The following data was obtained from the records of ABC Inc., for the current year. Salesduring the year were 201 units. (SHOW YOUR WORK)Jan 1, 2021Jan 11, 2021Jan 23, 2021January 31Beginning InventoryPurchasesPurchases80 units at $865 units at $1055 units at $1253 units at $14PurchasesRequired: Calculate the cost of the ENDING INVENTORY and the COST OF GOODSSOLD using:a) FIFOb) LIFOc) Prepare an income statement using the FIFO method for inventory valuation. Saleswere $5000 and operating expenses were $2,000. The income tax rate is 25%.

First, we need to calculate the total units and total cost of the inventory. The total units are the…

Answered: The following data was obtained from…

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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Can you please explain how to get the Cost of Goods Solds category using LIFO?
Haresh
The following data are available for Sellco for the fiscal year ended on January 31, 2020: Sales 830 units Beginning inventory 230 units @ $ 4 Purchases, in chronological order 290 units @ $ 5 450 units @ $ 7 250 units @ $ 7 Required:a. Calculate cost of goods sold and ending inventory under the cost flow assumptions, FIFO, LIFO and Weighted average (using a periodic inventory system): (Round unit cost to 2 decimal places.) b. Assume that net income using the weighted-average cost flow assumption is $15,300. Calculate net income under FIFO and LIFO. (Round unit cost to 2 decimal places.)
You have the following information for Bramble Inc. for the month ended October 31, 2022. Bramble uses a periodic method for inventory. Date Description Units Unit Cost or Selling Price Oct. 1 Beginning inventory 54 $23 Oct. 9 Purchase 132 25 Oct. 11 Sale 108 34 Oct. 17 Purchase 103 26 Oct. 22 Sale 55 39 Oct. 25 Purchase 65 28 Oct. 29 Sale 121 39
Fill in the table. Determine the cost assigned to ending inventory and to cost of goods sold using weighted average.
Help please
Givens Company uses a periodic inventory system.Its records show the following for the month of december 2019,in which 68 units were sold at$100 per unit. Units Units Cost Total Cost December 1 Beginning inventory 30 $9 $270 15 Purchase 25 $11 $275 24 Purchase 35 $12 $420 Totals 90 $965 Required: (show all calculate the Cost of Goods Sold on December 31,2019 for Given Company using the following cost flow assumptions: a.Calculate the Cost of Goods Sold on December 31,2019 for Given Company using the following cost flow assumptions: i)Weighted Average Cost method and ii) First-In-First-Out(FIFO) method. b.calculate the Gross Profit for the month ended December 31,2019 for Given Company using the following cost flow assumptions: i)Weighted Average Cost method and ii) First-In-First-Out(FIFO) method.
From the following, calculate the cost of ending inventory and cost of goods sold for the FIFO method, ending inventory is 54 units. Note: Round your answers to the nearest cent. Beginning inventory and purchases January 1 April 10 May 15 July 22 August 19 September 30 November 10 December 15 Cost of ending inventory Cost of goods sold Units 4 11 11 16 EX 17 21 31 17 Unit cost $ 2.50 3.00 3.50 3.75 4.50 4.70 4.90 5.30
The following data are available for Sellco for the fiscal year ended on January 31, 2020: Sales 840 units Beginning inventory 250 units @ $ 4 Purchases, in chronological order 320 units @ $ 5 410 units @ $ 6 200 units @ $ 7 Required:a. Calculate cost of goods sold and ending inventory under the cost flow assumptions, FIFO, LIFO and Weighted average (using a periodic inventory system): (Round unit cost to 2 decimal places.) b. Assume that net income using the weighted-average cost flow assumption is $12,300. Calculate net income under FIFO and LIFO. (Round unit cost to 2 decimal places.)
Consider the following information for Maynor Company, which uses a periodic inventory system: Transaction Beginning Inventory Unit Cost Total Cost $ 80 $ 2,400 Purchase 86 3,440 Purchase 90 Purchase 96 January 1 March 28 August 22 October 14 Goods Available for Sale Units 30 40 60 65 195 a. FIFO b. LIFO c. Weighted Average 5,400 6,240 $ 17,480 The company sold 65 units on May 1 and 60 units on October 28. Required: Calculate the company's ending inventory and cost of goods sold using the each of following inventory costing methods.
Calculate the cost of goods sold dollar value for A66 Company for the month, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for last-in, first-out (LIFO). Number of Units Unit Cost Sales $50 Beginning inventory Purchased Sold Sold Ending inventory Beginning Purchase. Sale Sale 880 Number of units 400 350 760 Cost of Goods Purchased Unit Cost 52 Total Purchases $100 110 Total Cost LIFO (perpetual) Inventory Cost of Goods Sold Number of units 000¹ Unit Cost Total COGS Total Cost $ Cost of Inventory Remaining Number of units 0000 Unit Cost 000000 Total Cost
The records of Earthly Goods provided the following Information for the year ended December 31, 2020. At Cost At Retail $ 521, 350 $ 977,150 6,448, 700 129, 350 5,595, 700 January 1 beginning inventory Purchases 4,138, 245 Purchase returns 62, 800 Sales Sales returns 49, 600 Requlred: 1. Prepare an estimate of the company's year-end Inventory by the retall method. (Round all calculations to two decimal places.) EARTHLY GOODS Estimated Inventory December 31, 2020 At Cost At Retail Goods available for sale: Goods available for sale Cost to retail ratio Estimated ending inventory at cost

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