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

Name: ProYakeProblem 11-16 (IAA)manycostMassive Company provided the follow
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
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.…

Business

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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

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
Exercise 211 (Part Level Submission) Concord Company reports the following for the month of June. Unit Date Explanation Units Total Cost Cost June 1 Inventory 360 $3 $1,080 12 Purchase 840 4 3,360 23 Purchase 1,200 6,000 30 Inventory 448 (a) Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average cost. (Round average cost per unit to 2 decimal places, e.g. 5.25 and final answers to 0 decimal places, e.g. 2,520.) FIFO LIFO AVERAGE COST Ending inventory Cost of goods sold this auoction Onon Show Work %24 %24 %24
2. What is the Cost of Goods Available for Sale for the year? Beginning Inventory: $10,000Purchase for the year: $113,000Freight-in for the shipping under F.O.B Shipping Point term: $5,000Purchase Discount for the year: $12,000Purchase Return for the year: $6,000End of the year physical inventory balance: $35,000
10. Mama's Mexican Meals, Inc., had the following activity for an inventory item during June: Unit Units Cost Beginning inventory Purchase (June 5). Purchase (June 15) Sale (June 20). Sale (June 25). Purchase (June 30) 50 $10 10 16 30 14 40 20 10 20 Assuming Mama's uses a periodic weighted average cost flow assumption, cost of goods sold for June would be a. $512 b. $560 c. $768 d. $720
I have answer for a and b Solve c
36. Inventory records for DD Incorporated revealed the following: Number Unit Date Transaction of Units Cost Apr. 1 Beginning inventory 100 $82.00 Apr. 10 Purchase 1,500 S84.00 DD sold 1,550 units of inventory during the month. Ending inventory assuming LIFO would be $ 37. Inventory records for MM Company revealed the following: NumberUnit Date Transaction of UnitsCost Mar. 1 Beginning inventory 100 $25.00 Mar. 6 Purchase 400 $25,50 Mar. 16 Purchase 500 $25.70 Mar, 23 Purchase 400 $26.00 MM sold 1,370 units of inventory during the month. Ending inventory assuming FIFO would be $ 38. Inventory records for SC Company revealed the following: NumberUnit Date Transaction of UnitsCost Mar. 1 Beginning inventory 100 $38.00 Mar. 3 Purchase 600 S39.00 Mar. 23 Purchase 300 $40.00 SC sold 990 units of inventory during the month. Ending inventory assuming Weighted Average would be 2$
The related data of Finland Company: Quantity Unit cost January 1 800 P200 January 12 600 220 January 24 280 230 At month-end, the physical count show 350 units remained. The entity rounds off the unit cost in 2 decimal places. Under FIFO, how much is the cost of ending inventory?
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
PROBLEM 12: DDD Company uses the perpetual inventory system. The inventory transactions for August of the current year were us follows: Number Unil Transaction Begnning balance of Units 20,000 Date 8/1 8/7 8/10 8/12 Cost P 4.00 Purchase 10,000 4.20 Purchase 20,000 15,000 4,30 Sale 8/16 Purchase 20,000 4.60 8/20 8/28 Sale Sale return 40,000 3.000 The sclo roturn on August 28 rolatos to the salc madc on August 20. 15. If the FIFC ccst flow method is used, the sae retum shall be costed back into inventory at what unit cost? 16. If the average cost flow method is used, the sale retum shall be costed back into inventory at what unit cost?
9. Sylvia's Designs Co. had the following inventory activity during April: Unit Units 100 Cost $10 Beginning inventory Purchase (April 3) Sale (April 10) Purchase (April 18) Purchase (April 23) Sale (April 28) 50 12 80 40 14 60 15 120 Assuming Sylvia's uses a periodic LIFO cost flow assumption, ending inventory for April would be a. $2,560 b. $ 750 c. $2,310 d. $ 500
Question 32 Choose the correct answer from the choices.