Exercise 5-9A (Algo) Effect of cost flow on ending inventory: intermittent sales and purchases LO 5-1The Hat Store had the following series of transactions for Year 2.TransactionDescription40 units @ $20.50220 units @ $24.50160 units @ $24.50270 units @ $25.50345 units @ $43.75DateJanuary 1March 15May 30August 10 PurchasedNovember Sold20Requireda. Determine the quantity and dollar amount of Inventory at the end of the year, assuming The Hat Store uses the FIFOcost flow assumption and keeps perpetual records. (Round your answers to 2 decimal places.)Endinginventory:BeginninginventoryPurchasedSoldunits@

Under perpetual inventory system, Records of each purchase and sales is properly maintained. Under…

The Hat Store had the following series of transactions for Year 2. Date Transaction Description January 1 40 units @ $20.50 March 15 May 30 220 units @ $24.50 160 units @ $24.50 270 units @ $25.50 August 10 Purchased November 20 Sold 345 units @ $43.75 Beginning inventory Purchased Sold Required a. Determine the quantity and dollar amount of Inventory at the end of the year, assuming The Hat Store uses the FIFO cost flow assumption and keeps perpetual records. (Round your answers to 2 decimal places.) Ending inventory: units Ⓡ

The Hat Store had the following series of transactions for Year 2. Date Transaction Description January 1 40 units @ $20.50 March 15 May 30 220 units @ $24.50 160 units @ $24.50 270 units @ $25.50 August 10 Purchased November 20 Sold 345 units @ $43.75 Beginning inventory Purchased Sold Required a. Determine the quantity and dollar amount of Inventory at the end of the year, assuming The Hat Store uses the FIFO cost flow assumption and keeps perpetual records. (Round your answers to 2 decimal places.) Ending inventory: units Ⓡ

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

How do I solve this?
Beginning inventory, purchases and sales data for T-shirts are as follows: April 3 Inventory 24 units @ $10 11 Purchase 26 units @ $12 14 Sale 36 units 21 Purchase 18 units @ $15 25 Sale 20 units Assuming the business maintains a periodic inventory system; calculate the cost of merchandise sold and ending inventory under the following assumptions: FIFO LIFO Average cost In your computations, round the average cost per unit to two decimal places and round your final answers to the nearest dollar.
Suppose that Ralph Lauren Company reports the following for the month of June. Date June 1 12 23 30 Explanation Units Unit Cost Inventory $4 Purchase Purchase Inventory Cost of the ending inventory 240 Cost of goods sold 540 740 270 $ 6 $ 8 (a) Calculate the cost of the ending inventory and the cost of goods sold for each cost flow assumption, using a perpetual inventory system. Assume a sale of 610 units occurred on June 15 for a selling price of $8 and a sale of 640 units on June 27 for $9. (Round average cost per unit to 3 decimal places, e.g. 5.254 and final answers to O decimal places, e.g. 2,520.) Total Cost FIFO $960 3,240 5,920 $ $ LIFO $ $ Moving Average
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 inventory transactions apply to Green Company for Year 2. January 1 Purchased 240 units @ $10 April 1 Sold 120 units @ $19 August 1 Purchased 420 units @ $11 December 1 Sold 525 units @ $20 The beginning inventory consisted of 165 units at $11 per unit. All transactions are cash transactions. Required Record these transactions in general journal format assuming Green uses the FIFO cost flow assumption and keeps perpetual records. Compute cost of goods sold for Year 2.
Use the following information to calculate the a) value of inventory on hand on Mar 31, b) cost of goods sold and c) Gross Profit during March under Perpetual inventory system. a) FIFO b) Weighted Average Mar 1 Beginning Inventory 68 units @ $15.00 per unit 5 Purchase 140 units @ $15.50 per unit 9 Sale 94 units @ $19.00 per unit 11 Purchase 40 units @ $16.00 per unit 16 Purchase 78 units @ $16.50 per unit 20 Sale 116 units @ $19.50 per unit
Please read and asnwer question using table provided.
i need the answer quickly
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
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 Required A During the year, The Shirt Shop sold 810 T-shirts for $20 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. 400 units 200 units 280 units 90 units Complete this question by entering your answers in the tabs below. Required B Ending inventory @ @ FIFO $8 = $3,200 $10 = 2,000 $13 = 3,640 $15 = 1,350 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 nearest whole dollar…
Crane Company uses a perpetual inventory system and reports the following for the month of June. Date June 1 (a1) 12 23 30 June 1 June 12 June 15 June 23 Explanation Units Unit Cost Inventory Purchase June 27 Purchase Inventory $ $ $ eTextbook and Media 120 Save for Later 360 Calculate the weighted-average cost per unit, using a perpetual inventory system. Assume a sale of 400 units occurred on June 15 for a selling price of $9 and a sale of 50 units on June 27 for $10. (Round intermediate calculations to O decimal places, e.g. 152 and final answers to 3 decimal places, e.g. 5.125.) 170 200 $5 6 7 Total Cost $600 2,160 1,190 Attempts: 0 of 6 used Submit Answer