Sunland Company uses a periodic inventory system. For October, when the company sold 1,730 units, the following information isavailable.UnitsUnit CostTotal CostOctober 1 inventory600$ 18$ 10,800October 8 purchase1,2001922,800October 25 purchase6002213,2002,400$ 46,800Compute the October 31 inventory and the October cost of goods sold using the FIFO method.Ending inventoryCost of goods sold$%24

FIFO inventory method: It is an inventory valuation method that helps in calculating the ending…

Answered: Sunland Company uses a periodic…

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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Bridgeport Corporation uses a perpetual inventory system. On November 19, the company sold 600 units. The following additional information is available: Nov. 1 inventory Nov. 15 purchase Nov. 23 purchase (a) Units 280 500 380 Ending inventory 1,160 Your answer is incorrect. Cost of goods sold $ Unit Cost $11 $ 16 17 Calculate the November 30 inventory and the November cost of goods sold, using the moving average cost formula. (Round unit cost to 3 decimal places, eg. 52.754 and final answers to O decimal places. e.g. 5,275.) Total Cost $3,080 8,000 6,460 $17.540
Pharoah Company uses a periodic inventory system and reports the following for the month of June. Date June 1 12 23 30 Explanation Units Unit Cost Inventory $4 Purchase Purchase Inventory Cost of the ending inventory 112 Cost of goods sold 448 280 260 6 $ 8 (a) Compute the cost of the ending inventory and the cost of goods sold under (1) FIFO, (2) LIFO, and (3) average-cost. (For calculation purposes, round average cost per unit to 2 decimal places, e.g. 5.25. Round answers to O decimal places, e.g. 125.) Total Cost FIFO $448 2,688 2,240 $ GA $ LIFO $ GA $ LA Average-Cost
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Hess Company's inventory records show the following data for the month of September: Units Unit Cost Inventory, September 1 100 $3.00 Purchases: September 8 450 3.50 September 18 300 3.70 A physical inventory on September 30 shows 150 units on hand.Calculate the value of ending inventory and cost of goods sold if the company uses FIFO inventory costing and a periodic inventory system. Ending inventory $enter a value of ending inventory in dollars Cost of goods sold $enter a cost of goods sold in dollars
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Salmone Company reported the following purchases and sales of its only product. Salmone uses a perpetual inventory system. Determine the cost assigned to cost of goods sold using FIFO. Date Activities Units Acquired at Cost Units Sold at Retail May 1 Beginning inventory 156 units @ $10 = $1,560 May 5 Purchase 226 units @$12 = $2,712 May 10 Sales 146 units @ $20 May 15 Purchase 106 units @$13 = $1,378 May 24 Sales 96 units @ $21
Haynes Company uses the perpetual inventory system. The following information is available for the month the March. March 1 Beginning Inventory 10 units at $2 for $20, March 4 Sold 8 units, March 22 Purchased 50 units at $4 for $200, March 26 Sold 48 units. If Haynes Company uses the LIFO inventory costing method, what is the balance in Ending Inventory at March 31? A. $40 B. $16 C. $12 D. $8
Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date March 1 March 5 March 91 March 18 March 25 March 29 Total Beginning inventory Purchases: March 5 March 18 March 25 Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals, Required: 1. Compute cost of goods available for sale and the number of units available for sale. Units Acquired at Cost 80 units @ $50.60 per unit 215 units @ $55.60 per unit # of units 75 units @ $60.60 per unit 130 units @ $62.60 per unit Cost per Unit 500 units Cost of Goods Available for Sale Cost of Goods Available. for Sale Units Sold at Retail 240 units @ $85.60 per unit 110 units @ $95.60 per unit 350 units
Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactions for March. Date March 1 March 5 March 9 March 18 March 25 March 29 Activities Beginning inventory Purchase Sales Purchase Purchase Answer: Sales Totals Units Acquired at Cost 90 units @ $50.80 per unit 220 units @ $55.80 per unit 80 140 units @ $60.80 per unit units @ $62.80 per unit 530 units Calculate the total cost of goods available for sale Units Sold at Retail 250 units @ $85.80 per unit 120 units 370 units @ $95.80 per unit
The accounting records of Kingbird Electronics show the following data. Beginning inventory Purchases Sales 3,060 units at $7 7,140 units at $9. 8,590 units at $12 Determine cost of goods sold during the period under a periodic inventory system using (a) the FIFO method, (b) the LIFO method, and (c) the average-cost method. Cost of goods sold FIFO SA $ LIFO $ Average-cost $
Calculate the cost of goods sold dollar value for B65 Company for the month, considering the following transactions under last-in, first-out (LIFO) cost allocation methods and using perpetual inventory. Beginning inventory Purchased Sold Sold Ending inventory $6,000 $6,975 $0 $5,625 Number of Units 100 80 50 25 105 Unit Cost $66 75 Sales $120 125
Whispering Winds Company's inventory records show the following data for the month of September: Units Unit Cost Inventory, September 1 105 $2.80 Purchases: September 8 440 3.45 September 18 300 3.90 A physical inventory on September 30 shows 150 units on hand. Calculate the value of ending inventory and cost of goods sold if the company uses FIFO inventory costing and a periodic inventory system. Ending inventory $ Cost of goods sold $

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