Texas Petrochemical reported the following April activity for its VC-30 lubricant, which had a balance of 300 quarts @ $2.40 per quart on April 1. Purchases: Sales: April 10 500 quarts @ $2.50 April 3 200 quarts April 14 400 quarts @ $2.60 April 12 500 quarts April 20 400 quarts @ $2.65 April 26 300 quarts The ending inventory assuming LIFO and a periodic inventory system is:

Texas Petrochemical reported the following April activity for its VC-30 lubricant, which had a balance of 300 quarts @ $2.40 per quart on April 1. Purchases: Sales: April 10 500 quarts @ $2.50 April 3 200 quarts April 14 400 quarts @ $2.60 April 12 500 quarts April 20 400 quarts @ $2.65 April 26 300 quarts The ending inventory assuming LIFO and a periodic inventory system is:

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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A company reported the following June activity for its VC-30 lubricant, which had a balance of 310 qts. @ $2.60 per quart on June 1. Purchases: Jun. 10 510 qts @ $2.70 Jun. 14 410 qts @ $2.80 Jun. 20 410 qts @ $2.85 Sales: Jun. 3 220 qts Jun. 12 510 qts Jun. 26 310 qts What is the ending inventory assuming LIFO and a periodic inventory system?
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At the beginning of November, Yoshi Inc.’s inventory consists of 67 units with a cost per unit of $96. The following transactions occur during the month of November. November 2 Purchase 75 units of inventory on account from Toad Inc. for $100 per unit, terms 1/10, n/30. November 3 Pay cash for freight charges related to the November 2 purchase, $150. November 9 Return 25 defective units from the November 2 purchase and receive credit. November 11 Pay Toad Inc. in full. November 16 Sell 100 units of inventory to customers on account, $12,300. [Hint: The cost of units sold from the November 2 purchase includes $100 unit cost plus $3 per unit for freight less $1 per unit for the purchase discount, or $102 per unit.] November 20 Receive full payment from customers related to the sale on November 16. November 21 Purchase 53 units of inventory from Toad Inc. for $106 per unit, terms 3/10, n/30. November 24 Sell 65 units of inventory to…
On November 1, Lacy Company began business with the purchase of 250 units of inventory for $21,625. During the month, Lacy had the following inventory transactions: Date November 6 Purchased 100 units @ $75 per unit 11 Sold 200 units 17 Sold 85 units 24 Purchased 100 units @ $125 per unit 28 Purchased 50 units @ $110 per unit 30 Sold 100 units Required:Compute the cost of the inventory at the end of November under the following alternatives: Inventory Cost a. FIFO periodic $fill in the blank 1 b. FIFO perpetual $fill in the blank 2 c. LIFO periodic $fill in the blank 3 d. LIFO perpetual $fill in the blank 4 e. Weighted average $fill in the blank 5 f. Moving average (Round unit costs to 2 decimal places.) $fill in the blank 6
At the beginning of November, Yoshi Inc.’s inventory consists of 64 units with a cost per unit of $96. The following transactions occur during the month of November. November 2 Purchase 80 units of inventory on account from Toad Inc. for $100 per unit, terms 1/10, n/30. November 3 Pay cash for freight charges related to the November 2 purchase, $320. November 9 Return 16 defective units from the November 2 purchase and receive credit. November 11 Pay Toad Inc. in full. November 16 Sell 100 units of inventory to customers on account, $12,600. [Hint: The cost of units sold from the November 2 purchase includes $100 unit cost plus $5 per unit for freight less $1 per unit for the purchase discount, or $104 per unit.] November 20 Receive full payment from customers related to the sale on November 16. November 21 Purchase 56 units of inventory from Toad Inc. for $106 per unit, terms 3/10, n/30. November 24 Sell 70 units of inventory to…
At the beginning of November, Yoshi Inc.’s inventory consists of 64 units with a cost per unit of $96. The following transactions occur during the month of November. November 2 Purchase 80 units of inventory on account from Toad Inc. for $100 per unit, terms 1/10, n/30. November 3 Pay cash for freight charges related to the November 2 purchase, $320. November 9 Return 16 defective units from the November 2 purchase and receive credit. November 11 Pay Toad Inc. in full. November 16 Sell 100 units of inventory to customers on account, $12,600. [Hint: The cost of units sold from the November 2 purchase includes $100 unit cost plus $5 per unit for freight less $1 per unit for the purchase discount, or $104 per unit.] November 20 Receive full payment from customers related to the sale on November 16. November 21 Purchase 56 units of inventory from Toad Inc. for $106 per unit, terms 3/10, n/30. November 24 Sell 70 units of inventory to customers for cash, $7,700. (Note:…
