S Given the following: January 1 inventory April 1 June 1 November 1 Cost of ending inventory Number purchased 40 60 50 55 205 Cost of goods sold Cost per unit $4 7 68 Total a. Calculate the cost of ending inventory using the FIFO (ending inventory shows 61 units). $ 160 420 400 495 $ 1,475 b. Calculate the cost of goods sold using the FIFO (ending inventory shows 61 units).

S Given the following: January 1 inventory April 1 June 1 November 1 Cost of ending inventory Number purchased 40 60 50 55 205 Cost of goods sold Cost per unit $4 7 68 Total a. Calculate the cost of ending inventory using the FIFO (ending inventory shows 61 units). $ 160 420 400 495 $ 1,475 b. Calculate the cost of goods sold using the FIFO (ending inventory shows 61 units).

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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Required: 2. Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. Date January 01 January 10 January 20 January 25 January 30 Date January 01 January 10 January 20 January 25 January 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals Weighted Average Activities Beginning inventory Sales Purchase Sales Purchase Totals Units Units Acquired at Cost Cost 195 290 605 Units 120 $11.00 155 per unit 135 $12.00 290 Cost of Goods Sold Cost per unit $10.50 Total cost $2,340.00 $1,320.00 $3,045.00 $6,705.00 Cost of goods sold $0.00 Units 155 135 290 Units 195 Units Sold at Retail Selling price per unit $21.00 $21.00 Inventory Balance Cost per unit $12.00 Total Sales $3,255.00 $2,835.00 $6,090.00 Total Cost $2,340.00
Beginning inventory, purchases, and sales for an inventory item are as follows: Date Line Item Description Units Cost Nov. 1 Purchased 600 units $80 each 4 Sold 200 units 11 Purchased 350 units $82 each 12 Sold 275 units 22 Purchased 175 units $84 each 23 Sold 155 units Assuming no beginning inventory, a perpetual inventory system, and the last-in, first-out method. a. Determine the inventory on November 30.fill in the blank 1 of 2$ b. Determine the cost of goods sold for November.fill in the blank 2 of 2$
Given the following: Numberpurchased Costper unit Total January 1 inventory 39 $ 5 $ 195 April 1 59 8 472 June 1 49 9 441 November 1 54 10 540 201 $ 1,648 a. Calculate the cost of ending inventory using the FIFO (ending inventory shows 60 units). b. Calculate the cost of goods sold using the FIFO (ending inventory shows 60 units).
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Given the following: Numberpurchased Costper unit Total January 1 inventory 41 $ 5 $ 205 April 1 61 8 488 June 1 51 9 459 November 1 56 10 560 209 $ 1,712 a. Calculate the cost of ending inventory using the LIFO (ending inventory shows 62 units). b. Calculate the cost of goods sold using the LIFO (ending inventory shows 62 units).
Beginning inventory, purchases, and sales for Item 88-HX are as follows: July 1 86 units @ $21 8 69 units 15 95 units @ $23 27 80 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of goods sold on July 27 and (b) the inventory on July 31. a. Cost of goods sold on July 27 b. Inventory on July 31 Inventory Sale Purchase Sale
Given the following: Numberpurchased Costper unit Total January 1 inventory 30 $ 5 $ 150 April 1 50 8 400 June 1 40 9 360 November 1 45 10 450 165 $ 1,360 a. Calculate the cost of ending inventory using the LIFO (ending inventory shows 51 units). b. Calculate the cost of goods sold using the LIFO (ending inventory shows 51 units).
Your Answer Correct Answer (Used) Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods. The ending inventory at September 30 (b) Cost of goods sold 69 FIFO 1,890 The sum of ending inventory and cost of goods sold $ 12,785 6A For both FIFO and LIFO, calculate the sum of ending inventory and cost of goods sold. FIFO $ LIFO LA 1,710 12,965 LIFO
Given the following: January 1 inventory April 1 June 1 November 1 Cost of ending inventory Number purchased 42 62 52 57 213 Cost per unit $ 3 6 7 8 Cost of goods sold Total a. Calculate the cost of ending inventory using the FIFO (ending inventory shows 63 units). $ 126 372 364 456 $ 1,318 b. Calculate the cost of goods sold using the FIFO (ending inventory shows 63 units).
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Snyder’s cost of goods sold using the LIFO method would be:a. $7,200.b. $7,400.c. $7,475.d. $7,700.
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