TB MC Qu. 8-72 (Algo) Fulbright Corporation uses the periodic inventory... Fulbright Corporation uses the periodic inventory system. During its first year of operations, Fulbright made the following purchases (listed in chronological order of acquisition): . 41 units at $102 per unit .74 units at $86 per unit • 173 units at $65 per unit Sales for the year totaled 275 units, leaving 13 units on hand at the end of the year. Ending inventory using the FIFO method is: Multiple Choice O C $1,326. $895. $845. 20 gad < Prev F6 12 of 16 = 8 F7 Next DII FB AD F9 E

TB MC Qu. 8-72 (Algo) Fulbright Corporation uses the periodic inventory... Fulbright Corporation uses the periodic inventory system. During its first year of operations, Fulbright made the following purchases (listed in chronological order of acquisition): . 41 units at $102 per unit .74 units at $86 per unit • 173 units at $65 per unit Sales for the year totaled 275 units, leaving 13 units on hand at the end of the year. Ending inventory using the FIFO method is: Multiple Choice O C $1,326. $895. $845. 20 gad < Prev F6 12 of 16 = 8 F7 Next DII FB AD F9 E

Name: TB MC Qu. 8-72 (Algo) Fulbright Corporation uses the periodic invento
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: TB MC Qu. 8-72 (Algo) Fulbright Corporation uses the periodic inventory...Fulbright Corporation uses the periodic inventory system. During its first year of operations, Fulbright made the following purchases (listed inchronological order of acquisit

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

thank you!
FIFO and LIFO costs under perpetual inventory system The following units of an item were available for sale during the year: Beginning inventory 23 units at $42 Sale 20 units at $67 First purchase 22 units at $43 Sale 17 units at $67 Second purchase 17 units at $44 Sale 13 units at $68 The firm uses the perpetual inventory system, and there are 12 units of the item on hand at the end of the year. a. What is the total cost of the ending inventory according to FIFO? b. What is the total cost of the ending inventory according to LIFO?
FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 30 units at $43 Sale 21 units at $65 First purchase. 16 units at $46 Sale 13 units at $65 Second purchase 20 units at $47 Sale 17 units at $67 The firm uses the perpetual inventory system, and there are 15 units of the item on hand at the end of the year. a. What is the total cost of the ending inventory according to FIFO? b. What is the total cost of the ending inventory according to LIFO?
Required Information [The following information applies to the questions displayed below.] During the year, TRC Corporation has the following inventory transactions. Total Cost $ 3,120 Date Transaction Number of Units Unit Cost Jan. 1 Beginning inventory Apr. 7 Purchase 60 $ 52 140 54 7,560 Jul.16 Purchase 210 57 11,978 Oct. 6 Purchase 120 58 6,960 530 $29,610 For the entire year, the company sells 450 units of inventory for $70 each. 2. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. LIFO Beginning Inventory Ending Inventory Ending Cost of Goods Available for Sale Cost of Goods Sold # of units Cost per Cost of Goods # of units unit Available Cost per unit Cost of Goods Sold # of units for Sale 60 $ 52 $ 3,120 60 S 52 S 3.120 60 S 52 $ 3,120 Cost per unit Inventory Purchases: Apr 07 140 S 54 7,560 120 $ 54 6,480 20 $ 54 1,080 Jul 16 210 S 57 11,970 210 $ 57 11.970 Oct 06 120 S 58 Total 530 $ 6,960 29.610 120 $ 58 6,960 450 $ 25,410 80 $…
FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 30 units at $48 Sale 22 units at $74 First purchase 23 units at $51 Sale 14 units at $76 Second purchase 30 units at $52 Sale 24 units at $77 The firm uses the perpetual inventory system, and there are 23 units of the item on hand at the end of the year. a. What is the total cost of the ending inventory according to FIFO? b. What is the total cost of the ending inventory according to LIFO?
there are two parts to one question. thank you so much!
Required information [The following information applies to the questions displayed below.] Hemming Company reported the following current-year purchases and sales for its only product. Date January 1 January 10 March 14 March 151 July 30 October 5 October 26 Activities beginning inventory Sales Purchase Sales Purchase Sales Purchase Totals Required: Hemming uses a perpetual inventory system. Units Acquired at Cost $11.40- 235 units 360 units 435 units 135 units 1,165 units $16.40- $21.40- $26.40- $ 2,679 5,904 9,309 3,564 $ 21,456 1. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. 2. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. 3. Compute the gross profit for FIFO method and LIFO method. Units Sold at Retail 170 units 290 units 410 units 870 units $41.40 $41.40 @$41.40
Taraz Company started a business at the beginning of Year 1. Inventory purchases and sales during the first four years of the company's business are as follows: Year 1 Year 2 Year 3 Year 4 Units Purchased 100 50 200 200 Cost per Unit $1.00 1.50 2.50 5.00 Units Sold 30 100 150 160 Taraz Company uses LIFO inventory valuation. 13. Compute Taraz Company's ending inventory as of the end of Year 4. [Note: Your answer should be in dollars, NOT in units.]
FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 34 units at $48 Sale 31 units at $70 First purchase 39 units at $50 Sale 31 units at $71 Second purchase 16 units at $52 Sale 11 units at $73 The firm uses the perpetual inventory system, and there are 16 units of the item on hand at the end of the year. a. What is the total cost of the ending inventory according to FIFO? $4 b. What is the total cost of the ending inventory according to LIFO? $
FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 24 units at $42 7 units at $65 Sale First purchase 32 units at $45 Sale 31 units at $66 Second purchase 25 units at $48 20 units at $66 Sale The firm uses the perpetual inventory system, and there are 23 units of the item on hand at the end of the year. a. What is the total cost of the ending inventory according to FIFO? 1,104 V b. What is the total cost of the ending inventory according to LIFO? X
Qq.12. Subject :- Account
FIFO and LIFO costs under perpetual inventory system The following units of an item were available for sale during the year: Beginning inventory 22 units at $45 15 units at $63 26 units at $48 Sale First purchase Sale Second purchase Sale The firm uses the perpetual inventory system, and there are 16 units of the item on hand at the end of the year. a. What is the total cost of the ending inventory according to FIFO? 18 units at $65 16 units at $50 15 units at $67 b. What is the total cost of the ending inventory according to LIFO?