If the perpetual inventory record is kept in dollars, and costs are computed at the time of each withdrawal, would the amountsshown as ending inventory in (1), (2), and (3) above be the same? What amount would be shown as ending inventory? (Roundaverage cost per unit to 4 decimal places, e.g. 2.7621 and final answers to 0 decimal places, e.g. 6,548.)Would amount be sameEnding inventory(1)FIFOYes(2)LIFONo(3)Average-costNo Some of the information found on a detail inventory card for Sheffield Inc. for the first month of operations is as follows.DateJanuary 271013182023262831ReceivedNo. of Units:1,4008001,2001.5001,800Unit Cost$4.474.774.925.075.22Issued,No. of Units9007005001,1001,0001,500Balance,No. of Units1,4005001.3006001,3002001,7007002,5001,000

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

Some of the information found on a detail inventory card for Sheffield Inc. for the first month of operations is as follows. Received Date January 2 7 10 13 18 20 23 26 28 31 No. of Units 1,400 800 1,200 1.500 1,800 Unit Cost $4.47 4.77- 4.92 5.07 5.22 Issued, No. of Units 900 700 500 1,100 1,000 1,500 Balance, No. of Units 1,400 500 1.300 600 1,300 200 1,700 700 2,500 1,000

Some of the information found on a detail inventory card for Sheffield Inc. for the first month of operations is as follows. Received Date January 2 7 10 13 18 20 23 26 28 31 No. of Units 1,400 800 1,200 1.500 1,800 Unit Cost $4.47 4.77- 4.92 5.07 5.22 Issued, No. of Units 900 700 500 1,100 1,000 1,500 Balance, No. of Units 1,400 500 1.300 600 1,300 200 1,700 700 2,500 1,000

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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A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 310 units. Ending inventory at January 31 totals 130 units. Units Unit Cost Beginning inventory on January 1 280 $ 2.60 Purchase on January 9 60 2.80 Purchase on January 25 100 2.94 Required:Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on LIFO.
Check my work 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 250 units. Beginning Inventory Date January 1 Units Unit Cost 100 $ 80 Total $ 8, Purchase January 15 450 90 40, Purchase January 24 200 110 22, Required: 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) methods. FIFO LIFO Cost of Ending Inventory Cost of Goods Sold Weighted Average Cost
Below is the Inventory purchases of Carrigan Corrugated Company. Beginning balance January 1st purchase January 8th purchase January 17th purchase January 27th purchase January 31st purchase Units Cost per Unit 173 $ 1.25 257 $ 1.15 300 $ 0.95 287 $ 1.10 164 $ 1.30 139 $ 1.35 At the end of January, a physical inventory revealed that 1,205 units were sold and the remainder were left as ending inventory. Calculate the Cost of Goods Sold and the ending Inventory balance using the FIFO method. (round all answers using two (2) decimal places)
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The beginning inventory of merchandise at Dunne Co. and data on purchases and sales for a three-month period ending June 30 are as follows: Date Transaction Numberof Units Per Unit Total Apr. 3 Inventory 90 $450 $40,500 8 Purchase 180 540 97,200 11 Sale 121 1,500 181,500 30 Sale 76 1,500 114,000 May 8 Purchase 150 600 90,000 10 Sale 90 1,500 135,000 19 Sale 45 1,500 67,500 28 Purchase 150 660 99,000 June 5 Sale 90 1,575 141,750 16 Sale 120 1,575 189,000 21 Purchase 270 720 194,400 28 Sale 135 1,575 212,625 Required: 1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 4, using the last-in, first-out method. Under LIFO, if units are in inventory at two different costs, enter the units with the HIGHER unit cost first in the Cost of Merchandise Sold Unit Cost column and…
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 dollar amount of ending inventory shown on ABC Company's May 31 balance sheet using the FIFO method.
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The following information is taken from the inventory records of the CNB Company for the month of September: Beginning inventory, 9/1/2021 5,000 units @ $10.00 Purchases: 9/7 3,000 units @ $10.40 9/25 8,000 units @ $10.75 Sales: 9/10 4,000 units 9/29 5,000 units 7,000 units were on hand at the end of September. Required:1. Assuming that CNB uses a periodic inventory system and employs the average cost method, determine cost of goods sold for September and September's ending inventory.2. Assuming that CNB uses a perpetual inventory system and employs the average cost method, determine cost of goods sold for September and September's ending inventory.
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