[The following information applies to the questions displayed below.]A company reports the following beginning inventory and two purchases for the month of January. On January 26, thecompany sells 300 units. Ending inventory at January 31 totals 130 units.Beginning inventory on January 1Purchase on January 9Purchase on January 25Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based onthe LIFO method.DateAssume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based onthe LIFO method.January 1January 9Total January 9January 25Total January 25January 26Total January 26Goods purchasedUnits27060100# of unitsUnit Cost$ 2.502.702.84Cost per # of unitsunitsoldPerpetual LIFO:Cost of Goods SoldCost perunitCost of GoodsSold# of unitsInventory BalanceCost perunitInventoryBalance

[The following information applies to the questions displayed below.] A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 300 units. Ending inventory at January 31 totals 130 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units 270 60 100 Unit Cost $2.50 2.70 2.84 ssume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based e LIFO method. ssume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based e LIFO method.

[The following information applies to the questions displayed below.] A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 300 units. Ending inventory at January 31 totals 130 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units 270 60 100 Unit Cost $2.50 2.70 2.84 ssume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based e LIFO method. ssume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based e LIFO method.

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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Assume that we use a perpetual inventory system and that five identical units are purchased at the following dates and costs: April 5 April 10 $ 10 $ 12 April 15 $14 $ 16 April 20 April 22 $ 17 One unit is sold on April 25. The company uses the last-in, first-out (LIFO) inventory costing method. Identify the cost of the ending inventory on the balance sheet.
Required information [The following information applies to the questions displayed below.] A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 310 units. Ending inventory at January 31 totals 130 units. January 1 Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. Note: Round your per unit costs to 2 decimal places. Date Goods purchased Cost per unit # of units Units 280 60 100 Unit Cost $ 2.60 2.80 2.94 # of units sold Weighted Average-Perpetual: Cost of Goods Sold Cost per Cost of Goods Sold unit # of units Inventory Balance Cost per unit Inventory Balance
Hamilton Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 1: Units Unit Cost Inventory, December 31, prior year 1,930 $ 7 For the current year: Purchase, March 21, 6,080 6 Purchase, August 14, 100 4 Inventory, December 31, current year 2,980 Required: Compute ending inventory and cost of goods sold under FIFO, LIFO, and average cost inventory costing methods.
Can do the FIFO AND THE LIFO and also the weighted average for January 1 January 10 January 20 January 25 January 30 thank you
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[The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 355 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Date January 1 January 10 January 20 January 25 January 30 Activities Beginning inventory Sales Purchase Sales Purchase Totals Units Acquired at Cost 215 units @ $ 14.00 = 160 units 355 units 730 units @ @ $ 13.00 = $ 11.00 = Units sold at Retail $ 3,010 2,080 3,905 $ 8,995 355 units 165 units 190 units @ @ $23.00 $23.00 Required: 1. Compute gross profit for the month of January for Laker Company for the four inventory methods using the periodic inventory system. 2. Which method yields the highest gross profit? 3. Does gross profit using weighted average fall between that using FIFO and LIFO? 4. If costs were…
Haresh
A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 330 units. Ending inventory at January 31 totals 140 units. Units Unit Cost Beginning inventory on January 1 300 $ 2.80 Purchase on January 9 70 3.00 Purchase on January 25 100 3.14 Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method.
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Fill in the table. Determine the cost assigned to ending inventory and to cost of goods sold using weighted average.
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