Required: 1. Compute the amount of goods available for sale, ending inventory, and cost of goods sold at December 31, under each of the following inventory costing methods. For Specific identification, assuming that the March 14, sale was selected two-fifths from the beginning inventory and three-fifths from the purchase of January 30. Assume that the sale of August 31, was selected from the remainder of the beginning inventory, with the balance from the purchase of May 1. (Do not round Weighted average cost per unit. Round your final answers to the nearest dollar amount.) Goods available for sale Ending inventory Cost of goods sold Weighted average cost First-in, first-out Specific identification

Required: 1. Compute the amount of goods available for sale, ending inventory, and cost of goods sold at December 31, under each of the following inventory costing methods. For Specific identification, assuming that the March 14, sale was selected two-fifths from the beginning inventory and three-fifths from the purchase of January 30. Assume that the sale of August 31, was selected from the remainder of the beginning inventory, with the balance from the purchase of May 1. (Do not round Weighted average cost per unit. Round your final answers to the nearest dollar amount.) Goods available for sale Ending inventory Cost of goods sold Weighted average cost First-in, first-out Specific identification

Name: Gladstone Limited tracks the number of units purchased and sold throu
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Description: Gladstone Limited tracks the number of units purchased and sold throughout each accounting period but applies its inventory costingmethod at the end of each period, as if it uses a periodic inventory system. Assume its accounting records provided th

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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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
Can you please explain how to get the Cost of Goods Solds category using LIFO?
Periodic Inventory by Three Methods Dymac Appliances uses the periodic inventory system. Details regarding the inventory of appliances at January 1, purchases invoices during the next 12 months, and the inventory count at December 31 are summarized as follows: Purchases Invoices Inventory, Inventory Count, Model 1st 2nd 3rd January 1 December 31 A10 4 at $ 27 4 at $ 30 4 at $ 33 5 B15 8 at $ 83 4 at 74 3 at 80 6 at 87 7 Е60 3 at 74 3 at 64 15 at 67 9 at 69 G83 7 at 237 6 at 245 5 at 255 10 at 254 9 J34 12 at 76 10 at 78 16 at 85 16 at 86 13 M90 2 at 120 2 at 122 3 at 140 3 at 142 Q70 5 at 150 4 at 160 4 at 165 7 at 170 8 Required: 1. Determine the cost of the inventory on December 31 by the first-in, first-out method. If the inventory of a particular model comprises one entire purchase plus a portion of another purchase acquired at a different unit cost, use a separate line for each purchase. If units are in inventory at two different costs, enter the units PURCHASED MOST RECENTLY…
Pina Furniture Ltd. uses a perpetual inventory system and has a beginning inventory, as at June 1, of 490 bookcases at a cost of $132 each. During June, the company had the following purchases and sales of bookcases: Date June (a) 6 10 14 16 26 Purchases Units Unit cost 1,160 $134 1,780 970 135 136 Sales Units Unit price 950 1,660 $201 206
Identify which of the following statement is correct for perpetual inventory system? Under the perpetual Inventory system, on the purchase of Inventory purchase account is debited. When valuing ending Inventory under a perpetual Inventory system, oldest units purchased during the period using FIFO are allocated to the cost of goods sold when units are sold. When valuing ending Inventory under a perpetual Inventory system, weighted average cost method requires that a new weighted average unit cost be calculated after every sale. 09/03/2024 15:01 When valuing ending Inventory under a perpetual Inventory system, valuation using weighted average is the same as the valuation using weighted average under the periodic Inventory system.
Alternative Inventory Methods Garrett Company has the following transactions during the months of April and May: The cost of the inventory on April 1 is $5, $4, and $2 per unit, respectively,under the FIFO, average, and LIFO cost flow assumptions.Required:1. Compute the inventories at the end of each month and the cost ofgoods sold for each month for the following alternatives:a. FIFO periodicb. FIFO perpetualc. LIFO periodicd. LIFO perpetuale. Weighted average (Round unit costs to 4 decimal places.)f. Moving average (Round unit costs to 4 decimal places.)2. Next Level Reconcile and explain the difference between the LIFOperiodic and the LIFO perpetual results.3. Next Level If Garrett uses IFRS, which of the previous alternativeswould be acceptable, and why?
One must consider the percentage completion of the units in beginning inventory under the weighted-average method when computing the cost per equivalent unit. True or False True False
Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. Date Activities Units Acquired at Cost 170 units @ $9.50 = $1,615 Units sold at Retail Jan. 1 Beginning inventory Jan. 10 Sales 130 units @ $18.50 Jan. 20 Purchase 120 units @ $8.50 = 1,020 Jan. 25 Sales 130 units @ $18.50 Jan. 30 Purchase 240 units @ $8.00 =1,920 Totals 530 units $4,555 260 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 270 units, where 240 are from the January 30 purchase, 5 are from the January 20 purchase, and 25 are from beginning inventory. Exercise 5-3 Perpetual: Inventory costing methods LO P1 Required: 1. Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. 2 Determine the cost assigned to…
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.
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Match each term with the correct description. First-in, first-out (FIFO) method Choose ] Choose Measure of the average number of days inventory is held; calculated as 365 divided by inventory turnover. Inventory costing method that assumes the costs of the latest units purchased are the first to be allocated to cost of goods sold. Last-in, first-out (LIFO) method An actual physical flow costing method in which items still in inventory are specifically costed to arrive at the total cost of the ending inventory. A basis whereby inventory is stated at the lower of either its cost or its net realizable value. Inventory costing method that assumes that the costs of the earliest goods purchased are the first to be recognized as cost of goods sold. That portion of manufactured inventory that has been placed into the production process but is not yet complete. Lower-of-cost-or-net realizable value (LCNRV) basis Specific identification method [ Choose ] Weighted-average unit cost [Choose ]
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