ProYakeProblem 11-16 (IAA)manycostMassive Company provided the following information forThe eordercurrent year:UnitsUnit cost Total cost1,5001,7502,000300,000525,0001,000,000By exgather200January 1 Inventory on handAprilOctober 1 Purchase3003 Purchase500The entity sold 400 units on June 25 and 400 on December10. What is the weighted average cost of the inventoryat year-end?EndingTotal coCost ofCost ofGross pa. 350,000b. 400,000c. 730,000d. 365,000July1Problem 11-17 (IAA)10Total purJailbird Company provided the following data aboutinventory for the month of January:1. Whata.10b.14C.UnitsTotal costUnit cost2,240,000600,000Jan. 1 Beginning5 Purchase10 Sale15 Purchase16 Purchase return25 Sale26 Sale return31 Purchaon16,0004,00015,00020,0001,0008,0004,0001401503,200,000160,000d.2. How m160160a. 242b. 140C.500,00030

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Description: ProYakeProblem 11-16 (IAA)manycostMassive Company provided the following information forThe eordercurrent year:UnitsUnit cost Total cost1,5001,7502,000300,000525,0001,000,000By exgather200January 1 Inventory on handAprilOctober 1 Purchase3003 Purcha

Inventory: Inventory is a physical item of trade sold by suppliers during their accounting period.…

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Accounting

Problem 11-16 (IAA) Massive Company provided the following information for the current year: Units Unit cost Total cost 1,500 1,750 2,000 300,000 525,000 1,000,000 200 January 1 Inventory on hand April October 1 Purchase 300 3 Purchase 500 The entity sold 400 units on June 25 and 400 on December 10. What is the weighted average cost of the inventory at year-end? a. 350,000 b. 400,000 с. 730,000 d. 365,000

Problem 11-16 (IAA) Massive Company provided the following information for the current year: Units Unit cost Total cost 1,500 1,750 2,000 300,000 525,000 1,000,000 200 January 1 Inventory on hand April October 1 Purchase 300 3 Purchase 500 The entity sold 400 units on June 25 and 400 on December 10. What is the weighted average cost of the inventory at year-end? a. 350,000 b. 400,000 с. 730,000 d. 365,000

FINANCIAL ACCOUNTING

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ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Concept explainers

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.

Topic Video

Question

Pro
Yake
Problem 11-16 (IAA)
many
cost
Massive Company provided the following information for
The e
order
current year:
Units
Unit cost Total cost
1,500
1,750
2,000
300,000
525,000
1,000,000
By ex
gather
200
January 1 Inventory on hand
April
October 1 Purchase
300
3 Purchase
500
The entity sold 400 units on June 25 and 400 on December
10. What is the weighted average cost of the inventory
at year-end?
Ending
Total co
Cost of
Cost of
Gross p
a. 350,000
b. 400,000
c. 730,000
d. 365,000
July
1
Problem 11-17 (IAA)
10
Total pur
Jailbird Company provided the following data about
inventory for the month of January:
1. What
a.
10
b.
14
C.
Units
Total cost
Unit cost
2,240,000
600,000
Jan. 1 Beginning
5 Purchase
10 Sale
15 Purchase
16 Purchase return
25 Sale
26 Sale return
31 Purchaon
16,000
4,000
15,000
20,000
1,000
8,000
4,000
140
150
3,200,000
160,000
d.
2. How m
160
160
a. 242
b. 140
C.
500,000
30

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LIFO Perpetual Inventory The beginning inventory for Dunne Co. and data on purchases and sales for a three-month period are as follows: Date Transaction Numberof Units Per Unit Total Apr. 3 Inventory 25 $1,200 $30,000 8 Purchase 75 1,240 93,000 11 Sale 40 2,000 80,000 30 Sale 30 2,000 60,000 May 8 Purchase 60 1,260 75,600 10 Sale 50 2,000 100,000 19 Sale 20 2,000 40,000 28 Purchase 80 1,260 100,800 June 5 Sale 40 2,250 90,000 16 Sale 25 2,250 56,250 21 Purchase 35 1,264 44,240 28 Sale 44 2,250 99,000 Required: 1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 4, using the last-in, first-out method. Under LIFO, if units are in inventory at two different costs, enter the units with the HIGHER unit cost first in the Cost of Merchandise Sold Unit Cost column and LOWER…
pre.22
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Specific Identification, FIFO, LIFO, and Weighted-Average Boyce Company's beginning inventory and purchases during the fiscal year ended September 30, 20-2, are shown. Units Unit Price Total Cost October 1, 20-1 Beginning inventory 400 $15.00 $6,000 October 18 1st purchase 300 16.50 4,950 November 25 2nd purchase 600 17.00 10,200 January 12, 20-2 3rd purchase 700 17.25 12,075 March 17 4th purchase 800 18.00 14,400 June 2 5th purchase 400 19.00 7,600 August 21 6th purchase 300 21.00 6,300 September 27 7th purchase 500 21.75 10,875 4,000 $72,400 Use the following information for the specific identification method. There are 900 units of inventory on hand on September 30, 20-2. Of these 900 units: 50 are from October 18, 20-1 1st purchase 300 are from January 12, 20-2 3rd purchase 100 are from March 17 4th purchase 200 are from June 2 5th purchase 50 are from August 21 6th purchase 200 are from September 27 7th purchase
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