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. Complete this question by entering your answers in the tabs below. Brief Exercise 8-7 (Algo) Inventory cost flow methods; periodic system [LO8-4) Samuelson and Messenger (SAM) began 2021 with 360 units of its one product. These units were purchased near the end of 2020 for $20 each. During the month of January, 180 units were purchased on January 8 for $23 each and another 360 units were purchased i on January 19 for $25 each. Sales of 170 units and 270 units were made on January 10 and January 25, respectively. There were 460 units 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. Cost of Goods Available for Sale FIFO 52F%252Flms.mheducation.com%252Fmghmiddleware%252Fmheproducts Required 2 Saved Cost of Goods Sold-Periedle FIFO Ending Inventand

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. Complete this question by entering your answers in the tabs below. Brief Exercise 8-7 (Algo) Inventory cost flow methods; periodic system [LO8-4) Samuelson and Messenger (SAM) began 2021 with 360 units of its one product. These units were purchased near the end of 2020 for $20 each. During the month of January, 180 units were purchased on January 8 for $23 each and another 360 units were purchased i on January 19 for $25 each. Sales of 170 units and 270 units were made on January 10 and January 25, respectively. There were 460 units 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. Cost of Goods Available for Sale FIFO 52F%252Flms.mheducation.com%252Fmghmiddleware%252Fmheproducts Required 2 Saved Cost of Goods Sold-Periedle FIFO Ending Inventand

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Description: education.com/ext/map/index.html?_con=con&external browser=0&launchUrl=https%253A%252F%252Fims.mheducation.com%252Fmghmiddleware %252FmheproductsBrief Exercise 8-7 (Algo) Inventory cost flow methods; periodic system [LO8-4]Samuelson and Messenger (S

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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Sandhill Co. uses a perpetual inventory system and the FIFO cost formula for valuing inventory. The company is now in the process of comparing the cost of its inventory with its net realizable value. The following data are available at Sandhill Co.’s year end, December 31: Units Unit Cost Net Realizable Valueper Unit Clothing 93 $7 $5 Jewellery 75 20 22 Greeting cards 42 1 4 Stuffed toys 52 11 40 Prepare the journal entry required, if any, to record the adjustment from cost to net realizable value.
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.)
Akira Company had the following transactions for the month. Number of units Cost per Unit Beginning inventory 150 $ 10 Purchased Mar. 31 160 12 Purchased Oct. 15 130 15 Ending inventory 50 ? 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 (AVG)
Crane Company uses a periodic inventory system and the average cost method. At December 31, 2025, the following information has been compiled for its finished goods inventory: Replacement value Cost Expected selling price Normal profit margin Selling costs $13100 $14900 $15380 15% 5% of expected selling price After applying LCNRV, Crane, which uses the cost of goods sold method to record inventory write-downs, will make an entry O crediting Inventory for $480. O debiting Cost of Goods Sold for $289. O crediting Cost of Goods Sold for $1800. O debiting Inventory Loss for $480.
Tyler Sporting Equipment uses the periodic inventory system and had the following inventory m during 2022 as shown below. Beginning Inventory, January 1, 2021 Purchases: January 18 March 3 June 30 October 18 Ending Inventory, December 31, 2021 Show your work here: Unite Unit Cost 37 $10 Answer Ending inventory 21 26 31 37 16 11 11 What is the cost of the ending inventory and the cost of goods sold? Assume the company utilizes the LIFO method. Show all of your work in the worksheet space provided. Round your answers to 2 decimal places. 9 10 Cost of goods sold
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 %
Topanga Group began operations early in 2021. Inventory purchase information for the quarter ended March 31, 2021, for Topanga’s only product is provided below. The unit costs include the cost of freight. The company uses a periodic inventory system to report inventory and cost of goods sold. Date of Purchase Units Unit Cost Total Cost Jan. 7 5,000 $ 6.00 $ 30,000 Feb. 16 14,000 7.00 98,000 March 22 18,000 8.00 144,000 Totals 37,000 $ 272,000 Sales for the quarter, all at $9 per unit, totaled 20,000 units leaving 17,000 units on hand at the end of the quarter. Required:1. Calculate Topanga's cost of goods sold for the first quarter using: FIFO LIFO Average cost 2. Calculate Topanga's gross profit ratio for the first quarter using FIFO, LIFO, and Average cost.3. Comment on the relative effect of each of the three inventory methods on the gross profit ratio.
You have the following information for Cullumber Inc. for the month ended October 31, 2025. Cullumber uses a periodic system for inventoryDate Description Units Unit Cost or Selling Price Oct. 1 Beginning inventory Units $60 Unit cost or selling price:$24 Oct. 9 Purchase Units:$140 Unit cost or selling price:$26 Oct. 11 Sale Units:$95 Unit cost or selling price: $45 Oct. 17 Purchase Units:$95 Unit cost or selling price:$ 270 Oct. 22 Sale Units: $60 Unit cost or selling price:$50 Oct. 25 Purchase Units:$70 Unit cost or selling price:$29 Oct. 29 Sale Units:$105 Unit cost or selling price: $50Calculate the gross profit rate under each of the following methods 1. LIFO.2. FIFO.3. Average - cost. (Round answers to 1 decimal ppl save e.g 51.2%)
Question: Assume a Watercrest Sports outlet store began October 2020 with 47 pairs of water skis that cost the store $38 each. The sale price of these water skis was $67. During October, the store completed these inventory transactions: 2. Determine the store’s cost of goods sold for August under the periodic inventory system. Assume the FIFO method. For the part, Sales [(47 units x $67)+(44 units x $68)] = $6,141 I don't understand what is in bolded, please explain where you get the numbers incuding the ones in dollars please.
Calculate the cost of goods sold dollar value for A67 Company for the month, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for weighted average (AVG). Round your intermediate calculations to 2 decimal places and final answers to the nearest dollar amount. Number of Units Unit Cost Sales Beginning inventory 860 $60 Purchased 650 62 Sold 400 $100 Sold 350 110 Ending inventory 760 AVG (perpetual) Inventory Cost of Goods Sold Cost of Inventory Remaining Cost of Goods Purchased Number Number Number of Units Unit Cost Total Cost of Units Unit Cost Total Cost of Units Unit Cost Total Cost Beginning Purchase Sale Sale Total COGS Total Purchases
The following data are available for Sellco for the fiscal year ended on January 31, 2023: Sales Beginning inventory Purchases, in chronological order Required: a. Calculate cost of goods sold and ending Inventory under the cost flow assumptions, FIFO, LIFO and Weighted average (using a periodic Inventory system): b. Assume that net income using the weighted-average cost flow assumption is $15,600. Calculate net Income under FIFO and LIFO. 790 units 220 units@ $4 310 units @ $5 410 units@ $6 220 units@ $7 Complete this question by entering your answers in the tabs below. Required A Required B Calculate cost of goods sold and ending inventory under the cost flow assumptions, FIFO, LIFO and Weighted average (using a periodic inventory system): Note: Round unit cost to 2 decimal places. FIFO LIFO Weighted average Cost of Goods Sold Ending Inventory
Perez Company had the following information for the year ending December 31: Units Unit Cost Beginning inventory 360 $34 Purchase: April 6 290 35 Sale: May 4 380 Purchase: July 19 590 39 Sale: September 9 450 Purchase: October 10 140 45 Perez uses the perpetual inventory system and the FIFO method. Required: Using FIFO (a) Compute the cost of ending inventory. (b) Compute the cost of goods sold for the year. Cost of ending inventory Cost of goods sold