The following information was taken from the records of Hilton Distributors: Beginning inventory Cost of goods purchased 2024 2023 $78,000 $92,000 $625,000 $573,000 Cost of goods available for sale $703,000 $665,000 Ending inventory Cost of goods sold $105,000 $78,000 $598,000 $587,000 The following 1 error were made in the physical inventory counts: • 2023 ending inventory was overstated by $27,000. Compute the correct cost of goods sold for 2023.

The following information was taken from the records of Hilton Distributors: Beginning inventory Cost of goods purchased 2024 2023 $78,000 $92,000 $625,000 $573,000 Cost of goods available for sale $703,000 $665,000 Ending inventory Cost of goods sold $105,000 $78,000 $598,000 $587,000 The following 1 error were made in the physical inventory counts: • 2023 ending inventory was overstated by $27,000. Compute the correct cost of goods sold for 2023.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 16MCQ: ( Appendix 6B) Refer to the information for Morgan Inc. above. If Morgan uses a periodic inventory...

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General Account
Lower-of-Cost-or-Market Inventory Data on the physical inventory of Ashwood Products Company as of December 31 follow: Description InventoryQuantity Market Value per Unit (Net Realizable Value) B12 38 $ 57 E41 18 180 G19 33 126 L88 18 550 N94 400 7 P24 90 18 R66 8 250 T33 140 20 Z16 15 752 Quantity and cost data from the last purchases invoice of the year and the next-to-the-last purchases invoice are summarized as follows: LastPurchases Invoice Next-to-the-LastPurchases Invoice Description QuantityPurchased UnitCost QuantityPurchased UnitCost B12 30 $ 60 30 $ 59 E41 35 178 20 180 G19 20 128 25 129 L88 10 563 10 560 N94 500 8 500 7 P24 80 22 50 21 R66 5 248 4 260 T33 100 21 100 19 Z16 10 750 9 745…
Lower-of-cost-or-market inventory Data on the physical inventory of Ashwood Products Company as of December 31 follow: Description InventoryQuantity Market Value per Unit(Net Realizable Value) B12 38 $57 E41 18 180 G19 33 126 L88 18 550 N94 400 7 P24 90 18 R66 8 250 T33 140 20 Z16 15 752 Quantity and cost data from the last purchases invoice of the year and the next-to-the-last purchases invoice are summarized as follows: Description LastPurchasesInvoiceQuantityPurchased LastPurchasesInvoiceUnit Cost Next-to-the-LastPurchasesInvoiceQuantityPurchased Next-to-the-LastPurchasesInvoiceUnit Cost B12 30 $60 30 $59 E41 35 178 20 180 G19 20 128 25 129 L88 10 563 10 560 N94 500 8 500 7 P24 80 22 50 21 R66 5 248 4 260 T33 100 21 100 19 Z16 10 750 9 745 Required: Determine the inventory at cost and also at the lower of cost or market applied on an item-by-item basis, using the first-in, first-out method. Record the appropriate unit costs on the…
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Use the data table below to prepare a perpetual inventory record using, FIFO, LIFO, and weighted-average inventory 4 costing methods, and determine cost of goods sold and ending merchandise inventory for each method. Format weighted average unit cost and total cost to display two decimal places. data Date Description Units Per Unit Jan 1 Inventory on hand 5,000 $11 Jan 3 purchase 9,000 $13 Jan 6 sale 8,500 $23 Jan 15 purchase 13,000 $15 Jan 22 sale 12,000 $23 make sure to use dollars signs and format number to 2 decimal places. Use the images of the FIFO and LIFO to show how to prepare them.