Pronghorn Company uses the periodic inventory method and had the following inventory information available Units Unit Cost Total Cost 1/1 Beginning Inventory 100 $3 $300 1/20 Purchase 505 $4 2,020 7/25 Purchase 95 $5 475 10/20 Purchase 305 $7 2.135 1,005 $4,930 Aphysical count of inventory on December 31 revealed that there were 385 units on hand. Answer the following independent questions. (Round average cost per unit to 2 decimal places, eg. 5.25s and final answers to 0 decimal places, es 2,520) Assume that the company uses the FIFO method. The value of the ending inventory at December 31is 1. Assume that the company uses the average cost method The value of the ending inventory on December 31 is 2. %24 Assume that the company uses the LIFO method, The value of the ending inventory on December 31 is 3. nnany would have

Pronghorn Company uses the periodic inventory method and had the following inventory information available Units Unit Cost Total Cost 1/1 Beginning Inventory 100 $3 $300 1/20 Purchase 505 $4 2,020 7/25 Purchase 95 $5 475 10/20 Purchase 305 $7 2.135 1,005 $4,930 Aphysical count of inventory on December 31 revealed that there were 385 units on hand. Answer the following independent questions. (Round average cost per unit to 2 decimal places, eg. 5.25s and final answers to 0 decimal places, es 2,520) Assume that the company uses the FIFO method. The value of the ending inventory at December 31is 1. Assume that the company uses the average cost method The value of the ending inventory on December 31 is 2. %24 Assume that the company uses the LIFO method, The value of the ending inventory on December 31 is 3. nnany would have

Name: Pronghorn Company uses the periodic inventory method and had the foll
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Description: Pronghorn Company uses the periodic inventory method and had the following inventory information available:UnitsUnit CostTotal Cost1/1Beginning Inventory100$3$3001/20Purchase505$42,0207/25Purchase95547510/20Purchase305572.1351,005$4.930Aphysical cou

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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Shanrock Company uses the periodic inventory method and had the following inventory information available: 1/1 1/20 7/25 10/20 1. 2. 3. Beginning Inventory 4. (a) Purchase 4. (b) Purchase Purchase Units Unit Cost 100 400 Answer the following independent questions. 200 300 1,000 $4 $6 $7 $8 Total Cost A physical count of inventory on December 31 revealed that there were 400 units on hand. $400 2,400 1,400 2,400 $6,600 Assume that the company uses the FIFO method. The value of the ending inventory at December 31 is Assume that the company uses the Average-Cost method. The value of the ending inventory on December 31 is Assume that the company uses the LIFO method. The value of the ending inventory on December 31 is Determine the difference in the amount of income that the company would have reported if it had used the FIFO method instead of the LIFO method. Would income have been greater or less? $ $ $ $
Adler Inc. has the following information for four inventory items, reported using the retail method, on July 31. The normal profit margin is 20% of selling price. Cost to Sell Cost per Replacement Cost Item Selling Price per No. Quantity Unit per Unit Unit per Unit #101 80 $20 $5 $15 $12 #102 50 22 4 14 15 #211 30 35 5 30 28 #212 40 40 8 28 35 Required Determine the inventory cost to report on the balance sheet on July 31 assuming that the company applies the lower of cost or market value rule to each individual inventory item. Note Do not use any negative signs with your answers. Per Unit Total Total Cost Cost to Cost Replacement Total Sell per Replacement Ceiling Floor Market Cost Lower of Selling Price Item per per No. Quantity Unit Unit Unit per Unit Cost #101 80 $20 $5 $15 $12 $ 0 $ #102 50 22 #211 30 35 45 14 15 0 30 28 0 #212 40 40 8 28 35 0 000 O 0 ос 00 Cost or Market 0 $ 0 $ 0 $ 0 $ 0 0 0 0 0 0 0 0 0 0 $ 0 $ 0 $ 0
Teal Mountain Inc. uses a periodic inventory system and reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 130 $5 $ 650 12 Purchases 370 6 2,220 23 Purchases 200 7 1,400 30 Inventory 240 Calculate weighted-average unit cost. (Round answer to 3 decimal places, e.g. 5.125.) Weighted-average unit cost $enter a weighted-average unit cost in dollars eTextbook and Media Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round answers to 0 decimal places, e.g. 125.) FIFO LIFO Average-cost The cost of the ending inventory $enter a dollar amount $enter a dollar amount $enter a dollar amount The cost of goods sold $enter a dollar amount $enter a dollar amount $enter a dollar amount
Suppose that Target Corporation uses the periodic inventory system to account for inventories and has the following information at October 31. October 1 Beginning inventory 400 units $12.00 = $4,800 8 Purchase 800 units @ $12.40 = 9,920 16 Purchase 600 units @ $12.80 = 7,680 24 Purchase 200 units @ $13.60 = 2,720 Total units and cost 2,000 units $25,120 (a) Determine the ending inventory using the FIFO cost assumption if 500 units remain on hand at October 31. Ending inventory $
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The Company uses a periodic inventory system. For specific identification, ending inventory consists of 200 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory. Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification, (b) weighted average, (c) FIFO, and (d) LIFO. Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. (Round cost per unit to 2 decimal places.)
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Salmone Company reported the following purchases and sales of its only product. Salmone uses a perpetual inventory system. Determine the cost assigned to the ending inventory using FIFO. Date Activities Units Acquired at Cost Units Sold at Retail May 1 Beginning inventory 190 units @ $10 = $1,900 May 5 Purchase 260 units @ $12 = $3,120 May 10 Sales 180 units @ $20 May 15 Purchase 140 units @ $13 = $1,820 May 24 Sales 130 units @ $21 $3,500 $3,340 $3,370 $3,110 $3,380
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Luna Corporation was established in 2021. The company authorized 15,000 shares of Preferred Stock; the par value is $100.00 per share and 5% cumulative stock. Common stock was authorized at 100,000 shares with a par value of $5.00 per share. Prepare the following transactions in the proper journal entry form. Calculate the number of outstanding shares of Common Stock Luna Company has as of June 30.
The inventory accounting records for Lee Enterprises contained the following data: Beginning inventory 400 units at $13 each Purchase 1, Feb. 26 2,300 units at $14 each Sale 1, March 9 2,500 units at $27 each Purchase 2, June 14 2,200 units at $15 each Sale 2, Sept. 22 2,100 units at $29 each Required: Calculate the cost of ending inventory and the cost of goods sold using the FIFO, LIFO, and average cost methods. (Note: Use four decimal places for per-unit calculations and round all other numbers to the nearest dollar.) FIFO LIFO Average cost Cost of ending inventory Cost of goods sold