Required information[The following information applies to the questions displayed below.]Sylvester has a bird shop that sells canaries. Sylvester maintains accurate records on the number of birds purchased fromits suppliers and the number sold to customers. The records show the following purchases and sales during 2021.Cost perUnitDateTransactionsUnitsTotal CostBeginning inventoryPurchasePurchase$ 28$1,036January 1April 14August 22October 293768302,0403,77611832Purchase83342,822306$9,674Sales ($48 each)272Jan. 1-Dec. 31Sylvester uses a periodic inventory system and believes there are 34 birds remaining in ending inventory. However,Sylvester neglects to make a final inventory count at the end of the year. An employee accidentally left one of the cagesopen one night and 10 birds flew away, leaving only 24 birds in ending inventory. Sylvester is not aware of the lostcanariesRequired:1. What amount will Sylvester calculate for ending inventory and cost of goods sold using FIFO, assuming he erroneously believes 34canaries remain in ending inventory?Ending inventoryCost of goods sold

Sylvester has a bird shop that sells canaries. Sylvester maintains accurate records on the number of birds purchased from its suppliers and the number sold to customers. The records show the following purchases and sales during 2021. Cost per Unit $ 28 Date Transactions Units Total Cost January 1 April 14 August 22 October 29 Beginning inventory Purchase 37 $1,036 2,040 3,776 2,822 68 30 Purchase 118 32 Purchase 83 34 306 $9,674 Jan. 1-Dec. 31 Sales ($48 each) 272 Sylvester uses a periodic inventory system and believes there are 34 birds remaining in ending inventory. However, Sylvester neglects to make a final inventory count at the end of the year. An employee accidentally left one of the cages open one night and 10 birds flew away, leaving only 24 birds in ending inventory. Sylvester is not aware of the lost canaries Required: 1. What amount will Sylvester calculate for ending inventory and cost of goods sold using FIFO, assuming he erroneously believes 34 canaries remain in ending inventory? Ending inventory Çost of goods sold

Sylvester has a bird shop that sells canaries. Sylvester maintains accurate records on the number of birds purchased from its suppliers and the number sold to customers. The records show the following purchases and sales during 2021. Cost per Unit $ 28 Date Transactions Units Total Cost January 1 April 14 August 22 October 29 Beginning inventory Purchase 37 $1,036 2,040 3,776 2,822 68 30 Purchase 118 32 Purchase 83 34 306 $9,674 Jan. 1-Dec. 31 Sales ($48 each) 272 Sylvester uses a periodic inventory system and believes there are 34 birds remaining in ending inventory. However, Sylvester neglects to make a final inventory count at the end of the year. An employee accidentally left one of the cages open one night and 10 birds flew away, leaving only 24 birds in ending inventory. Sylvester is not aware of the lost canaries Required: 1. What amount will Sylvester calculate for ending inventory and cost of goods sold using FIFO, assuming he erroneously believes 34 canaries remain in ending inventory? Ending inventory Çost of goods sold

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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REI sells snowboards. Assume the following information relates to REI's purchases of snowboards during September. During the same month, 106 snowboards were sold. REI uses a periodic inventory system. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 Explanation Units Unit Cost Inventory Purchases Purchases Purchases Totals 15 42 57 21 135 $100 103 104 105 Total Cost $1,500 4,326 5,928 2,205 $13,959
Required information [The following information applies to the questions displayed below.] Sylvester has a bird shop that sells canaries. Sylvester maintains accurate records on the number of birds purchased from its suppliers and the number sold to customers. The records show the following purchases and sales during 2021. Cost per Unit Date Transactions Units Total Cost Beginning inventory Purchase $ 28 $1,036 January 1 April 14 August 22 October 29 37 2,040 3,776 2,822 68 30 Purchase Purchase 118 32 83 34 306 $9,674 Jan. 1-Dec. 31 Sales ($48 each) 272 Sylvester uses a periodic inventory system and believes there are 34 birds remaining in ending inventory. However, Sylvester neglects to make a final inventory count at the end of the year. An employee accidentally left one of the cages open one night and 10 birds flew away, leaving only 24 birds in ending inventory. Sylvester is not aware of the lost canaries 3. What effect will the inventory error have on and (d) net income (ignoring…
Buffalo Corp. sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Buffalo Corp.’s purchases of EZslide snowboards during September. During the same month, 103 EZslide snowboards were sold. Buffalo Corp. uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 14 $110 $ 1,540 Sept. 12 Purchases 50 113 5,650 Sept. 19 Purchases 54 114 6,156 Sept. 26 Purchases 22 115 2,530 Totals 140 $15,876 (a) Compute the ending inventory at September 30 using the FIFO, LIFO and average-cost methods. (Round average cost per unit to 3 decimal places, e.g. 125.153 and final answers to 0 decimal places, e.g. 125.) FIFO LIFO AVERAGE-COST The ending inventory at September 30 $Enter a dollar amount $Enter a dollar amount $Enter a dollar amount (b) Compute the…
Luther has a bird shop that sells canaries. Luther maintains accurate records on the number of birds purchased from its suppliers and the number sold to customers. The records show the following purchases and sales during 2024. Date Transactions Units Unit Cost Total Cost January 1 Beginning inventory 33 $38 $1,254 April 14 Purchase 78 40 3, 120 August 22 Purchase 128 42 5, 376 October 29 Purchase 93 44 4,092 332 $13,842 January 1 to December 31 Sales ($58 each) 278 Luther uses a periodic inventory system and believes there are 54 birds remaining in ending inventory. However, Luther neglects to make a final inventory count at the end of the year. An employee accidentally left one of the cages open one night and 10 birds flew away, leaving only 44 birds in ending inventory. Luther is not aware of the lost canaries. 1. What amount will Luther calculate for ending inventory and cost of goods sold using FIFO, assuming he erroneously believes 54 canaries remain in ending inventory?
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