Similar to Recall and Review 1The sales department of F. Pollard Manufacturing Co. has forecast sales in March to be20,000 units. Additional information follows:Finished goods inventory, March 1.Finished goods inventory required, March 31...3,000 units1,000 unitsMaterials used in production:InventoryRequiredInventoryStandardMarch 1March 31CostA (one gallon per unit)500 gal1,000 gal$2 per galB (one pound per unit)1,000 lb1,000 lb$1 per lbPrepare the following:a. A production budget for March (in units).b. A direct materials budget for the month (in units and dollars).

A.Add the forecasted unit sales in March with the required ending inventory units to get the total…

Answered: Similar to Recall and Review 1 The…

Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

Chapter7: Inventory Cost Flow Assumptions (fifolifo)

Section: Chapter Questions

Problem 9R: Click the Chart sheet tab. On the screen is a column chart showing ending inventory costs. During a...

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Click the Chart sheet tab. On the screen is a column chart showing ending inventory costs. During a deflationary period, which bar (A, B, or C) represents FIFO costing, which represents LIFO costing, and which represents weighted average? Explain your reasoning. On January 4 following year-end, Rio Enterprises received a shipment of 60 units of product costing 580 each. These units had been ordered by Del in December and had been shipped to him on December 27. They were shipped FOB shipping point. Revise the FIFOLIFO3 worksheet to include this shipment. Preview the printout to make sure that the worksheet will print neatly on one page, and then print the worksheet. Save the completed file as FIFOLIFOT. Using the FIFOLIFO3 file, prepare a 3-D bar (stacked) chart showing the cost of goods sold and ending inventory under each of the four inventory cost flow assumptions. No Chart Data Table is needed. Use the values in the Calculations Section of the worksheet for your chart. Enter your name somewhere on the chart. Save the file again as FIFOLIFO3. Print the chart.
Ranger Industries has provided the following information at June 30: Other information: Average selling price, 196 Average purchase price per unit, 110 Desired ending inventory, 40% of next months unit sales Collections from customers: In month of sale20% In month after sale50% Two months after sale30% Projected cash payments: Inventory purchases are paid for in the month following acquisition. Variable cash expenses, other than inventory, are equal to 25% of each months sales and are paid in the month of sale. Fixed cash expenses are 40,000 per month and are paid in the month incurred. Depreciation on equipment is 2,000 per month. REQUIREMENT You have been asked to prepare a master budget for the upcoming quarter (July, August, and September). The components of this budget are a monthly sales budget, a monthly purchases budget, a monthly cash budget, a forecasted income statement for the quarter, and a forecasted September 30 balance sheet. The worksheet MASTER has been provided to assist you. Ranger Industries desires to maintain a minimum cash balance of 8,000 at the end of each month. If this goal cannot be met, the company borrows the exact amount needed to reach its goal. If the company has a cash balance greater than 8,000 and also has loans payable outstanding, the amount in excess of 8,000 is paid to the bank. Annual interest of 18% is paid on a monthly basis on the outstanding balance.
Akira Company had the following transactions for the month. Sales for the month are $25 per unit. # of Units Cost per Unit Beginning Inventory 150 $10 Purchased Mar. 31 160 $12 Purchased Oct. 15 130 $15 Ending Inventory 50 ? In the table below, calculate the dollar value for the period for each of the following items using the listed cost allocation methods and using periodic inventory updating. PLEASE NOTE: All dollar amounts will be rounded to whole dollars using "$" with commas as needed (i.e. $12,345), except for the Weighted Average cost per unit, which will be rounded to two decimal places and include "$". Weighted average cost per unit = ___?_____ per unit Cost Allocation Method Cost of Goods Available Cost of Goods Sold Ending Inventory Sales Gross Margin First-in, First-out (FIFO) Last-in, First-out (LIFO) Weighted Average (AVG)
Use the following information for the Exercises 8-10 below. (Algo) Skip to question [The following information applies to the questions displayed below.] Hemming Company reported the following current-year purchases and sales for its only product. Date Activities Units Acquired at Cost Units Sold at Retail January 1 Beginning inventory 240 units @ $11.60 = $ 2,784 January 10 Sales 180 units @ $41.60 March 14 Purchase 370 units @ $16.60 = 6,142 March 15 Sales 330 units @ $41.60 July 30 Purchase 440 units @ $21.60 = 9,504 October 5 Sales 415 units @ $41.60 October 26 Purchase 140 units @ $26.60 = 3,724 Totals 1,190 units $ 22,154 925 units Exercise 5-8 (Algo) Perpetual: Inventory costing methods—FIFO and LIFO LO P1 Required:Hemming uses a perpetual inventory system. 1. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO.2. Determine the costs assigned to…
