Required informationProblem 8-5 (Algo) Various inventory costing methods [LO8-1, 8-4][The following information applies to the questions displayed below.]A company began January with 8,000 units of its principal product. The cost of each unit is $7. Inventory transactions forthe month of January are as follows:Date of PurchaseJanuary 10January 18TotalsUnits6,0008,00014,000* Includes purchase price and cost of freight.SalesDate of SaleJanuary 5January 12January 20TotalPurchasesUnit Cost*$89Units4,0002,0005,00011,00011,000 units were on hand at the end of the month.Total Cost$ 48,00072,000$ 120,000 2. Calculate January's ending inventory and cost of goods sold for the month using LIFO, periodic system.LIFOBeginning InventoryPurchases:January 10January 18TotalCost of Goods Available for SaleCost ofGoodsAvailable forSale56,000Number Cost perof units unit8,000 $7.00 $6,000 $8.008,000 $9.0022,00048,00072,000$ 176,000Cost of Goods Sold - Periodic LIFONumber ofunits soldCost perunitCost ofGoods Sold$7.00$8.00$ 9.00Ending Inventory - Periodic LIFONumber ofunits inendinginventoryCost per EndingunitInventory$$$7.008.009.00

Name: Required informationProblem 8-5 (Algo) Various inventory costing meth
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Required informationProblem 8-5 (Algo) Various inventory costing methods [LO8-1, 8-4][The following information applies to the questions displayed below.]A company began January with 8,000 units of its principal product. The cost of each unit is $7.

Business

Accounting

Required information Problem 8-5 (Algo) Various inventory costing methods [LO8-1, 8-4] The following information applies to the questions displayed below.] A company began January with 8,000 units of its principal product. The cost of each unit is $7. Inventory transactions fo the month of January are as follows: Date of Purchase January 10 January 18 Totals Sales Units Date of Sale January 5 January 12 January 20 Total 6,000 8,000 14,000 Includes purchase price and cost of freight. Units 4,000 2,000 5,000 11,000 Purchases Unit Cost $8 1000 unite wore on hand at the f the month Total Cost $ 48,000 72,000 $ 120,000

Required information Problem 8-5 (Algo) Various inventory costing methods [LO8-1, 8-4] The following information applies to the questions displayed below.] A company began January with 8,000 units of its principal product. The cost of each unit is $7. Inventory transactions fo the month of January are as follows: Date of Purchase January 10 January 18 Totals Sales Units Date of Sale January 5 January 12 January 20 Total 6,000 8,000 14,000 Includes purchase price and cost of freight. Units 4,000 2,000 5,000 11,000 Purchases Unit Cost $8 1000 unite wore on hand at the f the month Total Cost $ 48,000 72,000 $ 120,000

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

A company began January with 7,000 units of its principal product. The cost of each unit is $6. Inventory transactions for the month of January are as follows: Date of Purchase Units January 10 6,000 Purchases Unit Cost✶ $ 7 Total Cost January 18 7,000 8 $ 42,000 56,000 Totals 13,000 $ 98,000 *Includes purchase price and cost of freight. Sales Date of Sale Units January 5 3,000 January 12 3,000 January 20 4,000 Total 10,000 10,000 units were on hand at the end of the month. 5. Calculate January's ending inventory and cost of goods sold for the month using Average cost, perpetual system. Note: Round average cost per unit to 4 decimal places. Enter sales with a negative sign. Inventory on hand Perpetual Average Number of units Cost per unit Inventory Value Number of units sold Average Cost per unit Cost of Goods Sold Cost of Goods Sold Beginning Inventory Sale - January 5 Subtotal Average Cost Purchase - January 10 Subtotal Average Cost Sale - January 12 Subtotal Average Cost Purchase -…
I need help with this accounting question
The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 25 units @ $29 $725 June 16 Purchase 32 units @ $34 1,088 Nov. 28 Purchase 40 units @ $37 1,480 97 units $3,293 There are 17 units of the product in the physical inventory at November 30. The periodic inventory system is used. Round answers to the nearest whole dollar. a. Determine the inventory cost by the FIFO method. $4 b. Determine the inventory cost by the LIFO method. $4 c. Determine the inventory cost by the average cost methods.
en H [The following information applies to the questions displayed below] A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 300 units. Ending inventory at January 31 totals 130 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 January 1 January 9 Total January Required: Assume the perpual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method January 25 Total January 25 January 26 Total January 26 Goods purchased Number of Cost per unite unit 60 at $2.70 100 at 5 284 Number of units sold 270 Units 270 60 100 30 60 Unit Cost $2.50 2.70 Perpetual EIEO: Cost of Goods Sold Cost per Cost of Goods unit Sold Inventory Balance Cost per whit Number of units 270 at 30 at 60 at $ 270 = 100 at Saved $ 270- $ 284- $ 270 $ 284 Inventory Balance 162.00 $ 162.00
Complete the missing figures: Q15 Purchases of raw materials during that year Q16 Raw materials use in production during the year Q17 Cost of units completed during the year Q 18 Finished goods inventory Q19 Cost of units sold during the year
need detailed answers
Cost Flow Methods The following three identical units of Item P401C are purchased during April: Item Beta Units Cost April 2 Purchase 1 $100 15 Purchase 1 120 20 Purchase 1 140 Total 3 $360 Average cost per unit $120 ($360 ÷ 3 units) Assume that one unit is sold on April 27 for $300. Determine the gross profit for April and ending inventory on April 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost method. Gross Profit Ending Inventory a. First-in, first-out (FIFO) $fill in the blank 1 $fill in the blank 2 b. Last-in, first-out (LIFO) $fill in the blank 3 $fill in the blank 4 c. Weighted average cost $fill in the blank 5 $fill in the blank 6
Question 32 Choose the correct answer from the choices.
Cost Flow Methods The following three identical units of Item JC07 are purchased during April: April 2 April 15 April 20 Total Average cost per unit Item Beta Units Cost Purchase 1 $182 Purchase 1 183 Purchase 1 184 3 $549 $183 ($5493 units) Assume that A method of inventory costing in which the cost of the units sold and in ending Inventory is a weighted average of the purchase costs. (b) last-in, first-out (LIFO); and (c) weighted average cost method. Gross Profit Ending Inventory a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost $ $ $
Required information [The following information applies to the questions displayed below.] A company began January with 7,000 units of its principal product. The cost of each unit is $6. Inventory transactions for the month of January are as follows: Date of Purchase January 10 January 18 Totals Total * Includes purchase price and cost of freight. Date of Sale January 5 January 12 January 20 Total Sales LIFO Beginning Inventory Purchases: Units 6,000 7,000 13,000 January 10 January 18 Units 10,000 units were on hand at the end of the month. 3,000 3,000 4,000 10,000 2. Calculate January's ending inventory and cost of goods sold for the month using LIFO, periodic system. Cost of Goods Available for Sale Cost of Goods Available for Sale Number Cost per of units unit Purchases Unit Cost* $7 8 7,000 $ 6.00 6,000 $ 7.00 7,000 $ 8.00 20,000 $ $ 42,000 Total Cost $ 42,000 56,000 $ 98,000 42,000 56,000 140,000 Cost of Goods Sold - Periodic LIFO Cost of Goods Sold Number of units sold Cost per…
3. Calculate January's ending inventory and cost of goods sold for the month using FIFO, perpetual system.