Q. No. 5- Inventory valuation Given: Ahsan Company presents the following data for the month of August, 1995. August 1 August 4 August 6 August 7 August 10 August 13 August 15 August 20 August 27 August 30 Balance Purchase 100 units @ Rs. 25 per unit 200 units @ Rs. 26 per unit 160 units @ Rs. 35 per unit 80 units @ Rs. 38 per unit 240 units @ Rs. 24 per unit 100 units @ Rs. 33 per unit 110 units @ Rs. 30 per unit 220 units @ Rs. 26 per unit 130 units @ Rs. 33 per unit 40 units @ Rs. 35 per unit Sales Sales Purchase Sales Sales Purchase Sales Sales Determine the cost of Ending Inventory. The cost of Goods Sales and the Gross profit under perpetual system by FIFO Method. Required:-

Q. No. 5- Inventory valuation Given: Ahsan Company presents the following data for the month of August, 1995. August 1 August 4 August 6 August 7 August 10 August 13 August 15 August 20 August 27 August 30 Balance Purchase 100 units @ Rs. 25 per unit 200 units @ Rs. 26 per unit 160 units @ Rs. 35 per unit 80 units @ Rs. 38 per unit 240 units @ Rs. 24 per unit 100 units @ Rs. 33 per unit 110 units @ Rs. 30 per unit 220 units @ Rs. 26 per unit 130 units @ Rs. 33 per unit 40 units @ Rs. 35 per unit Sales Sales Purchase Sales Sales Purchase Sales Sales Determine the cost of Ending Inventory. The cost of Goods Sales and the Gross profit under perpetual system by FIFO Method. Required:-

Name: Q. No. 5- Inventory valuationGiven: Ahsan Company presents the follow
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Description: Q. No. 5- Inventory valuationGiven: Ahsan Company presents the following data for the month of August, 1995.August 1August 4August 6August 7August 10August 13August 15August 20August 27August 30Balance100 units @ Rs. 25 per unit200 units @ Rs. 26 pe

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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Date January 1 May 5 November 3 Weighted Average Transaction Beginning inventory Purchase Purchase Cost Beginning Inventory Purchases: May 5 November 3 Total Calculate ending inventory and cost of goods sold for the year, assuming the company uses weighted-average cost. (Round your average cost per unit to 4 decimal places.) Number of units Number of Units 60 Cost of Goods Available for Sale 60 Average Cost per unit 220 140 420 Cost of Goods Available for Sale $ 220 140 420 $33,700.0000 $ Unit Cost $76 4,560 79 84 17,380 11,760 33,700 Total Cost $4,560 17,380 11,760 $33,700 Cost of Goods Sold - Weighted Average Cost Number of units sold Average Cost per Unit Cost of Goods Sold 375 $30,280.0000 $ 11,355,000.00 Ending Inventory - Weighted Average Cost Number of units in ending inventory Average Cost per unit 45 $ Ending Inventory 3,420.0000 $ 153,900.00
< FIFO and LIFO costs under perpetual inventory system The following units of an item were available for sale during the year:: Beginning inventory 34 units at $45 Sale 23 units at $68 First purchase 21 units at $46 Sale 18 units at $69 Second purchase 23 units at $48 22 units at $69 Sale The firm uses the perpetual inventory system, and there are 15 units of the item on hand at the end of the year. a. What is the total cost of the ending inventory according to FIFO? x b. What is the total cost of the ending inventory according to LIFO?
Review Score Review Results by Study Objective Keaton Accessories uses a perpetual inventory system. The company's beginning inventory of a particular product and its purchases during the month of January were as follows: Quantity Unit Cost Total Cost Beginning Inventory (Jan. 1) 180 $40 $7,200 Purchase (Jan. 9) 90 45 4,050 Purchase (Jan. 21) 90 46 4,140 Total 360 $15,390 On January 24, Keaton sold 200 units of this product. The other 160 units remain in inventory at January 31. i.) Determine the cost of goods sold using each of the following flow assumptions: LIFO FIFO Average Cost ii.) Determine the cost of the 160 units in inventory at January 31 using each of the following flow assumptions: LIFO FIFO Average Cost ***** *** x**** ****
Jasper & Williams made purchases of a particular product In the current year as follows: 1 Beginning inventory 7 Purchased Jan. 120 units e $2.10 @$2.20 @ $2.30 252 Mar. 250 units 55e July 28 Purchased 500 units 1,150 Oct. Purchased 69 units e$2.45 147 Totals 930 units $ 2,099 Assume that the specific Identification method is used to assign costs to cost of goods sold ending inventory. The units in ending Inventory were specifically identified as follows. • 80 units from beginning Inventory • 27 units from the March 7 purchase, and • 48 units from the July 28 purchase. Required: Determine the cost to be assigned to ending Inventory and cost of goods sold. (Round the final answers to 2 decimal places.) Ending inventory Cost of goods sold
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Cost Flow Methods The following three identical units of Item JC07 are purchased during April: April 2 April 15 April 20 Total Average cost per unit Item Beta Units Cost Purchase 1 $182 Purchase 1 183 Purchase 1 184 3 $549 $183 ($5493 units) Assume that A method of inventory costing in which the cost of the units sold and in ending Inventory is a weighted average of the purchase costs. (b) last-in, first-out (LIFO); and (c) weighted average cost method. Gross Profit Ending Inventory a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost $ $ $
97) A company had the following purchases and sales during its first month of operations: Date January 1 January 9 January 17 January 27 A) $84.00. B) $60.71. Activities C) $23.35. D) $46.70. E) $37.36. Purchase Sales Purchase Sales Units Acquired at Cost 10 units @ $4.00 = $40.00 8 units @ $5.50 = $44.00 Units Sold at Retail 6 units @ $12.00 Using the Periodic weighted average method, what is the value of cost of goods sold? (Round weighted average cost per unit to 2 decimal places.) 7 units @ $12.00
Oriole Company's record of transactions concerning part WA6 for the month of September was as follows. Purchases September 1 (balance on hand) 3 (a1) نا 12 292 2 16 300 200 @ 300 @ 300 @ 500 @ 300 @ $13.00 Average-cost per unit $ @ 13.10 13.25 13.30 13.30 13.40 Sales September 4 17 27 30 400 600 300 200 Calculate average-cost per unit. Assume that perpetual inventory records are kept in units only. (Round answer to 2 decimal places, eg. 2.76.)
Weighted average cost flow method under perpetual inventory system The following units of a particular item were available for sale during the calendar year: Date Line Item Description Units and Cost Jan. 1 Inventory 9,000 units at $50.00 Mar. 18 Sale 7,000 units May 2 Purchase 8,000 units at $56.50 Aug. 9 Sale 8,000 units Oct. 20 Purchase 4,000 units at $60.00 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. Weighted Average Cost Flow Method Date PurchasesQuantity PurchasesUnit Cost PurchasesTotal Cost Cost of Goods SoldQuantity Cost of Goods SoldUnit Cost Cost of Goods SoldTotal Cost InventoryQuantity InventoryUnit Cost InventoryTotal Cost Jan. 1 fill in the blank 1 fill in the blank 2 fill in the blank 3 Mar. 18…