ml?_con%3Dcon&external_browser30&launchUrl=https%253A%252F%252Fnewconnect.mheducation.com%252F#/activity/question-group/..hapter 8 homework iSavedHelpSave & ExitSubm2Check my workSamuelson and Messenger (SAM) began 2021 with 200 units of its one product. These units were purchased near the end of 2020 for$25 each. During the month of January, 100 units were purchased on January 8 for $28 each and another 200 units were purchasedon January 19 for $30 each. Sales of 125 units and 100 units were made on January 10 and January 25, respectively. There were 275units on hand at the end of the month. SAM uses a periodic inventory system.ntsRequired:1. Calculate ending inventory and cost of goods sold for January using FIFO.2. Calculate ending inventory and cost of goods sold for January using average cost.SkippedComplete this question by entering your answers in the tabs below.еBookRequired 1Require 2PrintCalculate ending inventory and cost of goods sold for January using average cost. (Round cost per unit to 2 decimal places)ReferencesCost of Goods Available for SaleCost of Goods Sold - Average CostEnding Inventory -Average CostCost of GoodsAverageCost perUnit# of units inendinginventoryAverageCost perAverage CostUnit# of unitsCost ofEndingInventory# of unitsAvailable forCostsoldGoods SoldSaleunitBeginning Inventory200$ 25.00$5,000Purchases:January 8100$ 28.002,800January 19200$30.006,0005002$13,800$4Total< Required 1Required 2 >AcGrawHillducation< Prev2 of 9Next >%24%24...... &external_browser%3D0&launchUrl=https%253A%252F%252Fnewconnect.mheducation.com%252F#/activity/question-groupter 8 homework iSavedHelpSave & ExitSubCheck my worSamuelson and Messenger (SAM) began 2021 with 200 units of its one product. These units were purchased near the end of 2020 for$25 each. During the month of January, 100 units were purchased on January 8 for $28 each and another 200 units were purchasedon January 19 for $30 each. Sales of 125 units and 100 units were made on January 10 and January 25, respectively. There were 275units on hand at the end of the month. SAM uses a periodic inventory system.Required:1. Calculate ending inventory and cost of goods sold for January using FIFO.2. Calculate ending inventory and cost of goods sold for January using average cost.opedComplete this question by entering your answers in the tabs below.ookRequired 1Required 2rintCalculate ending inventory and cost of goods sold for January using FIFO.rencesCost of Goods Available for SaleCost of Goods Sold - Periodic FIFOEnding Inventory - Periodic FIFO# of unitsin endinginventoryFIFOCost of GoodsAvailable for SaleCost perCost perCost per# of unitssoldCost ofEndingInventory# of unitsunitunitGoods SoldunitBeginning Inventory200$ 25.002$5,0002$25.002$$25.002$Purchases:January 810028.002,80028.0028.00January 1920030.006,00030.0030.00Total50013,800< Requlred 1Required 2 >< Prev2 of 9Next >on%24%24%24

Name: ml?_con%3Dcon&external_browser30&launchUrl=https%253A%252F%252Fnewcon
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: ml?_con%3Dcon&external_browser30&launchUrl=https%253A%252F%252Fnewconnect.mheducation.com%252F#/activity/question-group/..hapter 8 homework iSavedHelpSave & ExitSubm2Check my workSamuelson and Messenger (SAM) began 2021 with 200 units of its one pro

The FIFO method and average cost of the method are used to calculate Ending inventory and cost of good sold. The Average cost method uses the average of costs of goods to allocate costs.1) Determine ending inventory and cost of goods sold for January under the FIFO method. Hence, the ending inventory and cost of goods sold for January using the FIFO method are $8,100 and $5,700 respectively. (2) Determine the total cost of goods available for sales and the number of units available for sales. Now, determine the average cost per unit. \begin{array}{c}\\{\rm{Average cost per unit = }}\frac{{{\rm{Total cost of goods available for sale}}}}{{{\rm{Number of units available for sale}}}}\\\\{\rm{ = }}\frac{{{\rm{\$ 13,800}}}}{{{\rm{500}}\,{\rm{units}}}}\\\\{\rm{ = \$ 27}}{\rm{.6 per unit}}\\\end{array}Average cost per unit = Number of units available for sale Total cost of goods available for sale =500units$13,800=$27.6perunit Hence, the average cost per unit is $27.6.Now, determine total number of units and cost of goods sold in January using average cost per unit.Now, determine the total number of units and cost of ending inventory in January using the average cost per unit. Hence, the ending inventory and cost of goods sold for January under the average cost method are $7,590 and $6,210 respectively.

Answered: Required: 1. Calculate ending inventory…

Business

Accounting

Required: 1. Calculate ending inventory and cost of goods sold for January using FIFO. 2. Calculate ending inventory and cost of goods sold for January using average cost.

