Sarasota Corp. uses a periodic inventory system. Its records show the following for the month of May, in which 71 units were sold. What is the ending inventory at May 31 for FIFO and LIFO
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Sarasota Corp. uses a periodic inventory system. Its records show the following for the month of May, in which 71 units were sold.
What is the ending inventory at May 31 for FIFO and LIFO
Ending Inventory under FIFO Method is 29 units @ $11 equal to $ 319
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- Nittany 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 1,980 $7 For the current year: Purchase, March 21 5,090 9 2,970 10 Purchase, August 1 Inventory, December 31, current year 4,100 Compute ending inventory and cost of goods sold for the current year under FIFO, LIFO, and average cost inventory costing methods. Note: Round "Average cost per unit" to 2 decimal places and final answers to nearest whole dollar amount.Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each month, as if it uses a periodic inventory system. Assume Oahu Kiki's records show the following for the month of January. Sales totaled 280 units. Beginning Inventory Purchase Purchase Required: Date January 1 January 15 Units Unit Cost 120 $ 85 Total Cost $ 10,200 380 95 January 24 200 115 36,100 23,000 1. Calculate the number and cost of goods available for sale. 2. Calculate the number of units in ending inventory. 3. Calculate the cost of ending inventory and cost of goods sold using the (a) FIFO, (b) LIFO, and (c) weighted average cost methods. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Calculate the cost of ending inventory and cost of goods sold using the (a) FIFO, (b) LIFO, and (c) weighted average cost methods. Cost of Ending Cost of Goods Inventory Sold FIFO LIFO Weighted…Gladstone Company tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31. Transactions Units Unit Cost Beginning inventory, January 1 3,200 $ 45 Transactions during the year: a. Purchase, January 30 4,550 55 b. Sale, March 14 ($100 each) (2,850 ) c. Purchase, May 1 3,250 75 d. Sale, August 31 ($100 each) (3,300 ) Assuming that for the Specific identification method (item 1d) the March 14 sale was selected two-fifths from the beginning inventory and three-fifths from the purchase of January 30. Assume that the sale of August 31 was selected from the remainder of the beginning inventory, with the balance from the purchase of May 1.
- Gladstone Company tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period, as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31. Transactions Beginning inventory, January 1 Transactions during the year: a. Purchase, January 30 b. Sale, March 14 ($100 each). c. Purchase, May 1 d. Sale, August 31 ($100 each) Units Unit Cost 1,500 $ 40 2,900 52 (1,150) 1,600 (1,600) 70 Assuming that for Specific identification method (item 1d) the March 14 sale was selected two-fifths from the beginning inventory and three-fifths from the purchase of January 30. Required: 1. Compute the amount of goods available for sale, ending inventory, and cost of goods sold at December 31 under each of the following inventory costing methods: a. Last-in, first-out. b. Weighted average cost. c. First-in, first-out. d.…Nittany 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: Unit Units Cost Inventory, December 31, prior year. 1,860 $ 3 For the current year: Purchase, March 21 5,180 5 Purchase, August 1 Inventory, December 31, current year 2,980 4,030 6 Required: Compute ending inventory and cost of goods sold for the current year under FIFO, LIFO, and average cost inventory costing methods. Note: Round "Average cost per unit" to 2 decimal places and final answers to nearest whole dollar amount. Ending inventory Cost of goods sold FIFO LIFO Average CostEmily 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 2:
- 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: Assessment Tool iFrame Transactions Beginning inventory, January 1 Transactions during the year: a. Purchase, January 30 b. Purchase, May 1 c. Sale ($5 each) d. Sale ($5 each) Units 400 Unit Cost $ 3.00 300 460 3.40 4.00 (160) (700) 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. Complete this…Nittany 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: Inventory, December 31, prior year For the current year: Purchase, March 21 Purchase, August 1 Inventory, December 31, current year Required: Unit Units Cost 1,850 $ 3 5,040 2,930 56 4,140 Compute ending inventory and cost of goods sold for the current year under FIFO, LIFO, and average cost inventory costing methods. Note: Round "Average cost per unit" to 2 decimal places and final answers to nearest whole dollar amount. Ending inventory Cost of goods sold FIFO LIFO Average CostFlounder corp. uses a periodic inventory system. Its records show the following for the month of may in which 73 units were sold. Date Explanation units unit cost total cost may 1 inventory 30 9 270 15 purchase 21 10 210 24 purchase 39 11 429 total 90 909 weighted-average unit cost 10.1 calculate the ending inventory at may 31 using the FIFO, LIFO and average- cost methods. (round answers to 0 decimal places, eg.125.)
- Cullumber Company uses a periodic inventory system. Its records show the following for the month of April, with 25 units on hand at April 30: Units Unit Cost Total Cost April 1 Inventory 30 $8 $240 12 Purchases 45 10 450 16 Purchases 17 11 187 Total 92 $877 (a) Calculate the ending inventory and cost of goods sold at April 30 using the FIFO and weighted average cost formulas. (Round the weighted average cost per unit to 2 decimal places, e.g. 52.75 and final answers to 0 decimal places, e.g. 5,275. )Scoresby Incorporated tracks the number of units purchased and sold throughout each year but applies its inventory costing method at the end of the year, as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31. Transactions a. Inventory, Beginning For the year: b. Purchase, March 5 c. Purchase, September 19 d. Sale, April 15 (sold for $75 per unit) 00 8 e. Sale, October 31 (sold for $78 per unit) f. Operating expenses (excluding income tax expense), $607,000 Required: 1. Calculate the number and cost of goods available for sale. 2. Calculate the number of units in ending inventory. Units 4,000 Unit Cost $ 30 10,000 31 6,000 4,400 9,000 33 3. Compute the cost of ending inventory and cost of goods sold under (a) FIFO, (b) LIFO, and (c) weighted average cost. 4. Prepare an income statement that shows the FIFO method, LIFO method and weighted average method. 6. Which inventory…Scoresby Incorporated tracks the number of units purchased and sold throughout each year but applies its inventory costing method at the end of the year, as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31. Transactions a. Inventory, Beginning. For the year: Complete this question by entering your answers in the tabs below. b. Purchase, March 5 c. Purchase, September 19 d. Sale, April 15 (sold for $69 per unit) e. Sale, October 31 (sold for $72 per unit) f. Operating expenses (excluding income tax expense), $406,000 Required: 1. Calculate the number and cost of goods available for sale. 2. Calculate the number of units in ending inventory. 3. Compute the cost of ending inventory and cost of goods sold under (a) FIFO, (b) LIFO, and (c) weighted average cost. 4. Prepare an income statement that shows the FIFO method, LIFO method and weighted average method. 6. Which inventory…
