st 1 st 5 Beginning Ba Purchase
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![August 1
August 5
August 12
Beginning balance
Purchase
Purchase
31 units @ $21
26 units @ $20
30 units @ $21](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fffe1ff22-184c-4945-b7e1-1ec1facec45a%2F4345794a-9726-4dcf-9b4c-8ff48fdacbeb%2Fb6cpv7_processed.jpeg&w=3840&q=75)
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- The Boxwood Company sells blankets for $38 each. The following was taken from the inventory records during May. The company had no beginning inventory on May 1. Date Blankets Units Cost May 3 Purchase 8 $18 10 Sale 3 17 Purchase 15 $17 20 Sale 6 23 Sale 2 30 Purchase 12 $21 Assuming that the company uses the perpetual inventory system, determine the cost of goods sold for the sale of May 20 using the LIFO inventory cost method.You have the following information for Tamarisk, Inc. for the month ended October 31, 2022. Tamarisk uses a periodic method for inventory. Date Description Units Unit Cost or Selling Price Oct. 1 Beginning inventory 60 24 Oct. 9 Purchase 115 26 Oct. 11 Sale 95 45 Oct. 17 Purchase 95 27 Oct. 22 Sale 60 50 Oct. 25 Purchase 70 29 Oct. 29 Sale 105 50 A(3) Calculate gross profit rate under each of the following: 1.LIFO 2.FIFO 3. Average-cost. Gross profit rate - LIFO% - FIFO% AND AVERAGE-COST %www. Hamilton Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 1: MARTINE HET AAMY Inventory, December 31, prior year For the current year: Purchase, March 21 Purchase, August 1 Inventory, December 31, current year Ending inventory Cost of goods sold FIFO Units LIFO 1,910 6,150 4,020 2,860 Unit Cost $6 Required: Compute ending inventory and cost of goods sold under FIFO, LIFO, and average cost-inventory costing methods. (Round "Average cost per unit" to 4 decimal places and final answers to nearest whole dollar amount.) Average Cost 5 3 P K
- At the end of January of the current year, the records of Donner Company showed the following for a particular item that sold at $15.20 per unit: Transactions Units Inventory, January 1 Purchase, January 12. 560 Amount $1,792 540 Purchase, January 26 140 2,808 1,008 Sale Sale (420) (200) Required: 1a. Assuming the use of a periodic inventory system, compute Cost of Goods Sold under each method of inventory: average cost, FIFO, LIFO, and specific identification. For specific identification, assume that the first sale was selected from the beginning inventory and the second sale was selected from the January 12 purchase. 1b. Assuming the use of a periodic inventory system, prepare a partial income statement under each method of inventory: (a) average cost, (b) FIFO, (c) LIFO, and (d) specific identification. For specific identification, assume that the first sale was selected from the beginning inventory and the second sale was selected from the January 12 purchase. 2a. Between FIFO and…Po.0014. The units of an item available for sale during the year were as follows: Jan 1 Inventory 27 units at $120 Feb 17 Purchase 54 units at $138 July 21 Purchase 63 units at $156 Nov 23 Purchase 36 units at $165 There are 50 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost by (a) FIFO, (b) LIFO and (c) the Average cost method.A company had beginning inventory of 11 units at a cost of $17 each on March 1. On March 2, it purchased 11 units at $28 each. On March 6 it purchased 5 units at $22 each. On March 8, it sold 26 units for $65 each. Using the FIFO perpetual inventory method, what was the cost of the 26 units sold?
- The units of an item available for sale during the year were as follows: Jan 1 Inventory 15 units at 122 April 15 Purchase 140 units at 116 September 9 Purchase 26 units at 122 There are 31 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the last-in, first-out (LIFO)The Boxwood Company sells blankets for $60 each. The following was taken from the inventory records during May. The company had no beginning inventory on May 1. Date Blankets Units Cost May 3 Purchase $20 10 Sale 3 17 Purchase 10 $24 20 Sale 6 23 Sale 3 30 Purchase 10 $30 Assuming that the company uses the perpetual inventory system, determine the May 31 inventory balance using the LIFO inventory cost method. Oa. $364 Оb. s372 Oc. $320 Od. $324Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2024, the records indicate the following data: Beginning inventory Purchases Freight-in on purchases Purchase returns Net markups Net markdowns Net sales ($ in 000s) Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold Cost $ 60 533 26 1 $ $ Retail $ 100 935 1 Required: Assuming the price level increased from 1.00 at January 1 to 1.80 at December 31, 2024, use the dollar-value LIFO retail method to approximate cost of ending inventory and cost of goods sold. Note: Round your intermediate and final answers to the nearest whole dollar. Enter your answers in thousands. +372 X Answer is complete but not entirely correct. ($ in 000s) 209 X 130 X 650 X 812 Screenshot
- On June 30, Cullumber Fabrics has the following data pertaining to the retail inventory method. Goods available for sale: at cost $49,920, at retail $64,000; net sales $51,200; and ending inventory at retail $12,800. Compute the estimated cost of the ending inventory using the retail inventory method. Estimated cost of ending inventory $The Boxwood Company sells blankets for $33 each. The following was taken from the inventory records during May. The company had no beginning inventory on May 1. Date Blankets Units Cost May 3 Purchase 10 $18 10 Sale 4 17 Purchase 12 $16 20 Sale 4 23 Sale 2 30 Purchase 12 $22 Assuming that the company uses the perpetual inventory system, determine the cost of goods sold for the sale of May 20 using the LIFO inventory cost method. a.$64 b.$32 c.$72 d.$264The Boxwood Company sells blankets for $36 each. The following was taken from the inventory records during May. The company had no beginning inventory on May 1. Date Blankets Units Cost May 3 Purchase 10 $19 10 Sale 4 17 Purchase 15 $18 20 Sale 4 23 Sale 2 30 Purchase 12 $21 Assuming that the company uses the perpetual inventory system, determine the May 31 inventory balance using the FIFO inventory cost method. Oa. $522 Ob. $486 Oc. $567 Od. $513
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