Provide your answers in the space given below by entering numbers only (e.g. 10000 or -10000). Do not round intermediate numbers and round the final results to the nearest dollar. ABC Co. has the following information in 2020: 2020 Units Unit cost Total Cost Jan 1 Beginning Inventory 22 $56 $1232 Purchases: Mar 28 Purchase 28 63 1764 Aug 22 Purchase 32 72 2304 Oct 14 Purchase 27 78 2106 Goods Available for Sale 109 $7406 Sales: Unit Sales Price Revenue May 1 Sales 38 $100 $3800 Oct 28 Sales 28 $100 $2800 Total Revenue 66 $6600 Required: Calculate the amount of ending inventory and cost of goods sold for ABC Co. under the following assumptions. a. Using the Weighted Average inventory costing methods, assuming the company uses the periodic system; Weight Average Cost per Unit: 2$ Ending Inventory: 2$ Cost of Goods Sold b. Using the FIFO inventory costing methods, assuming the company uses the periodic system; Ending Inventory: $ Cost of Goods Sold: $ c. Using the FIFO inventory costing method, assuming the company uses the perpetual system; Cost of Goods Sold: $ Ending Inventory: $ d. Using the Weighted Average inventory costing method, assuming the company uses the perpetual system. Cost of Goods Sold: Ending Inventory:

Provide your answers in the space given below by entering numbers only (e.g. 10000 or -10000). Do not round intermediate numbers and round the final results to the nearest dollar. ABC Co. has the following information in 2020: 2020 Units Unit cost Total Cost Jan 1 Beginning Inventory 22 $56 $1232 Purchases: Mar 28 Purchase 28 63 1764 Aug 22 Purchase 32 72 2304 Oct 14 Purchase 27 78 2106 Goods Available for Sale 109 $7406 Sales: Unit Sales Price Revenue May 1 Sales 38 $100 $3800 Oct 28 Sales 28 $100 $2800 Total Revenue 66 $6600 Required: Calculate the amount of ending inventory and cost of goods sold for ABC Co. under the following assumptions. a. Using the Weighted Average inventory costing methods, assuming the company uses the periodic system; Weight Average Cost per Unit: 2$ Ending Inventory: 2$ Cost of Goods Sold b. Using the FIFO inventory costing methods, assuming the company uses the periodic system; Ending Inventory: $ Cost of Goods Sold: $ c. Using the FIFO inventory costing method, assuming the company uses the perpetual system; Cost of Goods Sold: $ Ending Inventory: $ d. Using the Weighted Average inventory costing method, assuming the company uses the perpetual system. Cost of Goods Sold: Ending Inventory:

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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The following information was available for Bramble Company at December 31, 2020: beginning inventory $4000; ending inventory $96000; cost of goods sold $2500000; and sales $1280000. Bramble's days in inventory in 2020 was O 0.6 days. O 14.3 days. O 7.3 days. O 14.0 days. Save for Later Attempts: 0 of 1 used Submit Answer
Please provide detailed answers for C). Ignore A and B. Sales : 15,400 Calculated COGS in Jan 2020 : 12,750 (using FIFO) Ending inventory balance : 13,850
Complete the below table to calculate the inventory value at the end of 2021 and 2022 using the dollar-value LIFO method. (Round "Year end cost index" to 2 decimal places. Round other final answer values to the nearest whole dollars.)