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.] The following are the transactions for the month of July. Units Unit Cost Unit Selling Price July 1 Beginning Inventory 44 $ 10 July 13 Purchase 220 12 July 25 Sold (100) $ 16 July 31 Ending Inventory 164 Required: a. Calculate cost of goods available for sale and ending inventory under LIFO. Assume a periodic inventory system is used. b. Calculate sales, cost of goods sold, and gross profit, under LIFO. Assume a periodic inventory system is used.
FLCL Company had the following transactions for the month: Calculate the ending inventory dollar value for the period for each of the following cost allocation methods, using periodic inventory updating. Provide your calculations. first-in, first-out (FIFO) last-in, first-out (LIFO) weighted average
Required information [The following information applies to the questions displayed below.] The following are the transactions for the month of July. Unit Selling Units Unit Cost Price $ 10 July 1 July 13 July 25 Beginning Inventory 41 Purchase 205 12 Sold (100) $ 16 July 31 Ending Inventory 146 Required: a. Calculate cost of goods available for sale and ending inventory under FIFO. Assume a periodic inventory system is used. b. Calculate sales, cost of goods sold, and gross profit, under FIFO. Assume a periodic inventory system is used. Complete this question by entering your answers in the tabs below. Required A Required B Calculate cost of goods available for sale and ending inventory under FIFO. Assume a periodic inventory system is used. Cost per FIFO (Periodic). Units Total Unit Beginning Inventory Purchases מ 4 . ו. .!
In chronological order, the inventory, purchases, and sales of a single product for a recent month are as follows (see attached). 1.Using the periodic inventory system, compute the cost of ending inventory, cost of goods sold, and gross margin. Use the average-cost, FIFO, and LIFO inventory costing methods. (Round unit costs to cents and totals to dollar.) 2.Explain the differences in gross margin produced by the three methods.
Confused on how to Determine the cost assigned to ending inventory and to cost of goods sold using FIFO.and how to Determine the cost assigned to ending inventory and to cost of goods sold using LIFO.
Required information [The following information applies to the questions displayed below.] The following are the transactions for the month of July. Unit Selling July 1 July 13 July 25 July 31 Beginning Inventory Purchase Units 43 Unit Cost $ 10 Price 215 11 Sold Ending Inventory (100) 158 $ 14 Required: a. Calculate cost of goods available for sale and ending inventory under FIFO. Assume a periodic inventory system is used. b. Calculate sales, cost of goods sold, and gross profit, under FIFO. Assume a periodic inventory system is used. Complete this question by entering your answers in the tabs below. Required A Required B Calculate cost of goods available for sale and ending inventory under FIFO. Assume a periodic inventory system is used. FIFO (Periodic) Beginning Inventory Units Cost per Unit Total 43 $ 10 $ 430 Purchases July 13 Goods Available for Sale 215 $ 11 $ 2,365 $ 258 Cost of Goods Sold Units from Beginning Inventory 43 $ 10 Units from July 13 Purchase $ 11 Total Cost of…
Akira Company had the following transactions for the month. Number Cost of Units per Unit Beginning Inventory 150 $10 Purchased Mar. 31 180 13 Purchased Oct. 15 150 16 Ending Inventory 70 ? Calculate the ending inventory dollar value for the period for each of the following cost allocation methods, using periodic inventory updating. Round your intermediate calculations to 2 decimal places and final answers to the nearest dollar amount. Ending Inventory A. First-in, First-out (FIFO) B. Last-in, First-out (LIFO) C. Weighted Average (AVG) $ %24 %24
Trini Company had the following transactions for the month. Calculate the ending inventory dollar value for each of the following cost allocation methods, using periodic inventory updating. Provide your calculations. first-in, first-out (FIFO) last-in, first-out (LIFO) weighted average (AVG)
Refer to the data in attached image. 1.Using the perpetual inventory system, compute the cost of ending inventory, cost of goods sold, and gross margin. Use the average-cost, FIFO, and LIFO inventory costing methods. (Round unit costs to the nearest cent.) 2.Explain the reasons for the differences in gross mar-gin produced by the three methods.
! Required information [The following information applies to the questions displayed below.] The following are the transactions for the month of July. July 1 July 13 July 25 July 31 Beginning Inventory Purchase Units 46 Unit Cost $ 10 Unit Selling Price 230 11 Sold Ending Inventory (100) 176 $ 14 Required: a. Calculate cost of goods available for sale and ending inventory under FIFO. Assume a periodic inventory system is used. b. Calculate sales, cost of goods sold, and gross profit, under FIFO. Assume a periodic inventory system is used. Complete this question by entering your answers in the tabs below. Required A Required B Calculate cost of goods available for sale and ending inventory under FIFO. Assume a periodic inventory system is used. FIFO (Periodic) Units Cost per Unit Total Beginning Inventory Purchases July 13 S Prev 1 2 3 of 11 Next
Calculate the ending inventory and cost of goods sold dollar values for ABC Company for the month, considering the following transactions under three different cost allocation methods and using periodic inventory updating: |(a) First-in, first-out (FIFO) (b) Last-in, first-out (LIFO) Number of Unit Cost Sales Price Units Beginning Inventory 100 $20 Purchase 400 22 Sold 300 $30 Purchase 200 24 Sold 180 $35 Ending Inventory 220
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