8. The following transactions took place in respect of Material 'X' during March 2015.Opening stock of materials 500 units @ Rs. 1.50 per unitPurchases 2000 units @ Rs. 2.00 per unit1-3-152-3-154-3-15Purchases 3000 units @ Rs. 2.50 per unit6-3-15Issues 2500 units8-3-15Purchases 2500 units @ Rs. 2.70 per unit10-3-15 Issues 2000 unitsYou are required to prepare a Stores Ledger Account using Simple AverageMethod and Weighted Average Method of pricing material issues.

Name: 8. The following transactions took place in respect of Material 'X' d
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Description: 8. The following transactions took place in respect of Material 'X' during March 2015.Opening stock of materials 500 units @ Rs. 1.50 per unitPurchases 2000 units @ Rs. 2.00 per unit1-3-152-3-154-3-15Purchases 3000 units @ Rs. 2.50 per unit6-3-15Iss

Stores ledger is a book which contains record of raw materials and production supplies stored in the…

Business

Accounting

The following transactionS took place In respect of 1-3-15 2-3-15 Opening stock of materials 500 units @ Rs. 1.50 per unit Purchases 2000 units @ Rs. 2.00 per unit Purchases 3000 units @ Rs. 2.50 per unit 4-3-15 6-3-15 Issues 2500 units 8-3-15 Purchases 2500 units @ Rs. 2.70 per unit 10-3-15 Issues 2000 units You are required to prepare a Stores Ledger Account using Simple Average Method and Weighted Average Method of pricing material issues.

The following transactionS took place In respect of 1-3-15 2-3-15 Opening stock of materials 500 units @ Rs. 1.50 per unit Purchases 2000 units @ Rs. 2.00 per unit Purchases 3000 units @ Rs. 2.50 per unit 4-3-15 6-3-15 Issues 2500 units 8-3-15 Purchases 2500 units @ Rs. 2.70 per unit 10-3-15 Issues 2000 units You are required to prepare a Stores Ledger Account using Simple Average Method and Weighted Average Method of pricing material issues.

