Required information[The following information applies to the questions displayed below.]Suppose that David has elected to account for inventories and has adopted the last-in, first-out (LIFO) inventory-flow method for his business inventory of widgets(purchase prices below).WidgetNumber 1Number 2Number 3WidgetNumber 4Number 5Number 6Purchase DateAugust 15October 30November 10Cost of goods soldIn late December, David sold one widget, and next year David expects to purchase three more widgets at the following estimated prices:Ending inventoryPurchase DateEarly springSummerFallDirect Cost$ 2,1002,2002,300Other Costs$ 100150100LIFOa. What cost of goods sold and ending inventory would David record if he elects to use the LIFO method this year?Total Cost$2,2002,3502,400Estimated Cost$2,6002,2602,400

Periodic inventory system means where day to day in or out of goods is not recorded and value of…

Required information [The following information applies to the questions displayed below.] Suppose that David has elected to account for inventories and has adopted the last-in, first-out (LIFO) inventory-flow method for his business inventory of widgets (purchase prices below). Widget Number 1 Number 2 Number 3 Widget Number 4 Number 5 Number 6 Purchase Date August 15 October 30 November 10 Cost of goods sold Ending inventory Purchase Date In late December, David sold one widget, and next year David expects to purchase three more widgets at the following estimated prices: Early spring Summer Fall Direct Cost $2,100 2,200 2,300 Other Costs $ 100 LIFO 150 100 Estimated Cost $ 2,600 2,260 2,400 Total Cost $ 2,200 2,350 2,400 What cost of goods sold and ending inventory would David record if he elects to use the LIFO method this year?

Required information [The following information applies to the questions displayed below.] Suppose that David has elected to account for inventories and has adopted the last-in, first-out (LIFO) inventory-flow method for his business inventory of widgets (purchase prices below). Widget Number 1 Number 2 Number 3 Widget Number 4 Number 5 Number 6 Purchase Date August 15 October 30 November 10 Cost of goods sold Ending inventory Purchase Date In late December, David sold one widget, and next year David expects to purchase three more widgets at the following estimated prices: Early spring Summer Fall Direct Cost $2,100 2,200 2,300 Other Costs $ 100 LIFO 150 100 Estimated Cost $ 2,600 2,260 2,400 Total Cost $ 2,200 2,350 2,400 What cost of goods sold and ending inventory would David record if he elects to use the LIFO method this year?

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

shobha
Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Monson uses a perpetual inventory system. Also, on December 15, Monson sells 15 units for $29 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method. Date December 7 December 14 Total December 14 December 15 Totals Total December 15 December 21 10 units @ $15.00 cost 20 units @ $21.00 cost 15 units @ $23.00 cost Goods purchased # of units Cost per unit Cost of Goods Available for Sale Perpetual LIFO: # of units sold Cost of Goods Sold Cost per Cost of Goods unit Sold Inventory Balance Cost per unit # of units Inventory Balance
Please proper solution and introduction and without plagiarism
Consider the following transactions for EZ Rider Toys (Click the icon to view the transactions) Requirements 1. Journalize the purchase transactions Explanations are not required. 2. In the final analysis, how much did the inventory cost EZ Rider Toys? Requirement 1. Journalize the purchase transactions Explanations are not required. (Assume the company uses a perpetual inventory system Record debits first, then credits Exclude explanations from journal entries) Jan. 6: EZ Rider Toys purchased $155,300 worth of PegaBlock toys on account with credit terms of 2/10, n/45. Date Jan 6 Accounts Debit CDE Credit More info Jan. 6 Jan. 12 Jan. 14 EZ Rider Toys purchased $155,300 worth of PegaBlock toys on account with credit terms of 2/10, n/45 EZ Rider Toys returned $15,450 of the merchandise to PegaBlock due to damage during shipment. EZ Rider Toys paid the amount due, less the return and discount. Print Done X
Please see image
Please help me
Katelyn is the Purchasing Manager at Polo Industries, Inc. She asked you to help her determine what the Ending Balance for Inventory and the Cost of Goods Sold total would be using the three (3) valuation methods: (a) LIFO (last in first out), (b) FIFO (first in first out), and Weighted Average. The purchase information is below: O-Matic Inventory Purchase Saturday, June 6, 2020 Sunday, June 14, 2020 Thursday, June 18, 2020 Tuesday, June 30, 2020 Items Cost per Item 107 85.10 158 79.50 87 %24 95.00 24 93 445 92.40 Katelyn told you that 300 items were sold and 145 remained in inventory. (c) Calculate the valuations using Weighted Average (2 answers required). Round to the nearest 2 decimal places. HTML Editor B IUA-囚、1三三=E x I 12pt Paragraph
Here is the new question. Unfortunately it did not go over completely last time. May I please get some help on this practice question
The most recent data from the annual balance sheets of Free Spirit Industries Corporation and LeBron Sports Equipment Corporation are as follows: Assets Current assets Cash Accounts receivable Inventories Total current assets Net fixed assets LeBron Sports Equipment Corporation Total assets $861 315 924 $2,100 Net plant and 1,650 equipment $3,750 Balance Sheet December 31" (Millions of dollars) Free Spirit Free Spirit Industries Corporation's quick ratio is ratio is and its current ratio is Industries Corporation $553 203 594 $1,350 1,650 $3,000 Liabilities Current llabilities Accounts payable Accruals Notes payable Total current llabilities Long-term bonds Total debt Common equity Common stock Retained earnings Total common equity Total liabilities and equity and its current ratio is LeBron Sports Equipment Corporation $0 190 1,075 $1,265 1,547 $2,812 $610 328 $938 $3,750 Free Spirit Industries Corporation $0 0 1,012 $1,012 1,238 $2,250 $488 262 $750 $3,000 ; LeBron Sports Equipment…
What is ending inventory and cost of goods sold under FIFO, LIFO and average cost under the perpetual inventory system. Show your work. The units of an item available for sale during the year were as follows: January 10 January 15 Inventory Sold 27 units @ $90 20 units February 27 March 1 Purchase Sold 54 units @ $98 35 units July 11 July 15 Purchase Sold 63 units @ $106 75 units November 13 Purchase 36 units @ $115
please answer 4 and 5? answer are at the bottom what is the process to get these answers
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. Date March 1 March 5 Harch 9. March 18 March 25 March 29 Total Perpetual FIFO Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals Date March 1 March 5 March 18 March 25 Complete this question by entering your answers in the tabs below. Perpetual LIFO 3. Compute the cost assigned to ending inventory using (a) FIFO. (b) LIFO. (c) weighted average, and (d) specific identification. For specific identification, units sold include 80 units from beginning inventory. 340 units from the March 5 purchase. 40 units from the March 18 purchase, and 120 units from the March 25 purchase. Weighted Average Goods Available for Sale # of units 400 120 200 720 Specific Id Compute the cost assigned to ending inventory using specific identification. For specific…