The following information is for the Vista Company for the year; the company sells just one product:Units Unit Cost$10141718Beginning Inventory Jan. 1Purchases:Feb. 11May 18Oct. 23Sales:March 1July 1Calculate the value of ending inventory and cost of goods sold using the perpetual method and (a) first-in, first-out, (b) last-in, first-out, and (c) the weighted-average costmethods.Do not round until your final answers. Round your final answers to the nearest dollar.A. First-in, First-out:Ending Inventory $Cost of goods sold $200.500400100400380B. Last-in, first-out:Ending Inventory $Cost of goods sold $C. Weighted AverageEnding Inventory $Cost of goods sold $000000

LIFO (Last-In, First-Out) is an inventory costing approach where the latest items added to inventory…

Answered: The following information is for the…

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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SCC Company reported the following for the current year: Net sales Cost of goods sold Beginning balance in inventory Ending balance in inventory Compute (a) Inventory turnover and (b) days' sales In Inventory. Hint Inventory turnover uses average Inventory and days' sales in Inventory uses the ending balance in Inventory. $ 52,000 45,900 2,489 8,400 Complete this question by entering your answers in the tabs below. Inventory Days Sales In Turnover Inventory Compute the days' sales in inventory. Numerator: Days' Sales In Inventory Denominator: =
The accounting records of Skysong Electronics show the following data. Beginning inventory 1.000 units at $5 Purchases 9,000 units at $7 9.500 units at $10 Sales (a) Determine cost of goods sold during the period under a periodic inventory system using the FIFO method. (Round answer to O decimal places, e.g. 1,250.) Cost of goods sold during the period FIFO
Consider the following information for Maynor Company, which uses a periodic inventory system: Transaction Beginning Inventory Purchase Total Cost $ 2,184 3,192 Purchase 4,928 Purchase 5,734 $ 16,038 January 1 March 28 August 22 October 14 Goods Available for Sale Units 28 38 56 61 183 The company sold 61 units on May 1 and 56 units on October 28. a. FIFO b. LIFO c. Weighted Average Unit Cost $78 84 88 94 Required: Calculate the company's ending inventory and cost of goods sold using the each of following inventory costing methods
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company's inventory records show the following data for the month of July. Date July 1 July 5 July 10 July 20 July 25 July 1 Date Activities Beginning inventory Purchase Sale Purchase Sale July 5 Average cost July 5 July 10 July 20 200 units @ $50 If the company uses the weighted average method and the perpetual inventory system, what would be the cost of its ending inventory? Average cost July 20 July 25 Total July 25 Goods purchased Number of Cost per units unit 50 at $ 75.00 Units Acquired at Cost Units Sold at Retail 100 units @ $72 = $7,200 50 units @ $75 = $3,750 225 at $ 77.00 225 units @ $77 = $17,325 Number of units sold Cost of Goods Sold Cost per Cost of Goods Sold unit 75 at $ 50.00 = 200 at $ 50.00 $ 75 units @ $50 $ $ 3,750.00 10,000.00 10,000.00 Number of units 100 at Inventory Balance 100 at 50 at 150 at Cost per unit Inventory Balance 7,200.00 7,200.00 3,750.00 10,950.00 $ 175 at $ $ $ 75 at 150 at 225 at $ 375 at $ 50.00 = $ +73.00 = 77.00 = 75.40 75.00 = 55 72.00 = $…
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