The following lots of a particular commodity were available for sale during the year Beginning inventory 10 units at $49 First purchase 18 units at $50 Second purchase 20 units at $20 Third purchase 14 units at $59 The firm uses the periodic system, and there are 21 units of the commodity on hand at the end of the year. What is the ending inventory balance at the end of the year rounded to nearest dollar according to the average cost method? Do not round intermediate calculations.

The following lots of a particular commodity were available for sale during the year Beginning inventory 10 units at $49 First purchase 18 units at $50 Second purchase 20 units at $20 Third purchase 14 units at $59 The firm uses the periodic system, and there are 21 units of the commodity on hand at the end of the year. What is the ending inventory balance at the end of the year rounded to nearest dollar according to the average cost method? Do not round intermediate calculations.

Name: The following lots of a particular commodity were available for sale
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: The following lots of a particular commodity were available for sale during the yearBeginning inventory10 units at $49First purchase18 units at $50Second purchase20 units at $20Third purchase14 units at $59The firm uses the periodic system, and ther

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

he following data are available for Sellco for the fiscal year ended on January 31, 2020: Sales 1,600 units Beginning inventory 500 units @ $ 4 Purchases, in chronological order 600 units @ $ 5 800 units @ $ 6 500 units @ $ 8 Required:a. Calculate cost of goods sold and ending inventory under the cost flow assumptions, FIFO, LIFO and weighted average (using a periodic inventory system): (Round unit cost to 2 decimal places.) b. Assume that net income using the weighted-average cost flow assumption is $80,000. Calculate net income under FIFO and LIFO. (Round unit cost to 2 decimal places.)
Calculate the ending inventory and cost of goods sold dollar values for ABC Company for the month, considering the following transactions under three different cost allocation methods and using periodic inventory updating: |(a) First-in, first-out (FIFO) (b) Last-in, first-out (LIFO) Number of Unit Cost Sales Price Units Beginning Inventory 100 $20 Purchase 400 22 Sold 300 $30 Purchase 200 24 Sold 180 $35 Ending Inventory 220
The following lots of a Commodity P were available for sale during the year. Beginning inventory 5 units at $61 First purchase 15 units at $63 Second purchase 10 units at $74 Third purchase 10 units at $77 The firm uses the periodic system, and there are 20 units of the commodity on hand at the end of the year. What is the amount of cost of goods sold for the year according to the average cost method? Oa. $1,510 Ob. $1,250 Oc. $1,375 Od. $1,380 Previous Next
The following lots of Commodity Z were available for sale during the year. Line Item Description Units and Cost Beginning inventory 7 units at $47 First purchase 15 units at $53 Second purchase 25 units at $24 Third purchase 15 units at $58 The firm uses the periodic inventory system, and there are 24 units of the commodity on hand at the end of the year. What is the ending inventory balance of Commodity Z using the weighted average cost method? Do not round intermediate
Do not give solution in image
The following lots of Commodity Z were available for sale during the year. Beginning inventory 10 units at $48 First purchase 19 units at $51 Second purchase 55 units at $55 Third purchase 17 units at $62 The firm uses the periodic system, and there are 27 units of the commodity on hand at the end of the year. What is the ending inventory balance at the end of the year according to the LIFO method? Oa. $1,347 Ob. $1,604 Oc. S1,296 Od. S5,528
The following lots of a Commodity P were available for sale during the year. Beginning inventory 5 units at $61 First purchase 15 units at $63 Second purchase 10 units at $74 Third purchase 10 units at $77 The firm uses the periodic system, and there are 20 units of the commodity on hand at the end of the year. What is the year-end inventory balance using the LIFO method? a.$1,380 b.$1,375 c.$1,250 d.$1,510
The following are the transactions for the month of July. Units Unit Cost Unit Selling Price July 1 Beginning Inventory 55 $ 10 July 13 Purchase 275 11 July 25 Sold (100 ) $ 14 July 31 Ending Inventory 230 Calculate cost of goods available for sale and ending inventory, then sales, cost of goods sold, and gross profit, under FIFO. Assume a periodic inventory system is used. How would i creat a FIFO periodic table?
The following lots of Commodity Z were available for sale during the year. Beginning inventory 9 units at $50 First purchase 18 units at $53 Second purchase 55 units at $56 Third purchase 14 units at $61 The firm uses the periodic system, and there are 25 units of the commodity on hand at the end of the year. What is the ending inventory balance at the end of the year according to the LIFO method?
The following lots of a particular commodity were available for sale during the year Beginning inventory 10 units at $49 First purchase 18 units at $50 Second purchase 24 units at $28 Third purchase 15 units at $60 The firm uses the periodic system, and there are 23 units of the commodity on hand at the end of the year. What is the ending inventory balance at the end of the year rounded to nearest dollar according to the average cost method? Do not round intermediate calculations. a.$1,017 b.$1,124 c.$1,127 d.$1,140
Balamb Corporation had the following transactions for the month: Calculate the ending inventory dollar value for the period for each of the following cost allocation methods, using periodic inventory updating. Provide your calculations. first-in, first-out (FIFO) last-in, first-out (LIFO) weighted average
You have the following information for Bramble Inc. for the month ended June 30, 2022. Bramble uses a periodic inventory system. Date Description Quantity Unit Cost orSelling Price June 1 Beginning inventory 40 $31 June 4 Purchase 135 34 June 10 Sale 110 61 June 11 Sale return 15 61 June 18 Purchase 55 37 June 18 Purchase return 10 37 June 25 Sale 65 67 June 28 Purchase 35 41