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Name: purchased supplies for 1100 in june first inventory ofsupplies was 35
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Description: purchased supplies for 1100 in june first inventory ofsupplies was 359 in june thirty record the adjustment forthe amount of supplies used

Business

Accounting

purchased supplies for 1100 in june first inventory of supplies was 359 in june thirty record the adjustment for the amount of supplies used

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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ABC Products uses a periodic inventory system. The company’s records show the beginning inventory of oil filters on January 1 and the purchases of this item during the current year to be as follows: Jan 1 Beginning Inventory ……………………………. 19 units at Rs 30 Feb 23 Purchase ………………………………………… 12 units at Rs 35 Apr 20 Purchase ………………………………………... 30 units at Rs 38 May 4 Purchase ………………………………………... 40 units at Rs 45 Nov.30 Purchase ………………………………………... 9 units at Rs 50 A physical count indicates 22 units in inventory at year-end. Determine the cost of the ending inventory and cost of goods sold on the basis of each of the following methods of inventory valuation. Average cost FIFO LIFO
Inventory by Three Methods; Cost of Goods Sold The units of an item available for sale during the year were as follows: Jan. 1 Inventory 21 units at $1,800 each Purchase 29 units at $1,950 each July 28 Purchase 14 units at $2,040 each Nov. 1 Purchase. 17 units at $2,100 each There are 19 units of the item in the physical inventory at December 31. Determine the cost of ending inventory and the cost of goods sold by three methods, presenting your answers in the following form: Round your final answers to the nearest dollar. June 9 Inventory Method a. First-in, first-out method. b. Last-in, first-out method c. Weighted average Ending Inventory Cost D Cost of Goods Sold
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ces Georgetown purchased supplies on August 8, 20X2, for $4,400. At the fiscal year-end on September 30, the inventory of suppiles was $3,150. Required: a. Assume that Georgetown uses the consumption method of accounting for inventories. (If no entry is required for a transaction/event, select "No Journal entry required in the first account field.) (1) Prepare the entry for the purchase on August 8, 20X2 (2) Prepare the entries required on September 30, 20X2, including the closing of the Expenditures account. (3) Assuming the supplies were used during 20X3, prepare the entries on September 30, 20X3. View transaction list Journal entry worksheet
Periodic inventory by three methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 2,200 units at $4 Feb. 17 Purchase 3,700 units at $5 Jul. 21 Purchase 2,600 units at $6 Nov. 23 Purchase 1,500 units at $7 There are 1,800 units of the item in the physical inventory at December 31. The periodic inventory system is used. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. Determine the inventory cost by the first-in, first-out method. Round your answer to the nearest dollar. $ fill in the blank 2 Determine the inventory cost by the last-in, first-out method. Round your answer to the nearest dollar. $ Determine the inventory cost by the weighted average cost method. Round your answer to the nearest dollar. $
LIFO Perpetual Inventory The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31, are as follows: Date of transaction Number of units per unit total Jan 1 - Inventory 7,500 $75 $562,500 10 - purchase 22,500 85 1,912,500 28 - sale 11,250 150 1,687,500 30 - sale 3,750 150 562,500 Feb - 5 - sale 1,500 150 255,000 10 - purchase 54,000 87.50 4,725,00 16 - sale 27,000 160 4,320,000 28 - sale 25,000 160 4,080,000 May - 5 - purchase 45,000 89.50 4,027,500 14 - sale 30,000 160 4,800,000 25 - purchase 7,500 90 675,000 30 - sale 26,250 160 4,200,000 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…
Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 14 units @ $24 Feb. 17 Purchase 6 units @ $25 July 21 Purchase 13 units @ $28 Nov. 23 Purchase 18 units @ $28 There are 14 units of the item in the physical inventory at December 31. The periodic inventory system is used. a. Determine the inventory cost by the first-in, first-out method. b. Determine the inventory cost by the last-in, first-out method. c. Determine the inventory cost by the weighted average cost method. Round average unit cost to the nearest cent and final answers to the nearest whole dollar, if required.
Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 5 units @ $47 Feb. 17 Purchase 10 units @ $48 July 21 Purchase 7 units @ $50 Nov. 23 Purchase 20 units @ $52 There are 5 units of the item in the physical inventory at December 31. The periodic inventory system is used. a. Determine the inventory cost by the first-in, first-out method.$fill in the blank 1 b. Determine the inventory cost by the last-in, first-out method.$fill in the blank 2 c. Determine the inventory cost by the weighted average cost method. Round average unit cost to the nearest cent and final answers to the nearest whole dollar, if required.$fill in the blank 3
LIFO Perpetual Inventory The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31 are as follows: Date Transaction Numberof Units Per Unit Total Jan. 1 Inventory 7,500 $75.00 $562,500 10 Purchase 22,500 85.00 1,912,500 28 Sale 11,250 150.00 1,687,500 30 Sale 3,750 150.00 562,500 Feb. 5 Sale 1,500 150.00 225,000 10 Purchase 54,000 87.50 4,725,000 16 Sale 27,000 160.00 4,320,000 28 Sale 25,500 160.00 4,080,000 Mar. 5 Purchase 45,000 89.50 4,027,500 14 Sale 30,000 160.00 4,800,000 25 Purchase 7,500 90.00 675,000 30 Sale 26,250 160.00 4,200,000 Required: 1. Record the inventory, purchases, and cost of goods 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…
Periodic inventory by three methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 2,700 units at $7 Feb. 17 Purchase 2,800 units at $8 Jul. 21 Purchase 3,400 units at $9 Nov. 23 Purchase 1,100 units at $10 There are 1,300 units of the item in the physical inventory at December 31. The periodic inventory system is used. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. Open spreadsheet a. Determine the inventory cost by the first-in, first-out method. Round your answer to the nearest dollar. st dollar. b. Determine the inventory cost by the last-in, first-out method. Round your answer to the ne C. Determine the inventory cost by the weighted average cost method. Round your answer to the nearest dollar.
Sned rer Com uapraces coting system Beginning inventory for January consisted of 1,600 units that were 62% completed. 10,800 units were m the process during January During January, 10,500 units were completed. How many units were in ending inventory on January 31?
Required information Skip to question [The following information applies to the questions displayed below.] A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 250 units. Ending inventory at January 31 totals 130 units. Units Unit Cost Beginning inventory on January 1 230 $ 2.00 Purchase on January 9 50 2.20 Purchase on January 25 100 2.34 Assume the periodic inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. Note: Round per unit costs to 2 decimal places.