Answer the following 2 questions: Question1: Ashraf Company began operations in 2020 and determined its ending inventory at cost and at NRV on December 31, 2020, and December 31, 2021. This information is presented below. Cost Net Realizable Value 12/31/2020 $130,000 $110,000 12/31/2021 230,000 265,000
(b) Your answer is correct. Calculate the days in inventory for 2020, 2021, and 2022. (Round answers to 1 decimal places, e.g. 15.2.) (c) 2020 86.9 days eTextbook and Media 2021 121.7 days 2022 125.9 days Attempts: unlimited Calculate the gross profit rate for 2020, 2021, and 2022. (Round answers to 1 decimal places, e.g. 15.2%.) Gross profit rate eTextbook and Media Save for Later 2020 % 2021 % 2022 Attempts: unlimited Submit Answer
Presented below is information related to Tamarisk Company. Date December 31, 2022 December 31, 2023 December 31, 2024 December 31, 2025 December 31, 2026 December 31, 2027 2022 2023 2024 2025 $ S Ending Inventory (End-of-Year Prices) Compute the ending inventory for Tamarisk Company for 2022 through 2027 using the dollar-value LIFO method. $ $87,400 115,875 114,342 127,635 153,166 184,458 Ending Inventory Price Index 87,400 100 103 118 127 137 142
Duke Boudreau, Inc. decided to adapt Dollar Value LIFO in 2017, the following data represents DB's ending inventory along with the price index for each year: December 31 Price Index 2017 $200,000 2018 $206,000 2019 $250,000 2020 $275,000 2021 $290,000 2022 $300,000 100 102 110 115 120 121 Rounding all calculations to the nearest dollar, calculate Ending Inventory for December 31, 2022 using Dollar Value LIFO
On Jan. 1, 2020, Who Company adopted Dollar Value LIFO. Below is the company's Dollar Value LIFO chart for ending inventory as of Dec. 31, 2020: Layer 1/1/2020 12/31/2020 Total Inventory at Base Year Costs 30,000 45,000 75,000 Price Index DV LIFO Inventory. 1.1 30,000 49,500 79,500 On Dec. 31, 2021, the company had ending inventory at current (FIFO) costs of $81,600. The price index for 2021 is 1.2. Answer the following two questions using the dropdown menus. A. On Dec 31, 2021, what is the ending inventory at base year costs? [ Select] B. On Dec 31, 2021, what is the ending dollar-value LIFO inventory balance? [Select]
On January 1, 2020, Bay Inc. adopted dollar-value LIFO, and its inventory priced at current costs was $60,000. The following information is available on its inventories for 2020 through 2022. Year EndingInventoryat December 31 Year-EndConversionFactor* 2020 $68,000 1.10 2021 80,000 1.22 2022 72,000 1.15 *Computed as: Current (year-end) price index ÷ Base-year price index Compute the ending inventory on a dollar-value LIFO basis for each year, 2020 through 2022. Note: Do not round until your final answer. Round your final answer to the nearest whole dollar. Dollar-value LIFO ending inventory, 2020 Answer Dollar-value LIFO ending inventory, 2021 Answer Dollar-value LIFO ending inventory, 2022 Answer Question 2 Not yet answered Marked out of 25.00 Flag question Question text Estimating Inventory Using Gross Profit Method The following data is from Netflicks Company for 2020. Sales revenue $240,000 Beginning inventory 32,000…
Cameron Corp. uses the dollar-value-LIFO (DVL) inventory costing method. 2020 is the base year. Information regarding inventory for 2020 – 2022 is as follows: Date Ending Inventory at Current Prices (FIFO) Price Index 12/31/20 725000 100% or 1.0 12/31/21 814000 110% or 1.10 12/31/22 966000 115% or 1.15 What should be the cost of inventory on 12/31/22 using the DVL method? Round all calculations to the nearest whole dollar.
Adjusting Balance Sheet and Income Statement for LIFO to FIFO In its December 2019 10-K, Phillips 66 reported the following information ($ millions). 2019 Assets 2019 Inventories 2019 LIFO Reserve 2018 LIFO Reserve Tax Rate $52,848 $3,398 $3,870 $2,610 22% a. Determine the necessary adjustments to the following balance sheet line items for 2019. Note: Round your answers to the nearest whole dollar. Adjustment (S in millions) Inventories $4 6,008 x Total assets %24 Deferred tax liabilkies $ 54,108 x 277 x Equity 0 x b. Determine the necessary adjustments to the following income statement line items for 2019. Note: Round your answers to the nearest whole dollar. Adjustment ($ in millions) Cost of goods sold %24 0 x Pretax income %24 0 x Income tax expense $ 0 x Net income %24
If Inventory on 1.1.2020 was OMR 240,000, Inventory on 31.12.2020 was OMR 320,000 and cost of goods sold was OMR 900,000, the Inventory conversion period will be: a. 113.55 days b. 129.78 days c. None of these d. 97.33 days