Some of the information found on a detail inventory card for Blossom Inc. for the first month of operations is as follows. Date January 2 7 10 13 18 20 23 26 28 31 Received No. of Units 1,500 900 1,300 1,600 1,900 Unit Cost $5.01 5.34 5.51 5.68 5.85 Issued, No. of Units 1,000 800 600 1,100 1,100 1,600 Balance, No. of Units 1,500 500 1,400 600 1,300 200 1,800 700 2,600 1,000

Some of the information found on a detail inventory card for Blossom Inc. for the first month of operations is as follows. Date January 2 7 10 13 18 20 23 26 28 31 Received No. of Units 1,500 900 1,300 1,600 1,900 Unit Cost $5.01 5.34 5.51 5.68 5.85 Issued, No. of Units 1,000 800 600 1,100 1,100 1,600 Balance, No. of Units 1,500 500 1,400 600 1,300 200 1,800 700 2,600 1,000

Name: Some of the information found on a detail inventory card for Blossom
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Some of the information found on a detail inventory card for Blossom Inc. for the first month of operations is as follows.DateJanuary 2(a1)71013182023262831ReceivedNo. of Units1,5009001,3001,6001,900Unit Cost$5.015.345.515.685.85Issued,No. of Units1

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: The following information relates to the inventory of Margaret’s Megamart Ltd during December.…

A: Inventory, is a part of current assets which forms a part of total assets, is key component of the…

Q: Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but…

A: The inventory can be valued using various methods as LIFO, FIFO and weighted average method. The…

Q: Please explain how to calculate the FIFO and LIFO for the below problem and to prepare the income…

A: First-in-First-Out (FIFO): In First-in-First-Out method, the costs of the initially purchased items…

Q: Below is the Inventory purchases of Carrigan Corrugated Company. Beginning balance January 1st…

A: Inventory methods refer to the method used for the computation of cost of goods sold, ending…

Q: Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but ap at…

A: Let's understand some basics Ending Inventory is the goods which are purchased but no yet sold at…

Q: Shown below is the activity for one of the products of Oman Shipping Company: January 1 balance,…

A: 1. Compute the ending inventory and cost of goods sold assuming Oman Shipping Company using FIFO.…

Q: Suppose Sunland Company uses a periodic inventory system. Details related to inventory for the month…

A: Periodic inventory method: It is a inventory valuation method in which inventory is updated at the…

Q: Some of the information found on a detail inventory card for Sheffield Inc. for the first month of…

A: Ending inventory is the amount of inventory that an entity has, in its hands at the end of the…

Q: Trini Company had the following transactions for the month. Number of Units Cost per Unit Total…

A: In the case of the FIFO method, the inventory which is purchased first is also sold first. Whereas…

Q: Kassim Baba Company's inventory records show the following data for the month of September: Units…

A: Solution... Units available = 100 + 450 + 350 = 900 Units in hands = 200. Units sold = Units…

Q: Culver Corporation uses a periodic inventory system and reports the following for the month of June.…

A: In this question, the data is given about Culver corporation uses a periodic inventory system and we…

Q: annoe Company uses a periodic inventory system and reports the following for the month of Jun Date…

A: Lets understand the basics.Ending inventory and cost of goods sold can be calculated by,(1) FIFO(2)…

Q: The beginning inventory of merchandise at Dunne Co. and data on purchases and sales for a…

A: In first in first out (FIFO) method, the inventory purchased first is sold first. The inventory…

Q: A review of the accounting records of the Danzee Company yields the following information concerning…

A: Ending inventory is the amount of goods left with the entity. These are reported in the balance…

Q: Haynes Company uses the perpetual inventory system. The following information is available for the…

A: The inventory valuation method is used to evaluate the closing inventory and cost of goods sold…

Q: Assume Shopping.com began July with 10 units of inventory that cost a total of $180. During July,…

A: LIFO method is one of the methods of inventory valuation in which it is assumed that recent or new…

Q: 2. Trini Company had the following transactions for the month. Number of Units Cost per Unit Total $…

A: Cost allocation:- Cost allocation is the process of identifying and allocating the total production…

Q: Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but…

A: Ending inventory is the amount of inventory that an entity has on hand, at the end of the period. It…

Q: The following information was available from the inventory records of Jun Company for January: Unit…

A: Weighted Average Method is one of the methods of inventory valuation in which it is assumed that…

Q: The beginning inventory at Dunne Co. and data on purchases and sales for a three-month period are as…

A: Types of Inventory Valuation Methods: - First In, First Out (FIFO) Last In, First Out (LIFO)…

Q: The following information relates to the inventory of Margaret's Megamart Ltd during December.…

A: Under the FIFO method, the inventory purchased earlier is assigned to cost of goods sold first and…

Q: Perpetual FIFO: Goods purchased Cost of Goods Sold Inventory Balance # of units Cost per unit # of…

A: FIFO Method-First-In, First-Out Under this method , oldest products of a company's inventory is…

Q: Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but…

A: FIFO (First-In, First-Out) method: Inventory is sold in the order it was purchased, with the oldest…

Q: Akira Company had the following transactions for the month. Number of Units Total Cost Beginning…

A: No. of Units sold = Total goods available for sale - Ending inventory = 490 - 70 = 420 units Average…

Q: CAISCO Sales Inc. had a beginning inventory of May comprising of 700 units that had a cost of…

A: Under FIFO inventory method, cost of goods goods consists of earliest available units. Under…

Q: Number Total of Units Cost Beginning inventory 130 $1,300 Purchased Mar. 31 180 2,160 Purchased Oct.…

