Question 3 Tokyo Audio uses a periodic inventory system. One of the store's most popular products is an AB3 car stereo system. The inventory quantities, purchases, and sales of this product for the most recent year are as follows: Cost per unit $2,990 3,060 3,080 3,150 3,200 Number of Units Total cost Inventory, 1 January First purchase Second purchase Third purchase Fourth purchase $29,900 45,900 61,600 25,200 60,800 $223,400 10 15 20 8. 19 Goods available for sale 72 Units sold during the year Inventory, 31 December 51 21 Instructions a) Using periodic costing procedures, compute the cost of the 31 December inventory and the cost of goods sold for the AB3 systems during the year under each of the following cost flow assumptions: 1. First-in, first-out. 2. Weighted average cost (round to nearest dollar, except unit cost). b) Which inventory pricing methods provides the most realistic year-end valuation of ending inventory in light of the net realizable value (NRV) of the AB3 units? Does this same method also produce the most realistic measure of profit in light of the NRV of the AB3 systems when they are sold? Explain.

Question 3 Tokyo Audio uses a periodic inventory system. One of the store's most popular products is an AB3 car stereo system. The inventory quantities, purchases, and sales of this product for the most recent year are as follows: Cost per unit $2,990 3,060 3,080 3,150 3,200 Number of Units Total cost Inventory, 1 January First purchase Second purchase Third purchase Fourth purchase $29,900 45,900 61,600 25,200 60,800 $223,400 10 15 20 8. 19 Goods available for sale 72 Units sold during the year Inventory, 31 December 51 21 Instructions a) Using periodic costing procedures, compute the cost of the 31 December inventory and the cost of goods sold for the AB3 systems during the year under each of the following cost flow assumptions: 1. First-in, first-out. 2. Weighted average cost (round to nearest dollar, except unit cost). b) Which inventory pricing methods provides the most realistic year-end valuation of ending inventory in light of the net realizable value (NRV) of the AB3 units? Does this same method also produce the most realistic measure of profit in light of the NRV of the AB3 systems when they are sold? Explain.

Name: Question 3Tokyo Audio uses a periodic inventory system. One of the st
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Question 3Tokyo Audio uses a periodic inventory system. One of the store's most popular products is an AB3 carstereo system. The inventory quantities, purchases, and sales of this product for the most recent year areas follows:Number of UnitsTotal c

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Required information Skip to question [The following information applies to the questions displayed below.]Sara's Boutique has the following transactions related to its top-selling Gucci purse for the month of October. Sara's Boutique uses a periodic inventory system. Date Transactions Units Unit Cost Total Cost October 1 Beginning inventory 6 $810 $4,860 October 4 Sale 4 October 10 Purchase 5 820 4,100 October 13 Sale 3 October 20 Purchase 4 830 3,320 October 28 Sale 7 October 30 Purchase 7 840 5,880 $18,160 2. Using FIFO, calculate ending inventory and cost of goods sold at October 31.
7.4 Can I please get help with this question. Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date Activities Units Acquired at Cost Units Sold at Retail March 1 Beginning inventory 90 units @ $50.80 per unit March 5 Purchase 220 units @ $55.80 per unit March 9 Sales 250 units @ $85.80 per unit March 18 Purchase 80 units @ $60.80 per unit March 25 Purchase 140 units @ $62.80 per unit March 29 Sales 120 units @ $95.80 per unit Totals 530 units 370 units 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, units sold include 60 units from beginning inventory, 190 units from the March 5 purchase, 40 units from the March 18 purchase, and 80 units from the March 25 purchase.
Required information Skip to question [The following information applies to the questions displayed below.]Sara's Boutique has the following transactions related to its top-selling Gucci purse for the month of October. Sara's Boutique uses a periodic inventory system. Date Transactions Units Unit Cost Total Cost October 1 Beginning inventory 6 $810 $4,860 October 4 Sale 4 October 10 Purchase 5 820 4,100 October 13 Sale 3 October 20 Purchase 4 830 3,320 October 28 Sale 7 October 30 Purchase 7 840 5,880 $18,160 4. Using weighted-average cost, calculate ending inventory and cost of goods sold at October 31. (Round your intermediate calculations to 4 decimal places and final answers to 2 decimal places.)
Beginning inventory, purchases, and sales for an inventory item are as follows: Sep. 1 Beginning Inventory 22 units @ $15 5 Sale 15 units 17 Purchase 28 units @ $16 30 Sale 14 units Assuming a perpetual inventory system and the last-in, first-out method: a. Determine the cost of the goods sold for the September 30 sale. b. Determine the inventory on September 30. All work saved. SAMSUNG #3 $ % & 6. 7 * 00
Question 3: Cora’s Computers uses the Periodic Inventory System and has a September 30 year-end. The company began the year with inventory with a cost of $84,300. When Cora’s staff counted inventory at September 30, inventory with a cost of $109,200 were on hand. The company also had the following account balances for the year (all with normal balances): Purchases $199,500 Freight In 16,400 Purchase Returns and Allowances 9,800 Sales 325,000 Purchase Discounts 1,800 Required: 1) Calculate the Cost of Goods Sold for Cora’s (show the full, detailed calculation). 2) Calculate the Gross Profit and Gross Profit Margin (%). 3) Calculate the a) Inventory Turnover and b) Days in Inventory
EN PRINTER Vinton da VERSION BACK question 1 n its first month of operations, Bramble Corp. made three purchases of merchandise in the following sequence: (1) 160 units at $9, (2) 520 units at $10, and (3) 105 units at $11. assuming there are 370 units on hand, compute the cost of the ending Inventory under the (a) FIFO method and (b) LIFO method. Bramble uses a periodic Inventory system. FIFO a) Cost of the ending inventory LIFO (b) Cost of the ending inventory
sssssssssssssss
Only typing answer Please explain step by step without table and graph
Please do not give solution in image format thanku
Godo
Question 3 Use the following information for question 3 (i) and (ii). (i) Beacon Factory, Inc. uses a perpetual inventory system. The company's beginning inventory and purchases of a particular product during the month of May were as follows: Quantity Unit Cost ($) Beginning inventory (1 May) 32 5 Purchases (11 May.) 46 7.5 Purchase (25 May.) 28 6 On 24 May, Beacon Factory, Inc. sold 50 units of this product. The other units remained in inventory at 3 1 May. (i) Refer to the above data. Assuming that Beacon Factory uses the FIFO flow assumption, the ending inventory at 31 May is: A: $268. B: $295. C: $378. D: $405. (ii) Refer to the above data. Assuming that Beacon Factory uses the weighted average cost flow assumption, the cost of goods sold to be recorded at 24 May is: A: $323. B: $308. C: $273 D: $347.
Q1