[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 430 units. Ending inventory at January 31 totals 170 units. Units Unit Cost Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 390 $ 3.80 90 4.00 120 4.10

[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 430 units. Ending inventory at January 31 totals 170 units. Units Unit Cost Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 390 $ 3.80 90 4.00 120 4.10

Name: mationrmation applies to the questions5 the following beginning inven
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Description: mationrmation applies to the questions5 the following beginning inventory andthe month of January. On January 26, the) units. Ending inventory at January 31UnitsUnit Cost$ 3.80:ory on January 1jary 9lary 25390904.001204.10Jal inventory system is use

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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Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each month, as if it uses a periodic inventory system. Assume Oahu Kiki's records show the following for the month of January. Sales totaled 260 units. Beginning Inventory Purchase Purchase Date January 1 January 15 January 24 Units 100 360 240 Unit Cost $ 75 95 115 Total Cost $ 7,500 34,200 27,600 Required: 1. Calculate the number and cost of goods available for sale. 2. Calculate the number of units in ending inventory. 3. Calculate the cost of ending inventory and cost of goods sold using the (a) FIFO, (b) LIFO, and (c) weighted average cost methods.
Calculate January's ending inventory and cost of goods sold for the month using LIFO, perpetual system.
CAISCO Sales Inc. had a beginning inventory of May comprising of 700 units that had a cost of $80/unit. A summary of purchases and sales during the month of May are as follows: Date May 2 May 6 May 10 May 19 May 23 May 30 Units Unit Cost Purchased Units sold $83 $85 $88 Multiple Choice $102,700 $105,600 1,200 $99,600 800 Assume that CAISCO Sales Inc. uses a periodic inventory system. What is the value of ending inventory using FIFO? $97,500 300 400 900 500 None of the other alternatives are correct
1. Calculate January's ending inventory and cost of goods sold for the month using FIFO, periodic system.
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. Units Unit Cost Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 280 $ 2.60 60 2.80 100 2.94 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.) Weighted Average - Perpetual: Cost of Goods Sold Goods purchased Inventory Balance Date # of Cost per unit Cost per unit Cost of Goods Sold # of units units sold Cost per unit Inventory Balance # of units January 1 January 9 Average cost January 9 January 25
Beech Soda, Inc. uses a perpetual inventory system. The company's beginning inventory of a particular product and its purchases during the month of January were as follows: Quantity Unit Cost Total Cost Beginning inventory (Jan. 1) 20 $ 11 $ 220 Purchase (Jan. 11) 12 $ 17 204 Purchase (Jan. 20) 23 $ 19 437 Total 55 $ 861 On January 14, Beech Soda, Inc. sold 25 units of this product. The other 30 units remained in inventory at January 31. Assuming that Beech Soda uses the FIFO cost flow assumption, the 30 units of this product in inventory at January 31 have a total cost of:
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 350 units. Ending inventory at January 31 totals 150 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Date Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based or the LIFO method. January 1 January 9 Total January 9 January 25 Total January 25 January 26 Total January 26 Goods purchased # of units Units 320 80 100 Cost per # of units unit sold Unit Cost $ 4.10 4.30 4.44 Perpetual LIFO; Cost of Goods Sold Cost per unit Cost of Goods Sold # of units Inventory Balance Cost per unit Inventory Balance H N $ 0
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. Units Unit Cost Beginning inventory on January 1 280 $ 2.60 Purchase on January 9 60 2.80 Purchase on January 25 100 2.94 Required:Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on LIFO.
A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 390 units. Ending inventory at January 31 totals 150 units. Units Unit Cost Beginning inventory on January 1 350 $ 3.40 Purchase on January 9 80 3.60 Purchase on January 25 110 3.70
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Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each month, as if it uses a periodic inventory system. Assume Oahu Kiki’s records show the following for the month of January. Sales totaled 260 units. Date Units Unit Cost Total Cost Beginning Inventory January 1 100 $ 75 $ 7,500 Purchase January 15 360 95 34,200 Purchase January 24 240 115 27,600 Required: Calculate the number and cost of goods available for sale. Calculate the number of units in ending inventory. Calculate the cost of ending inventory and cost of goods sold using the (a) FIFO, (b) LIFO, and (c) weighted average cost methods.
The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31, are as follows: Date Transaction Number of Units Per Unit Total Jan. 1 Inventory 2,600 $58.00 $150,800 10 Purchase 7,200 66.00 475,200 28 Sale 3,950 116.00 458,200 30 Sale 1,300 116.00 150,800 Feb. 5 Sale 500 116.00 58,000 10 Purchase 17,500 68.00 1,190,000 16 Sale 9,200 121.00 1,113,200 28 Sale 8,000 121.00 968,000 Mar. 5 Purchase 14,400 69.60 1,002,240 14 Sale 10,100 121.00 1,222,100 25 Purchase 3,300 70.00 231,000 30 Sale 7,900 121.00 955,900 CHART OF ACCOUNTS Midnight Supplies General Ledger ASSETS 110 Cash 111 Petty Cash 120 Accounts Receivable 131 Notes Receivable 132 Interest Receivable 141 Merchandise Inventory 145 Office Supplies 146 Store Supplies 151 Prepaid Insurance 181 Land 191 Office Equipment 192 Accumulated Depreciation-Office Equipment…