The following information was taken from the inventory records of Earland Company for January of the current year:Balance at January 150,000 units @ 8.024Purchases:January 1020,000 units @ 8.50January 25January 1248,000 units @ 8.75Sales:30,000January 3053,000Earland company does not maintain perpetual inventory records.11.)What should be the inventory on January 31, using the weighted average method?12.)The cost of sales during the period under FIFO method is

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The following information was taken from the inventory records of Earland Company for January of the current year: 50,000 units @ 8.024 20,000 units @ 8.50 48,000 units @ 8.75 Balance at January 1 January 10 January 25 January 12 January 30 Purchases: Sales: 30,000 53,000 Earland company does not maintain perpetual inventory records. 11.)What should be the inventory on January 31, using the weighted average method? 12.)The cost of sales during the period under FIFO method is

The following information was taken from the inventory records of Earland Company for January of the current year: 50,000 units @ 8.024 20,000 units @ 8.50 48,000 units @ 8.75 Balance at January 1 January 10 January 25 January 12 January 30 Purchases: Sales: 30,000 53,000 Earland company does not maintain perpetual inventory records. 11.)What should be the inventory on January 31, using the weighted average method? 12.)The cost of sales during the period under FIFO method is

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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Stacey's Piano Rebuilding Company has been operating for one year. At the start of the second year, its income statement accounts had zero balances and its balance sheet account balances were as follows: Cash $ 6,300 Accounts payable Accounts receivable 30,100 Unearned revenue Supplies 1,520 Equipment 10,500 Long-term note payable Common stock Land 7,900 Additional paid-in capital Building 28,000 Retained earnings $ 8,600 3,440 47,600 194 776 23,710 a. Rebuilt and delivered five pianos in January to customers who paid $18,600 in cash. b. Received a $530 deposit from a customer who wanted her piano rebuilt. c. Rented a part of the building to a bicycle repair shop; received $900 for rent in January. d. Received $7,400 from customers as payment on their accounts. e. Received an electric and gas utility bill for $430 to be paid in February. f. Ordered $950 in supplies. g. Paid $1,740 on account in January. h. Received from the home of Stacey Eddy, the major shareholder, a $970 tool…
[The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of 270 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 Assume the perpetual inventory system is used. Required: Activities Beginning inventory Sales Purchase Sales Purchase Totals Specific Identification Purchase Date January 1 January 20 January 30 Complete this question by entering your answers in the tabs below. FIFO Activity Units Acquired at Cost 180 units @ $10.50 = LIFO Available for Sale Beginning inventory Purchase Purchase 110 units 270 units @ 560 units # of units 1. Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. 2. Determine the cost assigned to ending inventory…
The following information was available from the inventory records of Sunland Company for January: Units Unit Cost Total Cost Balance at January 1 9200 $9.79 $90068 Purchases: January 6 6400 10.23 65472 January 26 8000 10.71 85680 Sales January 7 (7400 ) January 31 (11100 ) Balance at January 31 5100 Assuming that Sunland does not maintain perpetual inventory records, what should be the inventory at January 31, using the weighted-average inventory method, rounded to the nearest dollar? $52712. $52127. $52244. $53215.
Penultimate Company uses a perpetual inventory system and has a December 31 year-end. Its records show the following data for the current year: Inventory beginning of year per General Ledger - 36,450 Inventory end of year unadjusted per General Ledger - $35,000 Purchases during the year - $60,000 Physical inventory count end of year - 43,900 Accounts Payable invoices dated December for inventory purchases ordered but in transit at year end - $6,000 Trade terms with suppliers – Net 30 days, FOB destination Required 1: Assuming no other transaction happened, what value will show on Penultimate's year end balance sheet for inventory? $ Required 2: Assuming no other transaction happened, what value will show on Ultimate's Income Statement as the Cost of Goods Sold? $ Required 3: Assuming no other transaction happened, what was the amount of Merchandise Available For Sale? $
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A company had the following purchases during the current year: January: February: May: September: November: 10 units at $120 20 units at $125 15 units at $130 12 units at $135 10 units at $140 On December 31, there were 26 units remaining in ending inventory. Using the LIFO inventory valuation method, what is the cost of the ending inventory? ☐ $3,280. ○ $3,200. ○ $3,540. ☐ $3,445. ○ $3,640.
[The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of 270 units from the January 30 purchase, 5 units from the January 20 purchase, and 10 units from beginning inventory. Date January 1 January 10 January 20 January 25 January 30 Assume the perpetual inventory system is used. Required: Activities Beginning inventory Sales Purchase Sales Purchase Totals Req 1 Req 2 to 4 Sales Cost of goods sold Gross profit Complete this question by entering your answers in the tabs below. Specific Identification $ LAKER COMPANY For Month Ended January 31 Weighted Average $ Units Acquired at Cost 185 units @ $11.00 = 5,600 100 units @ 1. Compute gross profit for the month of January for Laker Company for the four inventory methods. 2. Which method yields the highest gross profit? 3. Does gross profit using weighted average fall between that…