The following data are available for Sellco for the fiscal year ended on January 31, 2020:Sales810 unitsBeginning inventory290 units @ $4Purchases, in chronological order340 units @ $5410 units @ $6190 units @ $7Required:a. Calculate cost of goods sold and ending inventory under the cost flow assumptions, FIFO, LIFO and Weighted average (using aperiodic inventory system): (Round unit cost to 2 decimal places.)FIFOLIFOWeighted averageCost of Goods Sold Ending Inventoryb. Assume that net income using the weighted-average cost flow assumption is $14,200. Calculate net income under FIFO and LIFO.(Round unit cost to 2 decimal places.)Net IncomeFIFOLIFO

Weighted AverageCalculate the weighted average cost per unit:Total cost of goods available for sale:…

Answered: The following data are available for…

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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You have the following information for Carla Vista Inc. for the month ended October 31, 2025. Carla Vista uses a periodic system for inventory. Date Description Units Unit Cost or Selling Price Oct. 1 Beginning inventory 55 $26 Oct. 9 Purchase 130 28 Oct. 11 Sale 95 45 Oct. 17 Purchase 95 29 Oct. 22 Sale 55 50 Oct. 25 Purchase 65 31 Oct. 29 Sale 105 50 (a1) (a2) Calculate ending inventory, cost of goods sold, and gross profit under each of the following methods. 1. LIFO. 2. FIFO. 3. Average-cost. (Round answers to 0 decimal places, e.g. 125.) AVERAGE-COST $ LIFO FIFO Ending inventory $ $ Cost of goods sold $ SA $ $ +A Gross profit $ $ $ +A eTextbook and Media Attempts: 0 of 3 used Submit Answer
Use the weighted-average (AVG) cost allocation method, with perpetual inventory updating, to calculate (a) sales revenue, (b) cost of goods sold, and (c) gross margin for A75 Company, considering the following transactions. Round your intermediate calculations to 2 decimal places and final answers to nearest whole dollar. Numberof Units UnitCost Beginning Inventory 125 $43 Purchased Mar. 2 155 45 Sold Mar. 31 for $75 per unit 84 (a) Sales Revenue $fill in the blank 1 (b) Cost of Goods Sold fill in the blank 2 (c) Gross Margin $fill in the blank 3
During 2021, a company sells 25 units of inventory. The company has the following inventory purchase transactions for 2021: Unit Total Number of Units 20 Date Transaction Cost Cost Jan. 1 Beginning inventory Sep. 8 Purchase $50 68 $1,000 680 10 30 $1,680 Calculate ending inventory and cost of goods sold for 2021 assuming the company uses the weighted-average cost method. (Rour weighted-average unit cost to 4 decimal places. Round your final answers to the nearest dollar amount.) Ending inventory Cost of goods sold
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Inventory data for crane company are reported as follows. Date explanation Units Unit Cost Total Cost June 1 inventory 150 $4 $600 12 purchase 450 5 2250 23 purchase 400 6 2400 30 inventory 80 Assume a sale of 500 units occurred on June 15 for a selling price of $7 and a sale of 420 units on June 27 for $9. Calculate the cost of the ending inventory and the cost of goods sold for each cost flow assumption, using a perpetual inventory system.
Kimberly Young Company was formed on December 1, 2019. The following information is available from Young's inventory records for Product BAP. January 1, 2020 (beginning inventory) Purchases: January 5, 2020 January 25, 2020 February 16, 2020 March 26, 2020 Units 1,680 3,360 3,640 2,240 1,680 Unit Cost $8 9 10 11 12 A physical inventory on March 31, 2020, shows 4,480 units on hand. Prepare schedule to compute the ending inventory at March 31, 2020, under FIFO inventory method. KIMBERLY YOUNG COMPANY COMPUTATION OF INVENTORY FOR PRODUCT BAP UNDER FIFO INVENTORY METHOD March 31, 2020 Units $ Unit Cost $ $ Total Cost
Akira Company had the following transactions for the month. Numberof Units TotalCost Beginning inventory 130 $1,300 Purchased Mar. 31 190 2,280 Purchased Oct. 15 160 2,400 Total goods available for sale 480 5,980 Ending inventory 70 ? Calculate the gross margin for the period for each of the following cost allocation methods, using periodic inventory updating. Assume that all units were sold for $29 each. Round your intermediate calculations to 2 decimal places and final answers to the nearest dollar amount. Gross Margin A. First-in, First-out (FIFO) $fill in the blank 1 B. Last-in, First-out (LIFO) $fill in the blank 2 C. Weighted Average (AVG) $fill in the blank 3
Calculate the cost of goods sold dollar value for A67 Company for the month, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for weighted average (AVG). Round your intermediate calculations to 2 decimal places and final answers to the nearest dollar amount. Numberof Units Unit Cost Sales Beginning inventory 900 $50 Purchased 600 52 Sold 400 $100 Sold 350 110 Ending inventory 750 AVG (perpetual) Inventory Cost of Goods Purchased Cost of Goods Sold Cost of Inventory Remaining Numberof Units Unit Cost Total Cost Numberof Units Unit Cost Total Cost Numberof Units Unit Cost Total Cost Beginning fill in the blank 1 fill in the blank 2 fill in the blank 3 Purchase fill in the blank 4 fill in the blank 5 fill in the blank 6 fill in the blank 7 fill in the blank 8 fill in the blank 9 Sale…
Inventory data for an item for November are: Date Description 1-Nov 4-Nov 15-Nov 17-Nov 28-Nov 30-Nov Beg. Inventory Purchased Sold Purchased Purchased Sold Units and Prices 15 units at $10 each 50 units at $12 each 45 units for $40 each 30 units at $15 each 10 units at $20 each 50 units for $45 each Suppose this company employs a periodic inventory system using Weighted Average assumptions. What is the average cost per unit used for inventory in November? Please round to the penny.
Calculate the cost of goods sold dollar value for B65 Company for the month, considering the following transactions under last-in, first-out (LIFO) cost allocation methods and using perpetual inventory. Beginning inventory Purchased Sold Sold Ending inventory $6,000 $6,975 $0 $5,625 Number of Units 100 80 50 25 105 Unit Cost $66 75 Sales $120 125
Weighted average cost flow method under perptual inventory system. The following units of a particular item were availabe for sale during the calendar year. Jan. 1 Inventory 4,000 units at $20 April 19 Sale 2,500 units June 30 Purchase 6,000 units at $24 Sept. 2 Sale 4,500 units Nov. 15 Purchase 1,000 units at $25 Instructions: The firm uses the weighted averaghe cost method with a perpetual inventory system. Determine the cost of merchandise sold for each sale and the inventory balance after each sale. (chapter 7 question EX 7-9 page 380- immediate accounting I textbook)
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