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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Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Units Sold at Retail Units Acquired at Cost 100 units @ $50 per unit 400 units@ $55 per unit Date Mar. Mar. Mar. Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Activities 1 Beginning inventory 5 Purchase 9 Sales 420 units @ $85 per unit 120 units @ $60 per unit 200 units @ $62 per unit 160 units @ $95 per unit Totals 820 units 580 units 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, the March 9 sale consisted of 80 units from beginning inventory and 340 units from the March 5 purchase; the March 29 sale consisted of 40 units from the March 18 purchase and 120 units from the March 25 purchase. es Complete this question by einering your answers in the tabs below. Perpetual FIFO Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to…
The units of an item available for sale during the year were as follows: Date Line Item Description Value Jan. 1 Inventory 2,900 units at $5 Feb. 17 Purchase 2,800 units at $7 Jul. 21 Purchase 3,200 units at $9 Nov. 23 Purchase 1,100 units at $11 There are 1,400 units of the item in the physical inventory at December 31. The periodic inventory system is used. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. a. Determine the inventory cost by the first-in, first-out method. b. Determine the inventory cost by the last-in, first-out method. c. Determine the inventory cost by the weighted average cost method. Round your answer to the nearest dollar
Undew Inc.'s inventory records showed the following data for an item it sells regularly. Date Units Unit Cost Jan. 1 Inventory 4,000 $10.00 Jan. 3 Purchases 36,000 $10.40 Jan. 7 Sales (at $26 per unit) 14,000 Jan. 20 Purchases 12,000 $11.00 Jan. 22 Sales (at $27 per unit) 32,000 Jan. 30 Purchases 6,000 $12.00 a. Assuming that Undew maintains a periodic inventory system, compute ending inventory and cost of goods sold for the month ending January 31 using (1) average cost, (2) FIFO, and (3) LIFO. Note: Carry all decimals in calculations; round the final answer to the nearest dollar. Periodic Inventory System Ending Inventory COGS 1. Average cost method. 2. FIFO method. 3. LIFO method. b. Assuming that Undew maintains a perpetual inventory system, compute ending inventory and cost of goods sold for the month ending January 31 using (1) moving average, (2) FIFO, and (3) LIFO. Note: Carry all decimals in calculations; round the final answer to the nearest dollar. Perpetual Inventory System…
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Help Save & Exit Check my w [The following information applies to the questions displayed below.] Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. of 4 Activities Units Acquired at Cost 90 units @ $50.80 per unit 220 units @ $55.80 per unit Date Units Sold at Retai1 1 Beginning inventory 5 Purchase Mar. Mar. Mar. 9 Sales 250 units @ $85.80 per unit 80 units @ $60.80 per unit 140 units @ $62.80 per unit Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales 120 units @ $95.80 per unit Totals 530 units 370 units ok k nt Problem 5-1A Part 3 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (C) weighted average, and (d) specific identification. For specific identification, the March 9 sale consisted of 60 units from beginning inventory and 190 units from the March 5 purchase: the March 29 sale consisted of 40 units from the March 18 purchase and 80 units from the March 25 purchase.
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97) A company had the following purchases and sales during its first month of operations: Date January 1 January 9 January 17 January 27 A) $84.00. B) $60.71. Activities C) $23.35. D) $46.70. E) $37.36. Purchase Sales Purchase Sales Units Acquired at Cost 10 units @ $4.00 = $40.00 8 units @ $5.50 = $44.00 Units Sold at Retail 6 units @ $12.00 Using the Periodic weighted average method, what is the value of cost of goods sold? (Round weighted average cost per unit to 2 decimal places.) 7 units @ $12.00
The Shirt Shop had the following transactions for T-shirts for 2018, its first year of operations: $ 9 @ $11 @ $12 = @ $13 440 units $3,960 1,430 2,880 Jan. 20 Purchased Apr. 21 July 25 Sept. 19 Purchased 130 units Purchased 240 units Purchased 70 units 910 %3D During the year, The Shirt Shop sold 710 T-shirts for $18 each. Required a. Compute the amount of ending inventory The Shirt Shop would report on the balance sheet, assuming the following cost flow assumptions: (1) FIFO, (2) LIFO, and (3) weighted average. Round intermediate calculations to 2 decimal places and final answers to the nearest whole dollar amount. Weighted Average FIFO LIFO Ending inventory Il || ||II
Required information Use the following information for the Exercises below. Skip to question [The following information applies to the questions displayed below.] Hemming Co. reported the following current-year purchases and sales for its only product. Date Activities Units Acquired at Cost Units Sold at Retail Jan. 1 Beginning inventory 250 units @ $12.00 = $ 3,000 Jan. 10 Sales 200 units @ $42.00 Mar. 14 Purchase 400 units @ $17.00 = 6,800 Mar. 15 Sales 360 units @ $42.00 July 30 Purchase 450 units @ $22.00 = 9,900 Oct. 5 Sales 420 units @ $42.00 Oct. 26 Purchase 150 units @ $27.00 = 4,050 Totals 1,250 units $ 23,750 980 units Exercise 5-7 Perpetual: Inventory costing methods-FIFO and LIFO LO P1 Required:Hemming uses a perpetual inventory system. 1. Determine the costs assigned to ending…
The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations: Jan. 20 Apr. 21 July 25 Sept. 19 Purchased Purchased Purchased Purchased 310 units 150 units 210 units $ 7- $2,170 $9- 1,350 $10- 2,100 90 unite $12 - 1,080 During the year, The Shirt Shop sold 560 T-shirts for $17 each. Required a. Compute the amount of ending inventory The Shirt Shop would report on the balance sheet, assuming the following cost flow assumptions: (1) FIFO, (2) LIFO, and (3) weighted average, b. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions.