The following units of an item were available for sale during the year: Beginning inventory 8,400 units at $160 Sale 4, 800 units at $300 First purchase 15,100 units at $165 Sale 13, 200 units at $ 300 Second purchase 15, 600 units at $174 Sale 13,700 units at $300 The firm uses the perpetual inventory system, and there are 7,400 units of the item on hand at the end of the year. 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. Open spreadsheet What is the total cost of the ending inventory according to FIFO? Round your answer to the nearest dollar. S fill in the blank 2 What is the total cost of the ending inventory according to LIFO? Round your answer to the nearest dollar. S fill in the blank 3 Feedback Area

The following units of an item were available for sale during the year: Beginning inventory 8,400 units at $160 Sale 4, 800 units at $300 First purchase 15,100 units at $165 Sale 13, 200 units at $ 300 Second purchase 15, 600 units at $174 Sale 13,700 units at $300 The firm uses the perpetual inventory system, and there are 7,400 units of the item on hand at the end of the year. 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. Open spreadsheet What is the total cost of the ending inventory according to FIFO? Round your answer to the nearest dollar. S fill in the blank 2 What is the total cost of the ending inventory according to LIFO? Round your answer to the nearest dollar. S fill in the blank 3 Feedback Area

Name: The following units of an item were available for sale during the yea
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: The following units of an item were available for sale during the year: Beginning inventory 8, 400units at $160 Sale 4, 800 units at $300 First purchase 15,100 units at $165 Sale 13, 200 units at $300 Second purchase 15, 600 units at $174 Sale 13,70

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

The following lots of a particular commodity were available for sale during the year Beginning inventory 11 units at $48.00 First purchase 17 units at $50.00 Second purchase 25 units at $56.00 Third purchase 15 units at $64.00 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 amount of inventory at the end of the year according to the FIFO method? Select the correct answer. $1,408.00 $3,738.00 $1,104.00 $3,715.00
The company uses the perpetual inventory method. It began the month of March with 100 units of inventory, at a unit cost of $55. Purchases during March March 5, 60 units at $60 each. March 18, 200 units at $65 each March 29, 40 units at $75 each. Sales during March March 12, 60 units. March 25, 210 units. All units were sold to customer for $100 each. 1. Use the following format to set up this inventory costing problem, Inventory Date Units Cost per Total Cost Date Units Total Cost Unit Beg Balance Units Cost Beginning Balance + Purchases Goods Available for Sale - Sold Ending Balance 2. Use the moving weighted average method to calculate the cost of goods sold for each sale. the lutal cost ol goods sold for the month, and ending inventory. 3. Assuming that the March 12 sale came from beginning inventory, and the March 25 sale was comprised of 25 units from beginning inventory, all 60 units of the March 5 purchase, and the temainder from the March 18 purchase, use specific…
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. 51,296 Od. $5,528
To more efficiently manage its inventory, Telnex Corporation maintains its internal inventory records using first-in, first-out (FIFO) under a perpetual inventory system. The following information relates to its inventory during the year: January 1 Beginning inventory-29,000 units. February 12 Purchased 79,000 units for $14.30 each. April 30 Sold 50,000 units for $21.80 each. July 22 Purchased 59,000 units for $14.60 each. September 9 Sold 79,000 units for $21.80 each. November 17 Purchased 49,000 units for $15.00 each. December 31 Ending inventory-87,000 units. Required: 1. Determine the amount Telnex would calculate internally for ending inventory and cost of goods sold using first-in, first-out (FIFO) under a perpetual inventory system. Beginning inventory under FIFO was 29,000 units with a cost of $14.00 each. 2. Determine the amount Telnex would report externally for ending inventory and cost of goods sold using last-in, first-out (LIFO) under a periodic inventory system.…
What is the amount of the inventory at the end of the year using the LIFO method?
Would you like to help me please?
The summarized balance sheets of Pharoah Company and Sheridan Company as of December 31, 2025 are as follows: Assets Liabilities Capital stock Retained earnings Total equities Assets Liabilities Capital stock Retained earnings Total equities Pharoah Company Balance Sheet December 31, 2025 O $444000. O $297000. O $345000. O $350000. Sheridan Company Balance Sheet December 31, 2025 $2000000 $220000 1000000 780000 $2000000 $1480000 $330000 990000 160000 $1480000 If Pharoah Company acquired a 30% interest in Sheridan Company on December 31, 2025 for $350000 and the equity method of accounting for the investment was used, the amount of the debit to Equity Investments (Sheridan) to record the purchase would have been
The following lots of a particular commodity were available for sale during the year Beginning inventory 11 units at $52.00 First purchase 18 units at $53.00 Second purchase 21 units at $58.00 Third purchase 17 units at $61.00 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 amount of inventory at the end of the year according to the FIFO method? Select the correct answer. A. $1,092.00 B. $3,760.00 C. $3,781.00 D. $1,269.00
Use the information below to answer the following question. The following lots of a particular commodity were available for sale during the year: Beginning inventory 10 units at $60 First purchase 25 units at $65 Second purchase 30 units at $68 Third purchase 15 units at $75 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 amount of inventory at the end of the year using the FIFO method? Oa. $3,585 b. $1,805 Oc. $1,685 Od. $1,575
FIFO and LIFO costs under perpetual inventory system The following units of an item were available for sale during the year: Beginning inventory 9,200 units at $150 Sale 5,400 units at $250 First purchase 12,800 units at $155 Sale 10,400 units at $250 Second purchase 14,100 units at $162 Sale 12,600 units at $250 The firm uses the perpetual inventory system, and there are 7,700 units of the item on hand at the end of the year. a. What is the total cost of the ending inventory according to FIFO? b. What is the total cost of the ending inventory according to LIFO? 1,185,000
A company uses a periodic inventory system. The beginning inventory was $20,000, purchases amounted to $110,000, sales totaled $215,000, and the year-end inventory was $25,000. The cost of goods sold must have been: a $100,000. b $105,000 c $110,000. d some other amount.
Use the information below to answer the following question. The following lots of a particular commodity were available for sale during the year: Beginning inventory First purchase Second purchase Third purchase 10 units at $30 25 units at $32 30 units at $34 10 units at 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 inventory at the end of the year according to the LIFO method? a. $620 b. $655 c. $690 id. $659