Calculate the inventory cost of item A on August 11(after the sale) using (a) first-in, first-out, (b) last-in, first-out, and (c) the weighted-average cost methods.Do not round until final answers. Round your final answers to the nearest dollar. ←Topic: Discussion QuestionBusinessCourseQuestion3 Not completeB.https://mybusinesscourse.com/platform/mod/quiz/attempt.php?attempt=67997C. Weighted-averagembeXEnding Inventory $CheckInventory Costing Methods-Perpetual MethodArcher Company is a retailer that uses the perpetual inventory system.Ch 6 ExercisesAugust 1 Beginning inventory 230 units of Product A @ $3,100 total cost5 Purchased$3,616 total costPurchased250 units of Product A @350 units of Product A @300 units of Product A$5,916 total cost811 SoldPreviousMarked out of 3.33Calculate the inventory cost of item A on August 11(after the sale) using (a) fDo not round until your final answers. Round your final answers to the nearA.First-in, first-outEnding Inventory $Last-in, first-outEnding Inventory $0mbcX0Return to course0P Flag questionSave Answers

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Description: Calculate the inventory cost of item A on August 11(after the sale) using (a) first-in, first-out, (b) last-in, first-out, and (c) the weighted-average cost methods.Do not round until final answers. Round your final answers to the nearest dollar. ←To

Aug 1 Beginning Inventory 230 3100 Aug 5 Purchase 250 3616 Aug 8 Purchase 350 5916…

Business

Accounting

Question 3 Not complete Inventory Costing Methods-Perpetual Method Archer Company is a retailer that uses the perpetual inventory system. August 1 Beginning inventory 230 units of Product A @ $3,100 total cost 250 5 Purchased 8 Purchased 11 Sold units of Product A @ $3,616 total cost 350 units of Product A @ $5,916 total cost 300 units of Product A Calculate the inventory cost of item A on August 11(after the sale) using Do not round until your final answers. Round your final answers to the A. First-in, first-out Ending Inventory $ Last-in, first-out Ending Inventory $ B. C. Weighted-average Ending Inventory $ Check 0 0 0 ہے 4

Question 3 Not complete Inventory Costing Methods-Perpetual Method Archer Company is a retailer that uses the perpetual inventory system. August 1 Beginning inventory 230 units of Product A @ $3,100 total cost 250 5 Purchased 8 Purchased 11 Sold units of Product A @ $3,616 total cost 350 units of Product A @ $5,916 total cost 300 units of Product A Calculate the inventory cost of item A on August 11(after the sale) using Do not round until your final answers. Round your final answers to the A. First-in, first-out Ending Inventory $ Last-in, first-out Ending Inventory $ B. C. Weighted-average Ending Inventory $ Check 0 0 0 ہے 4

