The following is a record of Ensberg Company's transactions for Colt Products for themonth of May 2017.May 1 Balance1228600 units@ $10.00 May 10Purchase 900 units@ $12.00 20Purchase 600 units@ $15.00Sale 450 units @ $19Sale 810 units @ $19(a) Assuming that perpetual inventories are not maintained and that a physical count atthe end of the month shows 840 units on hand, what is the cost of the ending inventoryusing (1) FIFO and (2) LIFO?(b) Assuming that perpetual records are maintained and they tie into the general ledger,calculate the ending inventory using (1) FIFO and (2) LIFO.Tom Terry manufactures an intricately detailed plastic andmetal toy airplane. The following unit cost data pertain tothe unit cost of an airplane:Direct materialsDirect labor$ 5.0012.00Manufacturing overhead (50% fixed) 10.00Total manufacturing costs$27.00Assume that the airplane can be purchased from anoutside supplier. What is the relevant unit cost for thismake-or-buy decision?a. $5.b. $17.c. $27.d. $22.e. None of the above.

1. Inventory Valuation for Eyberg Company's Colt Products (a) Perpetual inventories are not…

Answered: The following is a record of Ensberg…

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter7: Inventories

Section: Chapter Questions

Problem 5PA

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The following is a record of Ensberg Company's transactions for Colt Products for the month of May 2017. May 1 Balance 12 28 600 units@ $10.00 May 10 Sale Purchase 900 units@ $12.00 20 Purchase 600 units@ $15.00 450 units @ $19 Sale 810 units @ $19 (a) Assuming that perpetual inventories are not maintained and that a physical count at the end of the month shows 840 units on hand, what is the cost of the ending inventory using (1) FIFO and (2) LIFO? (b) Assuming that perpetual records are maintained and they tie into the general ledger, calculate the ending inventory using (1) FIFO and (2) LIFO.
The following is a record of Tamarisk Company’s transactions for Boston Teapots for the month of May 2020. May 1 Balance 464 units @ $20.00 May 10 Sale 348 units @ $34.00 12 Purchase 696 units @ $25.00 20 Sale 626 units @ $34.00 28 Purchase 464 units @ $30.00 Assuming that perpetual inventories are not maintained and that a physical count at the end of the month shows 650 units on hand, what is the cost of the ending inventory using (1) FIFO and (2) LIFO? Assuming that perpetual records are maintained and they tie into the general ledger, calculate the ending inventory using (1) FIFO and (2) LIFO.
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The following is a record of Nash Company's transactions for Colt Products for the month of May 2025. $21 826 units @ $21 May 1 (a) 12 28 Balance Purchase Purchase 612 units 918 units Ending inventory 612 units Your answer is incorrect. $10 May 10 @$13 @ $16 (1) FIFO Sale 20 Sale Assuming that perpetual inventories are not maintained and that a physical count at the end of the month shows 857 units on hand, what is the cost of the ending inventory using (1) FIFO and (2) LIFO? 459 units (2) LIFO
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Below is the Inventory Stock Card maintained by HTGAWM Corp for the Raw Material A for the month of June 2021:Using FIFO method, the raw materials ending inventory amounts to:(two decimal places for unit cost; round of final answer - nearest peso)
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