Suppose that Target Corporation uses the periodic inventory system to account for inventories and has the following information at October 31. October 1 Beginning inventory 400 units $12.00 - $4,800 8 Purchase 800 units $12.40 - 9,920 16 Purchase 600 units @ $12.80 = 7,680 24 Purchase Total units and cost 200 units @ $13.60 = 2,000 units 2,720 $25,120 (a) Determine the ending inventory using the FIFO cost assumption if 500 units remain on hand at October 31. Ending inventory $

Suppose that Target Corporation uses the periodic inventory system to account for inventories and has the following information at October 31. October 1 Beginning inventory 400 units $12.00 - $4,800 8 Purchase 800 units $12.40 - 9,920 16 Purchase 600 units @ $12.80 = 7,680 24 Purchase Total units and cost 200 units @ $13.60 = 2,000 units 2,720 $25,120 (a) Determine the ending inventory using the FIFO cost assumption if 500 units remain on hand at October 31. Ending inventory $

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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Sunland Industries has the following inventory information. July 1 Beginning Inventory 35 units at $130 Purchases 260 units at $111 14 Sale 180 units 21 Purchases 100 units at $120 30 Sale 160 units Assuming that a periodic inventory system is used, what is the amount allocated to ending inventory on a LIFO basis? $6770 $29230 $29210 $6600
From the following, calculate the cost of ending inventory and cost of goods sold for the LIFO method, ending inventory is 50 units. Note: Round your answers to the nearest cent. Beginning inventory and purchases January 1 April 101 May 15 July 22 August 19 September 30 November 10 December 15. 5 Cost of ending inventory Cost of goods sold 10 12 15 18. 20 32 16 THIE cont $1.40 1.90 2.40 2.65 3.40 3.60 3.80 4.20 Answer is complete but not entirely correct. $ $ 204.75 365.40
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You have the following information for Bramble Inc. for the month ended October 31, 2022. Bramble uses a periodic method for inventory. Date Description Units Unit Cost or Selling Price Oct. 1 Beginning inventory 54 $23 Oct. 9 Purchase 132 25 Oct. 11 Sale 108 34 Oct. 17 Purchase 103 26 Oct. 22 Sale 55 39 Oct. 25 Purchase 65 28 Oct. 29 Sale 121 39
Use this inventory information for the month of March to answer the following questions. Assuming that a periodic inventory system is used, what is ending inventory (rounded) under theaverage-cost method? What is cost of goods sold on a FIFO basis? What is ending inventory under the LIFO method?
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Beginning inventory, purchases, and sales for Item XJ-56 are as follows: May 1 Beginning inventory 90 units @ $36 each May 6 Sold 75 units @ $50 each May 15 Purchased 125 units @ $38 each May 24 Sold 80 units @ $51 each What is the cost of goods sold for May using a LIFO inventory costing method in a perpetual inventory system? Please show all calculations in order to receive credit.
Perpetual Inventory Using Weighted Average Beginning inventory, purchases, and sales for WCS12 are as follows: Oct. 1 Inventory 310 units at $12 13 Sale 150 units 22 Purchase 340 units at $14 29 Sale 400 units a. Assuming a perpetual inventory system and using the weighted average method, determine the weighted average unit cost after the October 22 purchase. Round your answer to two decimal places.$fill in the blank 1per unit b. Assuming a perpetual inventory system and using the weighted average method, determine the cost of goods sold on October 29. Round your "average unit cost" to two decimal places.$fill in the blank 2 c. Assuming a perpetual inventory system and using the weighted average method, determine the inventory on October 31. Round your "average unit cost" to two decimal places.$fill in the blank 3
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