Salmone Company reported the following purchases and sales of its only product. Salmone uses a periodic inventorysystem. Determine the cost assigned to ending inventory using LIFO.Units Sold at RetailUnits Acquired at Cost150 units @ $10.00220 units @ $12.00DateActivitiesMay 1Beginning InventoryPurchase10Sales140 units @ $20.0015Purchase100 units @ $13.0024Sales90 units @ $21.00

The inventory of a company includes the stock of work-in-progress, raw material & finished…

Answered: Salmone Company reported 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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Salmone Company reported the following purchases and sales of its only product. Salmone uses a perpetual inventory system. Determine the cost assigned to cost of goods sold using FIFO. Date Activities Units Acquired at Cost Units Sold at Retail May 1 Beginning inventory 156 units @ $10 = $1,560 May 5 Purchase 226 units @$12 = $2,712 May 10 Sales 146 units @ $20 May 15 Purchase 106 units @$13 = $1,378 May 24 Sales 96 units @ $21
A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 430 units. Ending inventory on January 31 totals 170 units. Units Unit cost Beginning inventory on January 1 390 $3.80 Purchase on January 9 90 4.00 Purchase on January 25 120 4.10 Required::::Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method.
(a) FIFO (b) LIFO (c) Weighted average (d) Specific identification Help Save & Ex 4. Compute gross profit earned by the company for each of the four costing methods. Note: Round your average cost per unit to 2 decimal places. Round your final answers to the nearest whole dollar amount. FIFO LIFO Weighted Average Specific Identification Sales Less: Cost of goods sold Gross profit $ 0 $ 0 $ 0 $ 0 5. The company's manager earns a bonus based on a percent of gross profit. Which method of inventory costing produces the highest bonus for the manager? O FIFO O LIFO O Weighted Average O Specific Identification
Hemming Company reported the following current-year purchases and sales for its only product. Date January 1 January 10 Activities Beginning inventory Sales Units Acquired at Cost @ $12.00 = March 14 @ $17.00 = Purchase Sales March 15 July 30 October 5 October 26 @ $22.00 @ $27.00 a) Cost of Goods Sold using Specific Identification Available for Sale Date January 1 March 14 Purchase Sales Purchase Totals July 30 October 26 Less: Equals: Activity Beginning Inventory Purchase Purchase Purchase b) Gross Margin using Specific Identification # of units 250 units 250 400 450 150 1,250 400 units 450 units 150 units 1,250 units Ending inventory consists of 45 units from the March 14 purchase, 75 units from the July 30 purchase, and all 150 units from the October 26 purchase. Using the specific identification method, calculate the following. = Cost Per # of units Unit sold $ 3,000 6,800 9,900 4,050 $ 23,750 Cost of Goods Sold Cost Per Unit Units Sold at Retail COGS 200 units 360 units 420 units…
Hamilton Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 1: Units Unit Cost Inventory, December 31, prior year 1,930 $ 7 For the current year: Purchase, March 21, 6,080 6 Purchase, August 14, 100 4 Inventory, December 31, current year 2,980 Required: Compute ending inventory and cost of goods sold under FIFO, LIFO, and average cost inventory costing methods.
The following data has been provided by Lee Company regarding its inventory purchases and sales throughout the year. Transaction Units Cost per Unit January 1 Balance 185 $86 March 14 Sale 54 May 23 Purchase 136 90 August 21 Sale 100 November 5 Purchase 171 91 November 18 Sale 100 November 30 Sale 100 December 5 Sale 100 December 10 Purchase 25 95 Required: Compute the cost of goods sold and ending inventory using the perpetual inventory system for the LIFO cost flow assumption. Ending inventory Cost of goods sold
Laker Company reported the following January purchases and sales data for its only product. The Company uses a perpetual inventory system. Required: 2. Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. Date Activities Units Acquired at Cost Units Cost per unit Total cost Units Units Sold at Retail Selling price per Total Sales January 01 Beginning inventory 205 $13.00 $2,665.00 January 10 January 20 January 25 Sales Purchase Sales 165 $22 $3,630.00 140 $12.00 $1,680.00 145 $22 $3,190.00 January 30 310 $11.50 655 Purchase Totals Notice that cost of goods sold, $3,917.22, plus ending inventory, $3,992.78, equals cost of goods available for sale, $7,910.00. Weighted Average Cost of Goods Sold $3,565.00 $7,910.00 310 $6,820.00 Inventory Balance Units Date Activities Cost per unit Cost of goods sold Units Cost per Total Cost January 01 Beginning inventory 205 unit $13.00 $2,665.00 January 10 Sales 165 $13.000 $2,145.00 40 $13.00 $520.00…
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Can you please explain how to get the Cost of Goods Solds category using LIFO?
A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 330 units. Ending inventory at January 31 totals 140 units. Units Unit Cost Beginning inventory on January 1 300 $ 2.80 Purchase on January 9 70 3.00 Purchase on January 25 100 3.14 Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method.
Beginning inventory, purchases, and sales for Item XJ-56 are as follows: May 1 Beginning inventory 90 units @ $36 each May 6 Sold 75 units @ $50 each May 15 Purchased 125 units @ $38 each May 24 Sold 80 units @ $51 each What is the cost of goods sold for May using a LIFO inventory costing method in a perpetual inventory system? Please show all calculations in order to receive credit.

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