Required information[The following information applies to the questions displayed below.]A company began January with 6,000 units of its principal product. The cost of each unit is $7. Inventory transactions forthe month of January are as follows:*TotalDate of PurchaseJanuary 10January 18Totals*Includes purchase price and cost of freight.Date of SaleJanuary 5January 12January 20TotalSalesAverage CostBeginning InventoryPurchases:UnitsJanuary 10January 185,0006,00011,0008,000 units were on hand at the end of the month.Units3,0002,0004,0009,0001. Calculate January's ending inventory and cost of goods sold for the month using Average cost, periodic system.PurchasesUnit Cost*$ 89Cost of Goods Available for SaleCost ofGoodsAvailable forSale6,000 $ 7.00 $ 42,000Number Unitof units Cost5,000 $8.006,000 $9.0017,000Total Cost$ 40,00054,000$ 94,00040,00054,000$ 136,000Cost of Goods Sold - Average CostAverageCost perUnitNumber ofunits soldCost ofGoods SoldGA0Ending Inventory - Average CostNumber ofAverageunits inCost perendingunitinventoryEndingInventory0

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Description: Required information[The following information applies to the questions displayed below.]A company began January with 6,000 units of its principal product. The cost of each unit is $7. Inventory transactions forthe month of January are as follows:*T

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Required information [The following information applies to the questions displayed below.] A company began January with 6,000 units of its principal product. The cost of each unit is $7. 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. Average Cost Beginning Inventory Purchases: Units 5,000 6,000 11,000 January 10 January 18 8,000 units were on hand at the end of the month. Units 3,000 2,000 4,000 9,000 4. Calculate January's ending inventory and cost of goods sold for the month using Average cost, periodic system. Purchases Unit Cost* $8 9 Cost of Goods Available for Sale Cost of Goods Number Unit of units Cost Available for Sale 6,000 $7.00 $ 5,000 $8.00 6,000 $9.00 17,000 42,000 Total Cost $ 40,000 54,000 $ 94,000 40,000 54,000 $ 136,000 Cost of Goods Sold - Average Cost Average Cost per Unit Number of units sold Cost of Goods Sold $ 0 Ending Inventory - Average Cost Number of Average units in ending inventory Cost per unit Ending Inventory $ 0

Required information [The following information applies to the questions displayed below.] A company began January with 6,000 units of its principal product. The cost of each unit is $7. 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. Average Cost Beginning Inventory Purchases: Units 5,000 6,000 11,000 January 10 January 18 8,000 units were on hand at the end of the month. Units 3,000 2,000 4,000 9,000 4. Calculate January's ending inventory and cost of goods sold for the month using Average cost, periodic system. Purchases Unit Cost* $8 9 Cost of Goods Available for Sale Cost of Goods Number Unit of units Cost Available for Sale 6,000 $7.00 $ 5,000 $8.00 6,000 $9.00 17,000 42,000 Total Cost $ 40,000 54,000 $ 94,000 40,000 54,000 $ 136,000 Cost of Goods Sold - Average Cost Average Cost per Unit Number of units sold Cost of Goods Sold $ 0 Ending Inventory - Average Cost Number of Average units in ending inventory Cost per unit Ending Inventory $ 0

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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The following information is taken from the inventory records of the CNB Company for the month of September: Beginning inventory, 9/1/2021 5,000 units @ $10.00 Purchases: 9/7 3,000 units @ $10.40 9/25 8,000 units @ $10.75 Sales: 9/10 4,000 units 9/29 5,000 units 7,000 units were on hand at the end of September. Required:1. Assuming that CNB uses a periodic inventory system and employs the average cost method, determine cost of goods sold for September and September's ending inventory.2. Assuming that CNB uses a perpetual inventory system and employs the average cost method, determine cost of goods sold for September and September's ending inventory.
[The following information applies to the questions displayed below.] A company began January with 4,000 units of its principal product. The cost of each unit is $7. Inventory transactions for the month of January are as follows: Date of Purchase January 10 January 18 Totals * Includes purchase price and cost of freight. Date of Sale January 5 January 12 January 20 Total Average Cost Total Sales Beginning Inventory Purchases: January 10 January 18 Units 3,000 4,000 7,000 Units 5,000 units were on hand at the end of the month. 4. Calculate January's ending inventory and cost of goods sold for the month using Average cost, periodic system. 2,000 1,000 3,000 6,000 Number of units Purchases Unit Cost* $8 9 Cost of Goods Available for Sale Unit Cost 4,000 $7.00 3,000 $8.00 4,000 $9.00 11,000 Cost of Goods Available for Sale $ 28,000 Total Cost $ 24,000 36,000 $ 60,000 24,000 36,000 $ 88,000 Answer is not complete. Cost of Goods Sold - Average Cost Number of units sold 77,000 X Average Cost…
1 Required information [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 280 units. Ending inventory at January 31 totals 130 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 January 1 Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. Note: Round your per unit costs to 2 decimal places. Date January 9 Average cost January 9 January 25 Average cost January 25 January 26 Total January 26 Goods purchased # of units Units 250 60 100 Cost per unit Unit Cost $ 2.30 2.50 2.64 Weighted Average - Perpetual: Cost of Goods Sold # of units sold Cost per Cost of Goods unit Sold # of units Inventory Balance Cost per unit Inventory Balance
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A company began January with 6,000 units of its principal product. The cost of each unit is $8. Inventory transactions for the month of January are as follows: Date of Purchase Purchases Units Unit Cost* Total Cost January 10 5,000 $ 9 $ 45,000 January 18 6,000 10 60,000 Totals 11,000 $ 105,000 * Includes purchase price and cost of freight. Sales Date of Sale Units January 5 3,000 January 12 2,000 January 20 4,000 Total 9,000 8,000 units were on hand at the end of the month. 2. Calculate January's ending inventory and cost of goods sold for the month using LIFO, periodic system.
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