Q: A company has an inventory of 12 units at a cost of$12 each on October 1. On October 5, they purchased 6units at $15 per unit. On October 12, they purchased 17units at $16 per unit. On October 15, they sold 30 units.Using the FIFO periodic inventory method, what is thevalue of the inventory on October 15 after the sale?a. $288b. $106c. $272d. $80e. $560

Step 1: Calculate the number of units left after the sale by deducting the units sold to the total…

Answered: Q: A company has an inventory of 12…

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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Snyder’s cost of goods sold using the LIFO method would be:a. $7,200.b. $7,400.c. $7,475.d. $7,700.
Hh2. Account
Norris Co. purchase and sales data is as follows: Units Cost per Unit Aug. 1 Inventory 50 $25 7 Sale 38 18 Purchase 25 $30 24 Sale ? 29 Purchase 60 $32 The August 24th sale is provided as a slider to vary the quantity sold as follows: 1. If 10 units are sold on August 24th, what is the total Cost of Merchandise Sold for the month under LIFO? $ _________ 2. If 30 units are sold on August 24th, what is the Merchandise Inventory balance on August 31 under FIFO? $ ___________ 3. Under either FIFO or LIFO, as the number of units sold increases, the number of units in the Merchandise Inventory ending balance ________(DECREASE/INCREASE/REMAIS UNCHANGED/VARIES RANDOMLY) . 4. If 30 units are sold on August 24th under LIFO, what is the total cost of this sale? $ _________ 5. If 20 units are sold on August 24th under FIFO, what is the total cost of this sale? $ ____________ 6. The…
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Q2: (A) AI Ealah Co. uses a periodic inventory system. Its records show the following for the month of May, in which 65 units were.sold. Date Units Total Cost |Details May 1 Inventory Purchases 25 Purchases 35 Unit Cost 30 240 15 11 275 24 12 420 Total 90 935 Instructions: Compute the ending inventory at May 31 and cost of goods sold using the FIFO and LIFO methods. Prove the amount allocated to cost of goods sold under each method. (B): In its first month of operations, Al Hamd Company made three purchases of merchandise in the following sequence: (1) 300 units at $6, (2) 400 units at $7, and (3) 200 units at $9.Assuming there are 360 units on hand, compute the cost of the ending inventory under the average-cost method.
(a) Determine the cost of goods available for sale. (b) Determine the (i) cost of ending inventory and (ii) cost of goods sold under FIFOand LIFO method of cost flow.
Assume Ava Co. has the following purchases of inventory during the first month of operations Number of Units Cost per unit First Purchase 140 2.4 Second Purchase 105 4.7 Assuming Ava Co sells 120 units at $14 each, what is the cost of goods sold if they use LIFO?
Hh1. Account Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 18 units at $41 $738 Aug. 13 Purchase 7 units at $44 308 Nov. 30 Purchase 10 units at $46 460 Available for sale 35 units $1,506 There are 21 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the (a) first-in, first-out (FIFO) method; (b) last-in, first-out (LIFO) method; and (c) weighted average cost method (round per-unit cost to two decimal places and your final answer to the nearest whole dollar). a. First-in, first-out (FIFO) $fill in the blank 1 b. Last-in, first-out (LIFO) $fill in the blank 2 c. Weighted average cost $fill in the blank 3
Inventory data for crane company are reported as follows. Date explanation Units Unit Cost Total Cost June 1 inventory 150 $4 $600 12 purchase 450 5 2250 23 purchase 400 6 2400 30 inventory 80 Assume a sale of 500 units occurred on June 15 for a selling price of $7 and a sale of 420 units on June 27 for $9.
Foc
Your firm's inventory valuation method is AVCO. On 1 June, there were 60 units in the inventory valued at $12 each. On 8 June, 40 units were purchased for $15 each and a further 50 units were purchased for $18 each on 14 June. On 21 June, 78 units were sold for $20 each. What is the value of the closing inventory on 30 June? Select one: A. $900 B. $1,110 C. $1,125 D. $1,010
What is the value of cost of good sold on may using weighted avarege method?

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