**Inventory Valuation Exercise**Your answer is partially correct.**Instructions:**Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost methods. *(Note: Round per unit cost to 3 decimal places, e.g., 15.647, and final answers to 0 decimal places, e.g., 5,125.)***Table:**- **FIFO** - Cost of the ending inventory: $ ___ - Cost of goods sold: $ ___- **LIFO** - Cost of the ending inventory: $ ___ - Cost of goods sold: $ ___- **Average-cost** - Cost of the ending inventory: $1,185 - Cost of goods sold: $2,725**Additional Information:**- eTextbook and Media resources are available.- Options include "Save for Later."- Number of attempts used: 2 of 5- Click "Submit Answer" when ready.This exercise helps in understanding the different inventory valuation methods and their impact on financial statements. Sunland Company uses a periodic inventory system and reports the following for the month of June:| Date | Explanation | Units | Unit Cost | Total Cost ||---------|-------------|-------|-----------|------------|| June 1 | Inventory | 120 | $5 | $600 || June 12 | Purchase | 330 | $6 | $1,980 || June 23 | Purchase | 190 | $7 | $1,330 || June 30 | Inventory | 194 | | |This table details the inventory and purchase activity for Sunland Company throughout June, showing the number of units on hand or purchased, the cost per unit, and the total cost of inventory at different points in the month.

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Answered: Sunland Company uses a periodic…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Larkspur, Inc. uses a periodic inventory system and reports the following for the month of June. Date Explanation Units Unit Cost Total Cost $5 $ 650 June 1 Inventory 130 12 Purchase 340 6 2,040 23 Purchase 200 7 1,400 30 Inventory 203 (a) Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round per unit cost to 3 decimal places, eg. 15.647 and final answers to O decimal places, eg. 5,125.) FIFO LIFO Average-cost Cost of the ending 2$ $ 2$ inventory Cost of goods sold $
Ivanhoe Company uses a perpetual 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 Purchase 370 6 2.220 23 Purchase 200 1,400 30 Inventory 250 (a1) 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 $8 and a sale of 50 units on June 27 for $9. (Round Intermediate calculations to O decimal places, eg. 152 and final answers to 3 decimal places, eg 5.125 June 1 June 12 June 15 $ June 23 S June 27 $ (a2) Calculate the cost of the ending inventory and the cost of goods sold for each cost flow assumption, using a perpetual inventory system. Assume a sale of 400 units occurred on June 15 for a selling price of $8 and a sale of 50 units on June 27 for $9. (Round answers to O decimal places, es 125) FIFO Cost of the ending inventory $ Cost of goods sold LIFO $ Moving Average
Addison, Inc. uses a perpetual inventory system. Below is information about one inventory item for the month of September. Sep. 1 Inventory 20 units at $20 4 Sold 10 units 10 Purchased 30 units at $25 17 Sold 20 units 30 Purchased 10 units at $30 If Addison uses FIFO, the September 30 inventory is Oa. $650 Ob. $800 Oc. $700 Od. $750
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Bridgeport Inc. uses a perpetual inventory system. Its records show the following for the month of May. Date May May May May 1 Inventory Purchase 15 18 Unit Explanation Units Cost 24 Sale Purchase Total -29 26 (42 ) 40 53 $10 11 12 Total Cost $290 286 480 $1,056
The following data is available for an item of JNC Inc. for the month of March: March 1 Inventory 15 units at $10 each 15 Purchase 30 units at $18 each 31 Purchase 24 units at $15 each Sale 30 units Using the first-in, first-out method, what is JNC Inc.'s cost of ending inventory for March? a.$630 b.$360 c.$510 d.$420
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
es Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactions for March. Date March 1 Activities March 5 Beginning inventory Purchase March 9 Sales March 18 March 25 Purchase Purchase March 29 Sales Totals Units Acquired at Cost 115 units @ $50 per unit 415 units @ $55 per unit 150 units @$60 per unit 230 units @ $62 per unit 910 units. Units Sold at Retail 435 units @ $85 per unit 190 units @ $95 per unit 625 units For specific identification, units sold include 50 units from beginning inventory, 385 units from the March 5 purchase, 55 units from the March 18 purchase, and 135 units from the March 25 purchase. 4. Compute gross profit earned by the company for each of the four costing methods. Note: Round your average cost per unit to 2 decimal places and final answers to nearest whole dollar. FIFO LIFO Weighted Average Specific Identification Sales Less: Cost of goods sold Gross profit $ 0 $ 0 $ 0 $ 0
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Oriole Company uses a periodic inventory system and reports the following for the month of June. Date June 1 12 23 30 Explanation Units Inventory Purchase Purchase Inventory Cost of the ending inventory 130 Cost of goods sold 400 210 212 $ Unit Cost $ $5 6 7 Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round per unit cost to 3 decimal places, e.g. 15.647 and final answers to O decimal places, e.g. 5,125.) Total Cost FIFO $650 2,400 1,470 $ $ LIFO $ $ Average-cost
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Sunland Company uses a periodic inventory system and reports the following for the month of June. Unit Total Date Explanation Units Cost Cost June 1 Inventory 120 $5 $ 600 12 Purchase 330 6 1,980 23 Purchase 190 7 1,330 30 Inventory 194