Use the following information for the Exercises 8-10 below. (Algo) Skip to question [The following information applies to the questions displayed below.] Hemming Company reported the following current-year purchases and sales for its only product. Date Activities Units Acquired at Cost Units Sold at Retail January 1 Beginning inventory 240 units @ $11.60 = $ 2,784 January 10 Sales 180 units @ $41.60 March 14 Purchase 370 units @ $16.60 = 6,142 March 15 Sales 330 units @ $41.60 July 30 Purchase 440 units @ $21.60 = 9,504 October 5 Sales 415 units @ $41.60 October 26 Purchase 140 units @ $26.60 = 3,724 Totals 1,190 units $ 22,154 925 units Exercise 5-9 (Algo) Specific identification LO P1 Ending inventory consists of 55 units from the March 14 purchase, 70 units from the July 30 purchase, and all 140 units from the October 26 purchase. Using the specific identification method, calculate…
DeForest Company had the following transactions for the month. Sales for the month are $85 per unit. Number of Units Cost per Unit Total Beginning inventory Purchased Apr. 30 Purchased Aug. 15 500 $40 $20,000 27,000 26,000 24,500 97,500 600 45 650 40 Purchased Dec. 10 700 35 Totals (goods available) Ending inventory 2,450 550 In the table below, calculate the dollar value for the period for each of the following items using the listed cost allocation methods and using periodic inventory updating. PLEASE NOTE: All dollar amounts will be rounded to whole dollars using "$" with commas as needed (i.e. $12,345), except for the Weighted Average cost per unit, which will be rounded to two decimal places and include "$" (i.e. $12,345.67).
please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image)
A company had the following purchases during its first year of operations: Purchases January: 10 units at $120 February: 20 units at $130 May: 15 units at $140 September: 12 units at $150 November. 10 units at $160 On December 31, there were 26 units remaining in ending inventory. These 26 units consisted of 2 from January, 4 from February, 6 from May, 4 from September, and 10 from November. Using the specific identification method, what is the cost of the ending inventory? O a. $3,280. O b. $3,500. O c. $3,960. O d. $3,800.
[The following Information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for Its only product. Date Activities Units Acquired at Cost 225 units @ $15.e0 = $ 3,375 Units sold at Retail Jan. 1 Beginning inventory Jan. 10 Sales 175 units @ $24.00 Jan. 20 Purchase 180 units @ $14.e0 = 2,520 Jan. 25 Sales 210 units e $24.00 4 Jan. 30 Purchase 350 units @ $13.50 = 4,725 Totals 755 units $10,620 385 units The Company uses a perpetual Inventory system. For specific lidentification, ending Inventory consists of 370 units, where 350 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning Inventory. Requlred: 1. Complete the table to determine the cost assigned to ending Inventory and cost of goods sold using specific Identificatlon. 2. Determine the cost assigned to ending Inventory and to cost of goods sold using welghted average. 3. Determine the cost assigned to ending Inventory and to…
Kangaroo Jim Company reported beginning inventory of 100 units at a per unit cost of $25. It hadthe following purchase and sales transactions during the year:Jan. 14 Sold 25 units at unit sales price of $45 on account.Apr. 9 Purchased 15 additional units at a per unit cost of $25 on account.Sept. 2 Sold 50 units at a sales price of $50 on account.Dec. 31 Counted inventory and determined 40 units were still on hand.Required:Record each transaction, assuming that Kangaroo Jim Company uses (a) a perpetual inventorysystem and (b) a periodic inventory system.
Required information [The following information applies to the questions displayed below.] A company began January with 8,000 units of its principal product. The cost of each unit is $7. Inventory transactions for the month of January are as follows: Date of Purchase Purchases Units Unit Cost*Footnote asterisk Total Cost January 10 6,000 $ 8 $ 48,000 January 18 8,000 9 72,000 Totals 14,000 $ 120,000 *Footnote asterisk Includes purchase price and cost of freight. Sales Date of Sale Units January 5 4,000 January 12 2,000 January 20 5,000 Total 11,000 11,000 units were on hand at the end of the month.
The following are the sales and purchases of Med Company: Units Unit price January Sales 300,000 $15 January Purchases: January 4 38,000 8.20 January 10 42,500 8.50 Janurary 16 50,200 8.10 January 24 49,000 8.40 At the end of the month, 60,000 units were on hand. Med's gross profit on sale for January was $1,200,800. The company uses periodic FIFO inventory costing system. What was the unit average cost of the January 1 inventory?

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