### Periodic Inventory System for Sunland CompanySunland Company uses a periodic inventory system. Below are the details related to inventory for the month of January:| **Units** | **Unit Cost** | **Total** ||-----------|---------------|-----------|| **Balance, 1/1** | 260 | $4.00 | $1040 || **Purchase, 1/15** | 130 | $4.70 | $611 || **Purchase, 1/28** | 130 | $4.80 | $624 |**At the end of the month, there were 210 units on hand. How many units did the company sell in January?**- 260 - 210 - 80 - 310 The inventory details show initial balance and two purchases made during January. The goal is to determine how many units were sold by the end of the month, given the remaining units on hand.### Step-by-Step Calculation:1. **Initial balance on 1/1:** 260 units2. **Purchases throughout January:** - 1/15: 130 units - 1/28: 130 units 3. **Total units available during January:** \[ 260 (initial) + 130 + 130 = 520 \]4. **Units remaining at the end of January:** 210 units5. **Units sold during January:** \[ 520 (total units) - 210 (ending inventory) = 310 units \]Therefore, **310 units** were sold in January.### Multiple Choice Answer:- 260 - 210 - 80 - **310** The correct answer is **310 units**.

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

Suppose Sunland Company uses a periodic inventory system. Details related to inventory for the month of January are as follows: Balance, 1/1 Purchase, 1/15 Purchase, 1/28 Units Unit Cost O 260 O 210 80 310 260 130 130 $4.00 4.70 4.80 Total $1040 611 624 At the end of the month, there were 210 units on hand. How many units did the company sell in January?

Suppose Sunland Company uses a periodic inventory system. Details related to inventory for the month of January are as follows: Balance, 1/1 Purchase, 1/15 Purchase, 1/28 Units Unit Cost O 260 O 210 80 310 260 130 130 $4.00 4.70 4.80 Total $1040 611 624 At the end of the month, there were 210 units on hand. How many units did the company sell in January?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

FLCL Company had the following transactions for the month: Calculate the ending inventory dollar value for the period for each of the following cost allocation methods, using periodic inventory updating. Provide your calculations. first-in, first-out (FIFO) last-in, first-out (LIFO) weighted average
Beech Soda, Inc. uses a perpetual inventory system. The company's beginning inventory of a particular product and its purchases during the month of January were as follows: Quantity Unit Cost Total Cost Beginning inventory (Jan. 1) 20 $ 11 $ 220 Purchase (Jan. 11) 12 $ 17 204 Purchase (Jan. 20) 23 $ 19 437 Total 55 $ 861 On January 14, Beech Soda, Inc. sold 25 units of this product. The other 30 units remained in inventory at January 31. Assuming that Beech Soda uses the FIFO cost flow assumption, the cost of goods sold to be recorded at January 14 is
The Luann Company uses the periodic inventory system. The following July data are for an item in Luann's inventory: July 1 Beginning inventory 30 units @ 10 Purchased $9 per unit 50 units @ $11 per unit 15 Sold 60 units 26 Purchased 25 units @ $13 per unit Calculate the cost of goods sold for July and ending inventory at July 31 using (a) first-in, first-out, (b) last-in, first-out, and (c) the weighted-average cost methods. Note: Round your cost per unit to three decimal places, if needed. Then round your final answers to the nearest dollar. A. First-in, First-out: Ending Inventory Cost of Goods Sold: B. Last-in, first-out: Ending Inventory Cost of Goods Sold: C. Weighted-average cost: Ending Inventory Cost of Goods Sold
Hanifee Company uses the periodic inventory system. For the current month, the beginning inventory consisted of 200 units that cost $65 each. During the month, the company made two purchases: 300 units at $69 each and 150 units at $70 each. The company also sold 500 units during the month. Using the periodic weighted-average cost method, what is the cost of ending inventory?
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 310 units. Beginning Inventory Purchase Purchase Date January 1 January 15 January 24 Units 140 470 240 Unit Cost $ 85 95 115 Total Cost $ 11,900 44,650 27,600 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.
Scoresby Inc. tracks the number of units purchased and sold throughout each year but applies its inventory costing method at the end of the year, as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31.Transactions Units Unit Costa. Inventory, Beginning 4,000 $ 30 cost per unitFor the year: b. Purchase, March 5 10,000 $31 cost per unit c. Purchase, September 19 6,000 units $33 cost per unitd. Sale, April 15 (sold for $75 per unit) 4,400 e. Sale, October 31 (sold for $78 per unit) 9,000 f. Operating expenses (excluding income tax expense), $607,000 ________________________________________Required:3. 3. Compute the cost of ending inventory and cost of goods sold under (a) FIFO, (b) LIFO, and (c) weighted average cost.4. 4. Prepare an income statement that shows the FIFO method, LIFO method and weighted average method.
Beech Soda, Inc. uses a perpetual inventory system. The company's beginning inventory of a particular product and its purchases during the month of January were as follows: Quantity Unit Cost Total Cost Beginning inventory (Jan. 1) 23 $ 14 $ 322 Purchase (Jan. 11) 15 $ 20 300 Purchase (Jan. 20) 26 $ 22 572 Total 64 $ 1,194 On January 14, Beech Soda, Inc. sold 28 units of this product. The other 36 units remained in inventory at January 31. Assuming that Beech Soda uses the FIFO cost flow assumption, the cost of goods sold to be recorded at January 14 is:
The company uses the perpetual inventory method. It began the month of March with 100 units of inventory, at a unit cost of $55. Purchases during March March 5, 60 units at $60 each. March 18, 200 units at $65 each March 29, 40 units at $75 each. Sales during March March 12, 60 units. March 25, 210 units. All units were sold to customer for $100 each. 1. Use the following format to set up this inventory costing problem, Inventory Date Units Cost per Total Cost Date Units Total Cost Unit Beg Balance Units Cost Beginning Balance + Purchases Goods Available for Sale - Sold Ending Balance 2. Use the moving weighted average method to calculate the cost of goods sold for each sale. the lutal cost ol goods sold for the month, and ending inventory. 3. Assuming that the March 12 sale came from beginning inventory, and the March 25 sale was comprised of 25 units from beginning inventory, all 60 units of the March 5 purchase, and the temainder from the March 18 purchase, use specific…
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 260 units. Beginning Inventory Purchase Purchase Date January 1 January 15 January 24 Units 100 360 240 Unit Cost $ 75 95 115 Total Cost $ 7,500 34,200 27,600 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.
Calculate January's ending inventory and cost of goods sold for the month using LIFO, perpetual system.
Use the following information (M) from Marvel Company for the month of July to answer the question: Perpetual: Assume that Marvel uses a perpetual FIFO inventory system. What is the dollar value of its ending inventory?
CAISCO Sales Inc. had a beginning inventory of May comprising of 700 units that had a cost of $80/unit. A summary of purchases and sales during the month of May are as follows: Date May 2 May 6 May 10 May 19 May 23 May 30 Units Unit Cost Purchased Units sold $83 $85 $88 Multiple Choice $102,700 $105,600 1,200 $99,600 800 Assume that CAISCO Sales Inc. uses a periodic inventory system. What is the value of ending inventory using FIFO? $97,500 300 400 900 500 None of the other alternatives are correct