At the beginning of November, Yoshi Inc.’s inventory consists of 64 units with a cost per unit of $96. The following transactions occur during the month of November. November 2 Purchase 80 units of inventory on account from Toad Inc. for $100 per unit, terms 1/10, n/30. November 3 Pay cash for freight charges related to the November 2 purchase, $320. November 9 Return 16 defective units from the November 2 purchase and receive credit. November 11 Pay Toad Inc. in full. November 16 Sell 100 units of inventory to customers on account, $12,600. [Hint: The cost of units sold from the November 2 purchase includes $100 unit cost plus $5 per unit for freight less $1 per unit for the purchase discount, or $104 per unit.] November 20 Receive full payment from customers related to the sale on November 16. November 21 Purchase 56 units of inventory from Toad Inc. for $106 per unit, terms 3/10, n/30. November 24 Sell 70 units of inventory to…
At the beginning of November, Yoshi Inc.’s inventory consists of 64 units with a cost per unit of $96. The following transactions occur during the month of November. November 2 Purchase 80 units of inventory on account from Toad Inc. for $100 per unit, terms 1/10, n/30. November 3 Pay cash for freight charges related to the November 2 purchase, $320. November 9 Return 16 defective units from the November 2 purchase and receive credit. November 11 Pay Toad Inc. in full. November 16 Sell 100 units of inventory to customers on account, $12,600. [Hint: The cost of units sold from the November 2 purchase includes $100 unit cost plus $5 per unit for freight less $1 per unit for the purchase discount, or $104 per unit.] November 20 Receive full payment from customers related to the sale on November 16. November 21 Purchase 56 units of inventory from Toad Inc. for $106 per unit, terms 3/10, n/30. November 24 Sell 70 units of inventory to…
At the beginning of November, Yoshi Inc.'s inventory consists of 69 units with a cost per unit of $94. The following transactions occur during the month of November. November 2 Purchase 85 units of inventory on account from Toad Inc. for $100 per unit, terms 3/10, n/30. November 3 Pay cash for freight charges related to the November 2 purchase, $340. November 9 Return 17 defective units from the November 2 purchase and receive credit. November 11 Pay Toad Inc. in full. November 16 Sell 100 units of inventory to customers on account, $12,100. (Hint: The cost of units sold from the November 2 purchase includes $100 unit cost plus $5 per unit for freight loss $3 per unit for the purchase discount, or $102 per unit.) November 20 Receive full payment from customers related to the sale on November 16. November 21 Purchase 51 units of inventory from Toad Inc. for $104 per unit, terms 2/10, n/30. November 24 Sell 60 units of inventory to customers for cash, $7,200. (Note: For calculating the…
At the beginning of October, Bowser Company's inventory consists of 68 units with a cost per unit of $32. The following transactions occur during the month of October. October 4 Purchase 112 units of Inventory on account from Waluigi Company for $50 per unit, terms 2/10, n/30. October 5 Pay cash for freight charges related to the October 4 purchase, $552. October 9 Return 20 defective units from the October 4 purchase and receipt of credit. October 12 Pay Waluigi Company in full. October 15 Sell 142 units of inventory to customers on account, $11,360. (Hint: The cost of units sold from the October 4 purchase includes $50 unit cost plus $6 per unit for freight less $1 per unit for the purchase discount, or $55 per unit.) October 19 Receive full payment from customers related to the sale on October 15. October 20 Purchase 82 units of inventory from Waluigi Company for $52 per unit. October 22 Sell 82 units of inventory to customers for cash, $6,560. Required: 1. Assuming that Bowser…
Sunland Company had a beginning inventory on January 1 of 180 units of Product 4-18-15 at a cost of $20 per unit. During the year, purchases were as follows. Mar. 15 400 units at $23 Sept. 4 320 units at $26 July 20 200 units at $24 Dec. 2 100 units at $30 Sunland Company uses a periodic inventory system. Sales totaled 990 units. Which cost flow method results in the highest inventory amount for the balance sheet? The highest cost of goods sold for the income statement? results in the highest inventory amount, $ produces the highest cost of goods sold, $
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