Sheffield Company had a beginning inventory on January 1 of 190 units of Product 4-18-15 at a cost of $20 per unit. During the yepurchases were as follows.Mar. 15450 units at$23Sept. 4350 unitsat$25July 20230 units at$24Dec. 2100 unitsat$26Sheffield Company uses a periodic inventory system. Sales totaled 1,100 units.(a)Your answer is correct.Determine the cost of goods available for sale.The cost of goods available for sale$31020MYour answer is correct.Calculate average cost per unit. (Round answer to 3 decimal places, e.g. 1.250.)Average cost per unit$eTextbook and Media23.500Using multiple attempts has impacted your score.20% score reduction after attempt 1(b2)Attempts: 2 of 2 usedDetermine the ending inventory and the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, andaverage-cost). (Round answers to O decimal places, e.g. 1,250.)FIFOThe ending inventory$The cost of goods sold$LIFOAVERAGE-COST$$$$

Answered: Sheffield Company had a beginning…

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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Montoure Company uses a periodic inventory system. It entered into the following calendar-year purchases and sales transactions. Units Sold at Retail Units Acquired at Cost @$45 per unit $42 per unit @ $27 per unit Date January 1 February 10 March 13 March 15 August 21 Septeber 5 September 10 Activities Beginning inventory Purchase Purchase Sales Purchase Purchase Sales Totals Cost of goods available for sale Number of units available for sale Ending inventory Required: 1. Compute cost of goods available for sale and the number of units available for sale. (a) FIFO (b) LIFO (c) Weighted average (d) Specific identification 2. Compute the number of units in ending inventory. $ Sales Less: Cost of goods sold Gross profit 1,400 units Ending Inventory $ $ S O Weighted Average O Specific Identification O LIFO O FIFO 600 units 400 units 200 units 100 units 500 units 9,800 7,600 1,800 units 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d)…
A company uses a periodic inventory system. On August 1, the company had 6 items of beginning inventory with a cost of $7 per unit. On August 3, the company purchased 16 units at $14 per unit. Then, on August 5, the company sold 12 units. The 12 units sold consisted of 7 units from the August 3rd purchase and 5 units from the August 1st beginning inventory. Using specific identification, the cost of the 12 units sold is Cost of the units sold
Beech Soda, Inc. uses a perpetual inventory system. The company's beginning inventory of a particular product and its purchases during the month of January were as follows: Quantity Unit Cost Total Cost Beginning inventory (Jan. 1) 20 $ 11 $ 220 Purchase (Jan. 11) 12 $ 17 204 Purchase (Jan. 20) 23 $ 19 437 Total 55 $ 861 On January 14, Beech Soda, Inc. sold 25 units of this product. The other 30 units remained in inventory at January 31. Assuming that Beech Soda uses the FIFO cost flow assumption, the cost of goods sold to be recorded at January 14 is
Crane Enterprises uses a periodic inventory system for buckets it sells. It had a beginning inventory on April 1 of 72 units at a cost of $ 6 per unit. During April, the following purchases and sales were made. Purchases April 7 62 units at $ 7.00 13 124 units at $ 8.00 23 94 units at $ 9.00 29 52 units at $ 10.00 332 Sales April 5 124 units at $ 20 11 94 units at $ 20 20 84 units at $ 20 30 42 units at $ 20 344 Compute the April 30 ending inventory and April cost of goods sold under (a) average cost, (b) FIFO, and (c) LIFO. (Round cost per unit to 2 decimal places, e.g. 15.25 and final answer to 0 decimal places, e.g. 1,525.)
The Luann Company uses the periodic inventory system. The following July data are for an item in Luann's inventory: July 1 Beginning inventory 30 units @ 10 Purchased $9 per unit 50 units @ $11 per unit 15 Sold 60 units 26 Purchased 25 units @ $13 per unit Calculate the cost of goods sold for July and ending inventory at July 31 using (a) first-in, first-out, (b) last-in, first-out, and (c) the weighted-average cost methods. Note: Round your cost per unit to three decimal places, if needed. Then round your final answers to the nearest dollar. A. First-in, First-out: Ending Inventory Cost of Goods Sold: B. Last-in, first-out: Ending Inventory Cost of Goods Sold: C. Weighted-average cost: Ending Inventory Cost of Goods Sold
Beech Soda, Inc. uses a perpetual inventory system. The company's beginning inventory of a particular product and its purchases during the month of January were as follows: Quantity Unit Cost Total Cost Beginning inventory (Jan. 1) 23 $ 14 $ 322 Purchase (Jan. 11) 15 $ 20 300 Purchase (Jan. 20) 26 $ 22 572 Total 64 $ 1,194 On January 14, Beech Soda, Inc. sold 28 units of this product. The other 36 units remained in inventory at January 31. Assuming that Beech Soda uses the FIFO cost flow assumption, the cost of goods sold to be recorded at January 14 is:
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.
Waterway Company uses a periodic inventory system. For April, when the company sold 450 units, the following information is available. April 1 inventory April 15 purchase April 23 purchase (a) Units Unit Cost 260 360 380 1,000 $29 Weighted average cost per unit 35 38 Total Cost $ $7,540 12,600 Calculate weighted average cost per unit. (Round answer to 2 decimal places, eg. 2.76) 14,440 $34,580
The company uses the perpetual inventory method. It began the month of March with 100 units of inventory, at a unit cost of $55. Purchases during March March 5, 60 units at $60 each. March 18, 200 units at $65 each March 29, 40 units at $75 each. Sales during March March 12, 60 units. March 25, 210 units. All units were sold to customer for $100 each. 1. Use the following format to set up this inventory costing problem, Inventory Date Units Cost per Total Cost Date Units Total Cost Unit Beg Balance Units Cost Beginning Balance + Purchases Goods Available for Sale - Sold Ending Balance 2. Use the moving weighted average method to calculate the cost of goods sold for each sale. the lutal cost ol goods sold for the month, and ending inventory. 3. Assuming that the March 12 sale came from beginning inventory, and the March 25 sale was comprised of 25 units from beginning inventory, all 60 units of the March 5 purchase, and the temainder from the March 18 purchase, use specific…
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Givens Company uses a periodic inventory system.Its records show the following for the month of december 2019,in which 68 units were sold at$100 per unit. Units Units Cost Total Cost December 1 Beginning inventory 30 $9 $270 15 Purchase 25 $11 $275 24 Purchase 35 $12 $420 Totals 90 $965 Required: (show all calculate the Cost of Goods Sold on December 31,2019 for Given Company using the following cost flow assumptions: a.Calculate the Cost of Goods Sold on December 31,2019 for Given Company using the following cost flow assumptions: i)Weighted Average Cost method and ii) First-In-First-Out(FIFO) method. b.calculate the Gross Profit for the month ended December 31,2019 for Given Company using the following cost flow assumptions: i)Weighted Average Cost method and ii) First-In-First-Out(FIFO) method.
Morgenstern Ltd. has the following units and costs for the month of April. 1. Beginning inventory, April 1, 1,000 units at $20 (Cost) 2. Purchase 1, April 9, 1,200 units at $23 (cost) 3. Sold, April 12, 2,100 units at $40 (Retail) 4. Purchase 2, April 22, 800 units at $25 (Cost) If Morgenstern uses a perpetual inventory system, what is the cost of ending inventory under weighted average at April 30? (Note: Use four decimal places for per-unit calculations and round to the nearest dollar.) Oa. $20,280 Ob. $22,164 Oc. $$45,436 Od. $47,320

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