The company uses the specific identification cost method for inventory valuation. Calculate the cost of goods sold, and the value of ending inventory for January. AJ, a bookseller, had the following transactions during the month of January 2019 and uses the perpetual inventory system.DateTransactionPurchasesSalesBalanceQuantity Cost Quantity Cost Quantity CostJan 1$0Jan 1 Bought 10 novels at $30 each.Jan 3 Bought 18 bags at $48 each.10$3010$3010$3018$4818$48Jan 9 Sold 6 novels.$304$3018$48Jan 18 Bought 30 pencil cases at $9 each.4$3018$4830$930$9Jan 24 Sold 14 bags.4$3014$484$4830$9

Name: The company uses the specific identification cost method for inventory
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: The company uses the specific identification cost method for inventory valuation. Calculate the cost of goods sold, and the value of ending inventory for January. AJ, a bookseller, had the following transactions during the month of January 2019 and u

Purchases Sales Balance Date Quantity Unit Cost Value Quantity Unit Cost Value Quantity Unit…

Answered: The company uses the specific…

Business

Accounting

The company uses the specific identification cost method for inventory valuation. Calculate the cost of goods sold, and the value of ending inventory for January.

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

Subject - account Please help me. Thankyou.
Use FIFO to determine the cost of the ending inventory. Assume 35 FitBits in inventory at the end of the year. b. What was the Cost of Goods Sold (COGS)?
You have the following information for Coronado Industries for the month ended October 31, 2022. Coronado Industries uses a periodic method for inventory. Date Description Units Unit Cost or Selling Price Oct. 1 Beginning inventory 60 $26 Oct. 9 Purchase 119 28 Oct. 11 Sale 94 36 Oct. 17 Purchase 102 29 Oct. 22 Sale 59 41 Oct. 25 Purchase 67 31 Oct. 29 Sale 110 41 Calculate ending inventory, cost of goods sold, gross profit under each of the following methods. 1. FIFO 2. LIFO 3. Average-cost
The list of items that may or may not be reported as inventory in a company's December 31 financial position is presented below. Indicate which of these items would typically be reported as inventory in the financial statements. If an item is not reported as inventory, indicate how it should be reported in the financial statements. 1.Costs identified with units completed by a manufacturing firm but not yet sold. 2.Goods sold f.o.b. destination that is in transit at December 31.3.Short-term investment is stocks and bonds that will. Be resold in the near future.
Illumination Corporation operates one central plant that has two divisions, the Flashlight Division and the Night Light Division. The following data apply to the coming budget year Budgeted costs of operating the plant for 2,000 to 3,000 hours: Fixed operating costs per year Variable operating costs Budgeted long-run usage per year Flashlight Division Night Light Division Practical capacity $500,000 OA. $500,000 B. $625.000 OC. $600,000 D. $650,000 $500 per hour 2,000 hours 1,000 hours 4,000 hours Assume that practical capacity is used to calculate the allocation rates Actual usage for the year by the Flashlight Division was 1,500 hours and by the Night Light Division was 800 hours If a dual-rate cost-allocation method is used, what amount of operating costs will be budgeted for the Night Light Division?
Consider the following information for Maynor Company, which uses a periodic Inventory systern: January 1 March 28 August 22 October 14 Goods Available for Sale The company sold 25 units on May 1 and 20 units on October 28. Transaction Beginning Inventory Purchase Purchase Purchase a. FIFO b. LIFO c. Weighted Average Complete this question by entering your answers in the tabs below. Required A Required B Required C Required: Calculate the company's ending inventory and cost of goods sold using the each of following inventory costing methods. Ending Inventory Cost of Goods Sold CICLOS
Ch 9 Problem Set B Problem 9-1 Part B The company uses the perpetual inventory method. It began the month of March with 100 units of inventory, at a unit cost of $55. Purchases during March March 5, 60 units at $60 each. March 18, 200 units at $65 each March 29, 40 units at $75 each. Sales during March March 12, 60 units. March 25, 210 units. All units were sold to customer for $100 each. 1. Use the following format to set up this inventory costing problem, as shown in Video #2. Inventory Date Units Cost per Total Cost Date Units Total Cost Unit Beg Balance Units Cost Beginning Balance + Purchases Goods Available for Sale - Sold Ending Balance
is this correct?
Patterson Company has the following items at year-end. Identify which items should be included in Patterson's year-end inventory count. 1. Goods held on consignment by Sell For You Company. 2. Goods held by Patterson on consignment that will be sold for another company. 3. Goods in transit sent to a client F.O.B. shipping point. 4. Goods in transit sent to a client F.O.B. destination. 01 & 4 01, 2, 3, & 4 01, 2, & 4 01 & 3
Scrappers Supplies tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period, as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31. Transactions Beginning inventory, January 1 Transactions during the year: a. Purchase on account, March 2 b. Cash sale, April 1 ($46 each) c. Purchase on account, June 30 d. Cash sale, August 1 ($46 each) Units Unit Cost 160 $ 30 32 210 (60) 36 280 (310) TIP: Although the purchases and sales are listed in chronological order, Scrappers determines the cost of goods sold after all of the purchases have occurred. Required: 1. Compute the cost of goods available for sale, cost of ending inventory, and cost of goods sold at December 31 under each of the following inventory costing methods: (Round "Cost per Unit" to 2 decimal places.) a. Last-in, first-out. b.…
Records from FDNACCT Co. revealed the following data: Inventory, January 1 = P340,000 Physical count, December 31 = P440,000 The company uses the periodic inventory system and follows the calendar year. How much should be credited to Income Summary to reflect the ending inventory?
Please see image