Problem 16: Inventory Costing MethodThe inventory stock card of Beth Corporation on January 2030 is as follows:PurchaseUnitsBalancePriceUnitSoldUnits10,0005,00020,00020,50015,000Jan. 110010,0005,000Jan. 15Jan. 1811015,000Jan. 20100500Jan. 305,500Required: Compute the ending inventory cost usinga. Moving Average methodb. FIFO methodc. LIFO method

The inventory can be valued using various methods as LIFO, FIFO and weighted average method.

Answered: Problem 16: Inventory Costing Method…

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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Weighted average cost flow method under perpetual inventory system The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 9,000 units at $50.00 Mar. 18 7,000 units May 2 8,000 units at $56.50 Aug. 9 8,000 units Oct. 20 4,000 units at $60.00 Date Jan. 1 Mar. 18 Sale The firm uses the weighted average cost method with a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale. Present the data in the form illustrated in Exhibit 5. Round your "Unit Cost" answers to two decimal places. May 2 Aug. 9 Oct. 20 Dec. 31 Purchase Sale Purchase Purchases Quantity Balances 8,000 4,000 Purchases Unit Cost 56.50 60 Purchases Total Cost 452,000 240,000 Weighted Average Cost Flow Method Cost of Goods Sold Unit Cost Cost of Goods Sold Quantity 7,000 8,000 50 Cost of Goods Sold Total Cost 350,000 10 Inventory Quantity 9,000 2,000 10,000 Inventory Unit Cost 50 50 Inventory Total Cost 450,000…
Weighted Average Cost Flow Method Under Perpetual Inventory System The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 4,000 units at $20 Apr. 19 Sale 2,500 units June 30 Purchase 6,000 units at $24 Sept. 2 Sale 4,500 units Nov. 15 Purchase 1,000 units at $25 The firm uses the weighted average cost method with a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale. Present the data in the form illustrated in Exhibit 5. Round unit cost to two decimal places, if necessary. Schedule of Cost of Goods SoldWeighted Average Cost Flow Method Purchases Cost of Goods Sold Inventory Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Jan. 1 fill in the blank 1 $fill in the blank 2 $fill in the blank 3 Apr. 19 fill in the blank 4 $fill in the blank 5 $fill in the blank 6 fill in the blank 7…
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?
Question #1 Unit cost/ Units Sales price Opening Inventory 2,000 3.70 Purchase #1 8,000 4.10 Sale #1 6,000 12.00 Purchase #2 5,000 4.30 Sale #2 3,000 12.00 Compute the following: a) Ending inventory (Perpetual) using FIFO. b) COGS (Perpetual) using moving weighted average. c) Ending inventory (Periodic) using weighted average.
Inventory Costing Methods-Perpetual Method The following information is for the Vista Company; the company sells just one product: Beginning Inventory Jan. 1 Purchases: Feb. 11 May 18 Oct. 23 March 1 July 1 Sales: Calculate the value of ending inventory and cost of goods sold using the perpetual method and (a) first- in, first-out, (b) last-in, first-out, and (c) the weighted- average cost methods. Do not round until your final answers. 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 $ Units Unit Cost 200 $10 500 14 400 17 100 18 400 380 C. Weighted Average Ending Inventory $ Cost of goods sold $ 0 0 0 0 0 0
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Inventory Costing Methods Oppenheimer Inc. reported the following information for the month of May: Inventory, May 1 58 units @ $18 Purchase: Мay 7 48 units @ $20 May 18 61 units @ $21 May 27 40 units @ $22 During May, Oppenheimer sold 133 units. The company uses a periodic inventory system. Required: What is the value of ending inventory and cost of goods sold for May under the following assumptions. Assumption Cost of Goods Sold Ending Inventory 1. Of the 133 units sold, 49 cost $18, 34 cost $20, 46 cost $21, and 4 cost $22. $ 2. FIFO %$4 3. LIFO 2$ 4. Weighted average method (Round average unit cost to the nearest cent, $ and round all other calculations and your final answers to the nearest dollar.)

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