units Acquired at Cost 115 units $50 per unit @$55 per unit 415 units 50.00 # of units 150 units…
Scrappers Supplies 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. Unit Cost $33 Transactions Units Beginning inventory, January 1 Transactions during the year: a. Purchase on account, March 2 b. Cash sale, April 1 ($49 each) c. Purchase on account, June 30 d. Cash sale, August 1 ($49 each) 190 295 (340) 240 35 39 (95) TIP: Although the purchases and sales are listed in chronological order, Scrappers determines the cost of goods sold after all of the purchases have occurred. Required: 1. Compute the cost of goods available for sale, cost of ending inventory, and cost of goods sold at December 31 under each of the following inventory costing methods: (Round "Cost per Unit" to 2 decimal places.) a. Last-in, first-out. b.…
Nittany Company uses a periodic inventory system. At the end of the annual accounting period, December 3- accounting records provided the following information for product 1: Inventory, December 31, prior year For the current year: Purchase, March 21 Ending inventory Cost of goods sold $ $ Purchase, August 1 Inventory, December 31, current year Required: Compute ending inventory and cost of goods sold for the current year under FIFO, LIFO, and average cost inv Note: Round "Average cost per unit" to 2 decimal places and final answers to nearest whole dollar amount FIFO Units 1,990 X Answer is complete but not entirely correct. Average Cost 24,013 34,692 30,000 $ 20,720 $ 5,000 2,960 4,070 LIFO 20,440 38,240 $ $ Unit Cost $4 6