!Required information[The following information applies to the questions displayed below.]Daniel Company uses a periodic inventory system. Data for the current year: beginning merchandiseinventory (ending inventory December 31, prior year), 2,000 units at $38; purchases, 8,000 units at $40;expenses (excluding income taxes), $184,500; ending inventory per physical count at December 31, currentyear, 1,800 units; sales, 8,200 units; sales price per unit, $75; and average income tax rate, 30 percent.2. Between FIFO and LIFO, which method is preferable in terms of (a) net income and (b) income taxes paid (cash flow)?Net incomeIncome taxespaid

Based on net income, FIFO is preferrable since it provides higher net income than LIFO method Based…

Answered: ! Required information [The following…

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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Kirtland Corporation uses a periodic inventory system. At the end of the annual accounting period, December 31, the accounting records for the most popular item in inventory showed the following: Transactions Units Unit Cost Beginning inventory, January 1 360 $5.00 Transactions during the year: a. Purchase, January 30 260 3.00 b. Purchase, May 1 420 6.00 c. Sale ($7 each) (120) d. Sale ($7 each) (660) Required: a. Compute the amount of goods available for sale. b. &c. Compute the amount of ending inventory and cost of goods sold at December 31, under Average cost, First in, first out, Last-in, first-out and Specific identification inventory costing methods. For Specific identification, assume that the first sale was selected two-fifths from the beginning inventory and three-fifths from the purchase of January 30. Assume that the second sale was selected from the remainder of the beginning inventory, with the balance from the purchase of May 1.
Please explain the financial statement with any relevant notes.
None
Records from FDNACCT Co. revealed the following data: Inventory, January 1 = P340,000 Physical count, December 31 = P440,000 The company uses the periodic inventory system and follows the calendar year. How much should be credited to Income Summary to reflect the ending inventory?
pp. Subject :- Accounting
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 350 units. Ending inventory at January 31 totals 150 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 January 1 Date January 9 Average cost January 9 January 25 Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. (Round your per unit costs to 2 decimal places.) Average cost January 25 January 26 Total January 26 Goods purchased # of units Units 320 80 Cost per unit 100 saved Unit Cost $ 4.50 # of units sold 4.70 4.84 Weighted Average - Perpetual: Cost of Goods Sold Cost per Cost of Goods unit Sold # of units Inventory Balance Cost per unit Inventory Balance Help Save & Exit
You have the following information for Bramble Inc. for the month ended June 30, 2022. Bramble uses a periodic inventory system. Date Description Quantity Unit Cost orSelling Price June 1 Beginning inventory 40 $31 June 4 Purchase 135 34 June 10 Sale 110 61 June 11 Sale return 15 61 June 18 Purchase 55 37 June 18 Purchase return 10 37 June 25 Sale 65 67 June 28 Purchase 35 41
The following information was taken from the inventory records of Earland Company for January of the current year: Balance at January 1 50,000 units @ 8.024 Purchases: January 10 20,000 units @ 8.50 January 25 January 12 48,000 units @ 8.75 Sales: 30,000 January 30 53,000 Earland company does not maintain perpetual inventory records. 11.)What should be the inventory on January 31, using the weighted average method? 12.)The cost of sales during the period under FIFO method is
! Required information [The following information applies to the questions displayed below.] Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Total Date March 1 March 5 March 9 March 18 March 25 March 29 Beginning inventory Purchases: March 5 March 18 March 25 Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals Units Acquired at Cost 220 units @ $53.40 per unit 285 units @ $58.40 per unit Required: 1. Compute cost of goods available for sale and the number of units available for sale. 145 units @ $63.40 per unit 270 units @ $65.40 per unit # of units 920 units Cost of Goods Available for Sale Cost per Cost of Goods Available Unit for Sale Units Sold at Retail 380 units @ $88.40 per unit 250 units @ $98.40 per unit 630 units
s
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 310 units. Ending inventory at January 31 totals 130 units. Units Unit Cost $ 2.60 Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 280 60 2.80 100 2.94 Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method. Perpetual FIFO: Cost of Goods Sold Goods purchased Inventory Balance # of units Date Cost per unit Cost per Cost of Goods unit Cost per Inventory Balance # of units # of units Sold unit sold January 1 January 9 Total January 9 Ianuani 2E
21. Williams Co. uses a periodic inventory system. The following are inventory transactions for the month of March: 3/1 Beginning Inventory 5,000 units at $2 3/7 Purchase 2,500 units at $3 3/16 Purchase 2,500 units at $4 3/26 Sales at $8 per unit 7,500 units Williams uses the weighted average method to determine the value of its inventory. What amount should Williams report as cost of goods sold on the income statement for the month of January?

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