Shown below is the activity for one of the products of Random Creations: January 1 balance, 80 units e $5e $4, eee Purchases: January 18: January 28: Sales: 40 units e $51 40 units e $52 January 12: January 22: January 31: 30 units 30 units 45 units Required: Compute the January 31 ending inventory and cost of goods sold for January, assuming Random Creations uses average cost and a periodic inventory system. (Round intermediate calculations to two decimal numbers. Round your final answers to nearest whole dollar amount.) Ending inventory Cost of goods sold

Shown below is the activity for one of the products of Random Creations: January 1 balance, 80 units e $5e $4, eee Purchases: January 18: January 28: Sales: 40 units e $51 40 units e $52 January 12: January 22: January 31: 30 units 30 units 45 units Required: Compute the January 31 ending inventory and cost of goods sold for January, assuming Random Creations uses average cost and a periodic inventory system. (Round intermediate calculations to two decimal numbers. Round your final answers to nearest whole dollar amount.) Ending inventory Cost of goods sold

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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The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 25 units @ $29 $725 June 16 Purchase 32 units @ $34 1,088 Nov. 28 Purchase 40 units @ $37 1,480 97 units $3,293 There are 17 units of the product in the physical inventory at November 30. The periodic inventory system is used. Round answers to the nearest whole dollar. a. Determine the inventory cost by the FIFO method. $4 b. Determine the inventory cost by the LIFO method. $4 c. Determine the inventory cost by the average cost methods.
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The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 21 units @ $29 $609 June 16 Purchase 29 units @ $32 928 Nov. 28 Purchase 46 units @ $35 1,610 96 units $3,147 There are 10 units of the product in the physical inventory at November 30. The periodic inventory system is used. Round answers to the nearest whole dollar. a. Determine the inventory cost by the FIFO method.$ b. Determine the inventory cost by the LIFO method.$ c. Determine the inventory cost by the average cost methods.
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Use the following to answer the question(s) below: Shown below is the activity for one of the products of Random Creations: January 1 balance, 100 units @ $50 Purchases: January 18: 40 units @ $51 January 25: 40 units @ $52 Sales: January 22: 60 units January 31: 50 units 25-1) Required: Compute the January 31 cost of ending inventory, assuming Random Creations uses FIFO and periodic inventory system. Cost of ending inventory: $____________________ Your computations: (no credit if not shown). 25-2) Required: Compute the cost of goods sold for January, assuming Random Creations uses LIFO and periodic inventory system. Cost of goods sold: $____________________ Your computations: (no credit if not shown) 25-3) Required: Compute the cost of goods sold for January, assuming Random Creations uses LIFO and perpetual inventory system. Cost of goods sold: $____________________ Your computations: (no credit if not shown)…
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Crane 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 June 23 Explanation Units Unit Cost Inventory Purchase June 27 Purchase Inventory $ $ $ eTextbook and Media 120 Save for Later 360 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 $9 and a sale of 50 units on June 27 for $10. (Round intermediate calculations to O decimal places, e.g. 152 and final answers to 3 decimal places, e.g. 5.125.) 170 200 $5 6 7 Total Cost $600 2,160 1,190 Attempts: 0 of 6 used Submit Answer