The 123 Accounting Company sells accounting videos. The following information has been extracted from the records of 123 Accounting Co. January 1: Opening Inventory is 60 units @ $10/each January 10: Bought 100 units @ $11 each January 15: Bought 100 units @ $13 each January 20: Sold 220 units @ $20 each January 25: Bought 40 units @ $15 each If 123 Accounting uses the LIFO cost flow assumption and the periodic method for inventory, the ending inventory for January, is

The 123 Accounting Company sells accounting videos. The following information has been extracted from the records of 123 Accounting Co. January 1: Opening Inventory is 60 units @ $10/each January 10: Bought 100 units @ $11 each January 15: Bought 100 units @ $13 each January 20: Sold 220 units @ $20 each January 25: Bought 40 units @ $15 each If 123 Accounting uses the LIFO cost flow assumption and the periodic method for inventory, the ending inventory for January, is

Name: The 123 Accounting Company sells accounting videos. The following inf
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Description: The 123 Accounting Company sells accounting videos. The following information has been extracted from the records of 123 Accounting Co.January 1: Opening Inventory is 60 units @ $10/eachJanuary 10: Bought 100 units @ $11 eachJanuary 15: Bought 100 u

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 reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 360 units. Ending inventory at January 31 totals 130 units. Unit Cost Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units 320 70 100 $3.10 3.30 3.40 Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on LIFO. Perpetual LIFO: Goods purchased Cost of Goods Sold Inventory Balance # of units sold Cost per Cost of Goods unit # of Cost per unit Cost per Inventory Balance Date # of units units Sold unit January 1 January 9 January 25 January 26 Totals
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Alrcard Corporation tracks the number of units purchased and sold throughout each accounting perlod but applies its Inventory costing method at the end of each perlod as if it uses a perlodic Inventory system. The following are the transactions for the month of July. Units 2,800 1,000 6,000 3,eee 8,e00 Unit Cost July 1 July 5 July 13 July 17 July 25 July 27 Beginning Inventory Sold $ 25 Purchased 29 Sold Purchased 31 Sold 5,eee Calculate the cost of goods available for sale, ending Inventory, and cost of goods sold if Aircard uses (a) FIFO. (b) LIFO. or (c) welghted average cost. (Round "Cost per Unit" to 2 decimal places.) Weighted Average Cost FIFO LIFO Cost of Goods Available for Sale Ending Inventory Cost of Goods Sold
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A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 440 units. Ending inventory at January 31 totals 170 units. Units Unit Cost Beginning inventory on January 1 400 $ 3.90 Purchase on January 9 90 4.10 Purchase on January 25 120 4.20 Required:Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. (Round your per unit costs to 2 decimal places.) SEE PICTURE!