Salmone Company reported the following purchases and sales of its only product. Salmone uses a perpetual inventory system. Determinethe cost assigned to the ending inventory using FIFO.DateMay 1ActivitiesBeginning inventoryMay 5PurchaseUnits Acquired at Cost150 units @ $10 = $1,500220 units @ $12 = $2,640Units Sold at RetailMay 10Sales35May 15PurchaseMay 24Sales100 units @ $13 - $1,300=140 units @ $2090 units @ $21

Calculating Ending Inventory Cost with FIFO for Salmone CompanySince Salmone uses a perpetual…

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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please use all of the methods* specific identification* weighted average* fifo*Lifo
Calculate the November 30 Inventory and the November Cost of goods sold using the FIFO cost formula Sarasota Corporation uses a perpetual inventory system. On November 19, the company sold 610 units. The following additional information is available: Nov. 1 inventory Nov. 15 purchase Nov. 23 purchase Units 330 430 390 1,150 Unit Cost $11 15 16 Total Cost $3,630 6,450 6,240 $16,320
PLEASE FILL OUT THE CHART. use the following information to complete it. Thank you! Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date Activities Units Acquired at Cost Units Sold at Retail March 1 Beginning inventory 160 units @ $52.20 per unit March 5 Purchase 255 units @ $57.20 per unit March 9 Sales 320 units @ $87.20 per unit March 18 Purchase 115 units @ $62.20 per unit March 25 Purchase 210 units @ $64.20 per unit March 29 Sales 190 units @ $97.20 per unit Totals 740 units 510 units
Sunland Company uses a perpetual inventory system and reports the following for the month of June. Date June 1 (a1) 12 23 30 June 1 June 12 June 15 Explanation Units Inventory June 23 Purchase June 27 Purchase Inventory Your answer is correct. $ $ $ 140 $ 360 $ 220 270 Calculate the weighted-average cost per unit, using a perpetual inventory system. Assume a sale of 400 units occurred on June 15 for a selling price of $7 and a sale of 50 units on June 27 for $8. (Round intermediate calculations to O decimal places, e.g. 152 and final answers to 3 decimal places, e.g. 5.125.) Unit Cost 5 5.72 5.72 6.6 $5 6.6 6 7 Total Cost $700 2,160 1,540
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…
Perpetual FIFO Perpetual LIFO Weighted Average Specific Identification Compute the cost assigned to ending Inventory using FIFO. Note: Round your average cost per unit to 2 decimal places. Perpetual FIFO: Cost of Goods Sold Goods Purchased Date # of units Cost per unit # of units sold January 1 February 10 Total February 10 March 13 Total March 13 March 15 Total March 15 August 21 Total August 21 Inventory Balance Cost per Cost of Goods Sold Cost per # of units unit 630 at unit Inventory Balance $50.00 = $31,500.00
Can you please explain how to get the Cost of Goods Solds category using LIFO?
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 Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals Units Acquired at Cost 60 units @ $50.20 per unit 205 units @ $55.20 per unit 65 units @ $60.20 per unit 110 units @ $62.20 per unit 440 units Units Sold at Retail 220 units @ $85.20 per unit 90 units @ $95.20 per unit 310 units 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, the March 9 sale consisted of 45 units from beginning inventory and 175 units from the March 5 purchase; the March 29 sale consisted of 25 units from the March 18 purchase and 65 units from the March 25 purchase. (Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.)…
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Lopez Company reported the following current-year data for its only product. The company uses a periodic inventory system, and its ending inventory consists of 600 units-200 from each of the last three purchases. January 1 March 7 July 28 October 3 December 19 Beginning inventory Purchase Purchase Purchase Purchase Totals Req A to D Complete this question by entering your answers in the tabs below. (a-d) Determine the cost assigned to ending inventory and to cost of goods sold for the following. (e) Which method yields the highest net income? Req E 300 units @ $6.00 640 units @ $6.25 1,280 units @ $6.50 1,160 units @ $6.80 720 units @ $8.90 4,100 units (a) Specific identification (b) Weighted average (c) FIFO (d) LIFO Ending Inventory Determine the cost assigned to ending inventory and to cost of goods sold for the following. Note: Do not round intermediate calculations and round your answers to 2 decimal places. || || || || || Cost of Goods Sold
Tamarisk Company uses a periodic inventory system. For April, when the company sold 550 units, the following information is available. April 1 inventory April 15 purchase April 23 purchase Units Unit Cost $26 Ending inventory 230 360 410 1,000 31 Cost of goods sold $ 34 Total Cost $5,980 11.160 Compute the April 30 inventory and the April cost of goods sold using the LIFO method. 13,940 $31.080
Ivanhoe Company uses a perpetual inventory system and reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 130 $5 $650 12 Purchase 370 6 2.220 23 Purchase 200 1,400 30 Inventory 250 (a1) Calculate the weighted average cost per unit, using a perpetual inventory system. Assume a sale of 400 units occurred on June 15 for a selling price of $8 and a sale of 50 units on June 27 for $9. (Round Intermediate calculations to O decimal places, eg. 152 and final answers to 3 decimal places, eg 5.125 June 1 June 12 June 15 $ June 23 S June 27 $ (a2) Calculate the cost of the ending inventory and the cost of goods sold for each cost flow assumption, using a perpetual inventory system. Assume a sale of 400 units occurred on June 15 for a selling price of $8 and a sale of 50 units on June 27 for $9. (Round answers to O decimal places, es 125) FIFO Cost of the ending inventory $ Cost of goods sold LIFO $ Moving Average

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