A: Gross margin is also regarded as gross profit which is defined as the sales revenue that the company…

Q: The following information was available from the inventory records of Sheffield Corp. for January:…

A: Weighted Average Method is one of the methods of inventory valuation in which it is assumed that…

Q: The following information was available from the inventory records of Apollo Company for January:…

A: Cost of inventory after 1st sale (January 9) = (P29,310 + P20,600) x (2,500 / 5,000) = P24,955

Q: Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but…

A: Inventory includes all the items, merchandise, and raw materials that are used by the business…

Q: Below is the Inventory purchases of Carrigan Corrugated Company. Beginning balance January 1st…

A: Lets understand the basics. In First In First Out basis, goods purchased first are sold first. In…

Q: Carrington Inc. reported the following information for the month of August: Inventory, August 1 64…

A: The specific identification method relates to inventory valuation, specifically keeping track of…

Q: BC Company employs a periodic inventory sy nventory to customers for $20 per unit. AB ollowing…

A: Solution: As per the FIFO method Goods comes First also sold First hence, Latest Inventory will…

Concept explainers

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.

Topic Video

Question

Some of the information found on a detail inventory card for Blossom Inc. for the first month of operations is as follows.
Date
January 2
(a1)
7
10
13
18
20
23
26
28
31
Received
No. of Units
1,500
900
1,300
1,600
1,900
Unit Cost
$5.01
5.34
5.51
5.68
5.85
Issued,
No. of Units
1,000
800
600
1,100
1,100
1,600
Balance,
No. of Units
1,500
500
1,400
600
1,300
200
1,800
700
2,600
1,000

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1: Inventory valuation methods are explained here -

VIEW

Step 2: Computation of Inventory valuation prepared using FIFO -

VIEW

Step 3: Computation of Inventory valuation prepared using LIFO -

VIEW

Step 4: Computation of Inventory valuation prepared using Average Cost -

VIEW

Solution

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 5 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

The units of an item available for sale during the year were as follows: Date Line Item Description Value Jan. 1 Inventory 2,900 units at $5 Feb. 17 Purchase 2,800 units at $7 Jul. 21 Purchase 3,200 units at $9 Nov. 23 Purchase 1,100 units at $11 There are 1,400 units of the item in the physical inventory at December 31. The periodic inventory system is used. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. a. Determine the inventory cost by the first-in, first-out method. b. Determine the inventory cost by the last-in, first-out method. c. Determine the inventory cost by the weighted average cost method. Round your answer to the nearest dollar
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 300 units. Beginning Inventory Purchase Purchase Required: Date January 1 January 15 January 24 Units 200 340 Unit Cost $ 70 Total Cost $ 14,000 80 260 100 27,200 26,000 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. FIFO LIFO Cost of Ending Inventory Cost of Goods Sold Weighted…
ABC Company employs a periodic inventory system and sells its inventory to customers for $20 per unit. ABC Company had the following inventory information available for May: May 1 May 3 May 8 May 13 May 18 May 20 May 24 May 30 Beginning inventory 1,900 units @ $10.20 cost per unit Purchased 2,100 units @ $11.60 cost per unit Sold 1,400 units Purchased 3,700 units @ $8.10 cost per unit Sold 2,600 units Purchase 4,100 units @ $14.70 cost per unit Sold 2,900 units Purchased 2,200 units @ $12.60 cost per unit During May, ABC Company reported operating expenses of $14,000 and had an income tax rate of 36%. Calculate the amount of net income shown on ABC Company's income statement for May using the LIFO method.
Please help me
Teal Mountain Inc. uses a periodic 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 Purchases 370 6 2,220 23 Purchases 200 7 1,400 30 Inventory 240 Calculate weighted-average unit cost. (Round answer to 3 decimal places, e.g. 5.125.) Weighted-average unit cost $enter a weighted-average unit cost in dollars eTextbook and Media Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round answers to 0 decimal places, e.g. 125.) FIFO LIFO Average-cost The cost of the ending inventory $enter a dollar amount $enter a dollar amount $enter a dollar amount The cost of goods sold $enter a dollar amount $enter a dollar amount $enter a dollar amount
Please help me
Please make a LIFO chart
The inventory records of TC show the following purchases:Month Units CostJanuary 15,000 190,500February 20,000 240,000March 12,500 165,00A physical count on March 31 shows 22,500 units on hand. What amount of inventory should be reported as of March 31, using FIFO method of costing?a. 120,000 b. 225,000 c. 280,500 d. 285,000
The following information is available from the inventory records of columbia hoodies company for January: Units Unit Cost Total Cost Balance at Jan 1 3,000 $9.77 $29,310 Purchases: Jan 6 2,000 $10.30 $20,600 Jan 26 2,700 $10.71 $28,917 Sales: Jan 7 (2,500) $14.00 $35,000 Jan 31 (4,000) $14.00 $56,000 All sales are made at 14.00 unit price. Q: Compute the ending inventory on Jan 31 using perpetual moving-average cost. A: I have Ending Inventory at 1,200 units with a value of $12,284.73, is this correct? DO NOT GIVE SOLUTION IN IMAGE FORMAT
Amsterdam Company uses a periodic inventory system. For April, when the company sold 600 units, the following information is available Unit Cost Units Total Cost 250 10 $2,500 April 1 Inventory April 15 Purchase 400 12 4,800 13 4,550 April 23 Purchase Compute the April 30 Cost of goods sold Balance utilizing the average cost method. 350
The following data on materials purchased and issued during the month of June were shown: the total units and cost of ending inventory under the periodic inventory system FIFO method should be:\ 2. The conversion cost is