The following inventory transactions took place for Blossom Ltd. for the year ended December 31, 2023: Cost/ Selling Date Event Quantity Price Jan 1 beginning inventory 23,900 $43.00 Jan 5 sale 5,800 85.00 Feb 15 purchase 31,800 34.25 Mar 10 purchase 8,800 41.00 May 20 sale 40,100 85.00 Aug 22 purchase 15,200 34.50 Sep 12 sale 20,150 85.00 Nov 24 purchase 10,200 55.00 Dec 5 sale 17,850 85.00 Calculate the ending inventory balance for Blossom Ltd., assuming the company uses a perpetual inventory system and the first-in, first-out cost formula. Also calculate the per-unit cost of the last item sold. (Round

The following inventory transactions took place for Blossom Ltd. for the year ended December 31, 2023: Cost/ Selling Date Event Quantity Price Jan 1 beginning inventory 23,900 $43.00 Jan 5 sale 5,800 85.00 Feb 15 purchase 31,800 34.25 Mar 10 purchase 8,800 41.00 May 20 sale 40,100 85.00 Aug 22 purchase 15,200 34.50 Sep 12 sale 20,150 85.00 Nov 24 purchase 10,200 55.00 Dec 5 sale 17,850 85.00 Calculate the ending inventory balance for Blossom Ltd., assuming the company uses a perpetual inventory system and the first-in, first-out cost formula. Also calculate the per-unit cost of the last item sold. (Round

Name: The following inventory transactions took place for Blossom Ltd. for
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: The following inventory transactions took place for Blossom Ltd. for theyear ended December 31, 2023:Cost/SellingDateEventQuantityPriceJan 1beginning inventory 23,900$43.00Jan 5sale5,80085.00Feb 15purchase31,80034.25Mar 10purchase8,80041.00May 20sal

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Subject: accounting
Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 13 units at $3,800 $49,400 Aug. 7 Purchase 19 units at $3,900 74,100 Dec. 11 Purchase 13 units at $4,100 53,300 45 units $176,800 There are 18 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using (a) the first-in, first-out (FIFO) method; (b) the last-in, first-out (LIFO) method; and (c) the weighted average cost method (Round per unit cost to two decimal places and your final answer to the nearest whole dollar).
Periodic inventory using FIFO, LIFO, and weighted average cost methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 18 units at $44 Aug. 13 Purchase 9 units at $47 Nov. 30 Purchase 13 units at $48 Available for sale $1,839 There are 24 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the (a) first-in, first-out (FIFO) method; (b) last-in, first-out (LIFO) method; and (c) weighted average cost method (round per-unit cost to two decimal places and your final answer to the nearest whole dollar). 40 units a. First-in, first-out (FIFO) method b. Last-in, first-out (LIFO) method c. Weighted average cost method S $792 423 624
The following inventory transactions took place for Cullumber Corporation for the month of May: Date May 1 May 5 May 10 May 15 May 20 May 22 May 24 May 25 beginning inventory purchase purchase sale sale Event purchase purchase sale Quantity 4,000 3,000 3,000 4,000 4,000 1,500 4,500 4,000 Cost/ Selling Price $3.20 3.40 3.50 6.20 6.20 3.70 3.70 6.20 Calculate the ending inventory balance for Cullumber Corporation, assuming the company uses a perpetual inven moving- average cost formula. (Round unit costs to 2 decimal places, e.g. 52.75 and final answer to O decimal places. e.g The following inventory transactions took place for Cullumber Corporation for the month of May: Date May 1 May 5 May 10 May 15 May 20 May 22 May 24 May 25 beginning inventory purchase purchase sale sale Event purchase purchase sale Quantity 4,000 3,000 3,000 4,000 4,000 1,500 4,500 C 4,000 Cost/ Selling Price $3.20 3.40 3.50 6.20 6.20 3.70 3.70 6.20 Calculate the ending inventory balance for Cullumber Corporation,…
UMET's Stores had the following inventory transactions in 2020: Transaction Units Cost per unit 1/1 Balance 50 $6 2/14 Sale 25 5/23 Purchase 100 8 8/21 Sale 50 11/5 Purchase 25 12 11/18 Sale 95 Required: Compute tge cost of goods sold and the ending inventory using the periodic inventory system for each of the following cost flow assumptions: a. FIFO b. LIFO c. Weighted average
Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 15 units at $5,000 $75,000 Aug. 7 Purchase 16 units at $5,100 81,600 Dec. 11 Purchase 11 units at $5,300 58,300 42 units $214,900 There are 17 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using (a) the first-in, first-out (FIFO) method; (b) the last-in, first-out (LIFO) method; and (c) the weighted average cost method (Round per unit cost to two decimal places and your final answer to the nearest whole dollar). а. First-in, first-out (FIFO) $4 b. Last-in, first-out (LIFO) С. Weighted average cost
Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 13 units at $44 $572 Aug. 7 Purchase 18 units at $46 828 Dec. 11 Purchase 12 units at $48 576 43 units $1,976 There are 16 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using (a) the first-in, first-out (FIFO) method; (b) the last-in, first-out (LIFO) method; and (c) the weighted average cost method (round per unit cost to two decimal places and your final answer to the nearest whole dollar). a. First-in, first-out (FIFO) $ b. Last-in, first-out (LIFO) $ c. Weighted average cost $
The following inventory transactions took place for Sunland Ltd. for the year ended December 31, 2023: Date Jan 1 Jan 5 Feb 15 Mar 10 May 20 Aug 22 Sep 12 Nov 24 Dec 5 beginning inventory sale purchase purchase sale Event purchase sale purchase sale Ending inventory Unit cost of the last item sold $ CA $ Quantity 24,300 LA 6,200 32,200 9,200 40,900 14,800 20,350 9,800 17,300 Cost/ Selling Price $47.00 77.00 38.25 45.00 Calculate the ending inventory balance for Sunland Ltd., assuming the company uses a perpetual inventory system and the first-in, first-out cost formula. Also calculate the per-unit cost of the last item sold. (Round unit costs to 2 decimal places, e.g. 52.75 and ending inventory to O decimal places, e.g. 5,276.) 77.00 42.50 77.00 57.00 77.00
During the year, TRC Corporation has the following inventory transactions. Date Jan. 1 Beginning inventory Apr. 7 Purchase Jul.16 Purchase Oct. 6 Purchase Weighted Average Cost Total Beginning Inventory Purchases: Apr 07 Jul 16 Oct 06 Transaction Sales revenue Gross profit For the entire year, the company sells 450 units of inventory for $70 each. 3. Using weighted-average cost, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. (Round "Average Cost per unit" to 2 decimal places and all other answers to the nearest whole number.) Number of Units 60 140 210 120 530 Cost of Goods Available for Sale # of units 60 140 210 120 530 Average Cost per unit Cost of Goods Available for Sale $ $ Unit Cost 3,120 $ 52 54 57 58 7,560 11,970 6.960 29,610 Total Cost $ 3,120 7,560 11,970 6,960 $29,610 Cost of Goods Sold - Weighted Average Cost of units Sold Average Cost of Cost per Unit Goods Sold Ending Inventory - Weighted Average Cost # of units in Ending Inventory…