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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Ch 9 Problem Set B Problem 9-1 Part B The company uses the perpetual inventory method. It began the month of March with 100 units of inventory, at a unit cost of $55. Purchases during March March 5, 60 units at $60 each. March 18, 200 units at $65 each March 29, 40 units at $75 each. Sales during March March 12, 60 units. March 25, 210 units. All units were sold to customer for $100 each. 1. Use the following format to set up this inventory costing problem, as shown in Video #2. Inventory Date Units Cost per Total Cost Date Units Total Cost Unit Beg Balance Units Cost Beginning Balance + Purchases Goods Available for Sale - Sold Ending Balance
Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, what would the (a) the cost of goods sold on July 27 and (b) the inventory on July 31 be?
Sales during the year were 1,220 units. Beginning inventory was 380 units at a cost of $6 per unit. Purchase 1 was 610 units at $7 per unit. Purchase 2 was 940 units at $8 per unit. Required: a. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using FIFO method. (Enter all values as a positive value.) b. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using LIFO method. (Enter all values as a positive value.)
inventory as your base numper and adjust the couss amount to the required amount to make the Total Goods Available for Sale to the total of the Value of the ending inventory and the COGS total. Negative value should be indicated with minus sign. Round your intermediate and final answers to 2 decimal places.) \table[[Date,, \table [[Purchases/Transportation - In /], [(PurchaseReturns/Discounts)]], \table [[Cost of Goods Sold/(Returns to], [Inventory)]], Balance in Inventory], [Units, Cost/Unit, Total $, Units, Cost/Unit, Total $, Units, \table[[Avg], [ Cost/Unit]], Total $], [Mar., Brought Forward,,r, 61, $, 93.00, $, 5, 673.00 Telamark Company uses the moving weighted average method for inventory costing. Required: The following incomplete inventory sheet regarding Product W506 is available for the month of March 2023. Complete the inventory sheet. (Use the value of the ending inventory as your base number and adjust the COGS $ amount to the required amount to make the Total Goods…
[The following information applies to the questions displayed below.] Jaffa Company prepared its annual financial statements dated December 31 of the current year. The company applies the FIFO inventory costing method; however, the company neglected to apply lower of cost or net realizable value to the ending inventory. The preliminary current year income statement follows: Sales revenue $290,000 Cost of goods sold Beginning inventory $ 34,000 194,000 228,000 63,300 Purchases Goods available for sale Ending inventory (FIFO cost) Cost of goods sold Gross profit Operating expenses Pretax income Income tax expense (35%) 164,700 125,300 63,000 62,300 21,805 $ 40,495 Net income Assume that you have been asked to restate the current year financial statements to incorporate lower of cost or NRV. You have developed the following data relating to the current year ending inventory: Acquisition Cost Net Realizable Item Quantity Unit Total Value Per Unit $ 12,600 9,600 18,000 23,100 A 3,150 $ 4.00…
You have the following information for Tamarisk, Inc. for the month ended October 31, 2022. Tamarisk uses a periodic method for inventory. Date Description Units Unit Cost or Selling Price Oct. 1 Beginning inventory 60 24 Oct. 9 Purchase 115 26 Oct. 11 Sale 95 45 Oct. 17 Purchase 95 27 Oct. 22 Sale 60 50 Oct. 25 Purchase 70 29 Oct. 29 Sale 105 50 A(3) Calculate gross profit rate under each of the following: 1.LIFO 2.FIFO 3. Average-cost. Gross profit rate - LIFO% - FIFO% AND AVERAGE-COST %
Calculate the August cost of goods sold in the ending inventory at August 31 using, first in, first out,last in, first out, and the weighted average cost methods. Do not round until your final answers. Round your final answers to the nearest dollar.
Katelyn is the Purchasing Manager at Polo Industries, Inc. She asked you to help her determine what the Ending Balance for Inventory and the Cost of Goods Sold total would be using the three (3) valuation methods: (a) LIFO (last in first out), (b) FIFO (first in first out), and Weighted Average. The purchase information is below: O-Matic Inventory Purchase Saturday, June 6, 2020 Sunday, June 14, 2020 Thursday, June 18, 2020 Tuesday, June 30, 2020 Items Cost per Item 107 85.10 158 79.50 87 %24 95.00 24 93 445 92.40 Katelyn told you that 300 items were sold and 145 remained in inventory. (c) Calculate the valuations using Weighted Average (2 answers required). Round to the nearest 2 decimal places. HTML Editor B IUA-囚、1三三=E x I 12pt Paragraph
eBook Question Content Area Challenge Problem Bhushan Company has been using LIFO for inventory purposes because it would prefer to keep gross profits low for tax purposes. In its second year of operation (20-2), the controller pointed out that this strategy did not appear to work and suggested that FIFO cost of goods sold would have been higher than LIFO cost of goods sold for 20-2. Is this possible? 20 - 1 Units Cost/Unit Purchase 1 100 $1.00 Purchase 2 200 2.00 Purchase 3 300 3.00 Ending inventory 200 20-2 Units Cost/Unit Beginning inventory 200 Purchase 4 150 $4.00 Purchase 5 250 5.00 Purchase 6 350 6.00 Ending inventory 50 Required: Question Content Area Using the information provided, complete the various charts below and compute the cost of goods sold for 20 - 1 and 20-2 comparing the LIFO and FIFO methods. If units are in inventory at two different costs, enter the OLDEST units first.Check My Work determine units sold and the cost of goods sold under each method.
The following information relates to the retail inventory method used by Jeffress Company: 1. Compute the ending inventory by the retail inventory method using the following cost flow assumptions (round the cost-to-retail ratio to 3 decimal places): a. FIFO, b. average cost, c. LIFO d. lower of cost or market (based on average cost) 2. Next Level What assumptions are necessary for the retail in,,entory method to produce accurate estimates of ending inventory?
Blair Enterprises recorded inventory information for the month of September as follows: Sept. 5 Sept. 65 units at $6 each 55 units at $8 each. Sept. 29 44 units at $10 each Sept. 30 70 units Determine ending inventory cost by (a) the FIFO method, (b) the LIFO method, and (c) the weighted average cost method. Round your answers to the nearest dollar. Purchase Purchase Purchase Ending inventory. 13 FIFO method: LIFO method: Weighted average cost method: 000
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.)