The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of January 20 $4,320 Purchased 480 units @ $9- Purchased 280 units @ $11- Purchased 360 units@ $14- Purchased 170 units @ $16- April 21 July 25 September 191 3,000 5,040 2,720 During the year, The Shirt Shop sold 1,050 T-shirts for $25 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 cost per unit to 2 decimal places and final answers to the nearest whole dollar amount.) FIFO LIFO Weighted average Ending Inventory

The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of January 20 $4,320 Purchased 480 units @ $9- Purchased 280 units @ $11- Purchased 360 units@ $14- Purchased 170 units @ $16- April 21 July 25 September 191 3,000 5,040 2,720 During the year, The Shirt Shop sold 1,050 T-shirts for $25 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 cost per unit to 2 decimal places and final answers to the nearest whole dollar amount.) FIFO LIFO Weighted average Ending Inventory

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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Greg’s Bicycle Shop has the following transactions related to its top-selling Mongoose mountain bike for the month of March. Greg's Bicycle Shop uses a periodic inventory system. Date Transactions Units Unit Cost Total Cost March 1 Beginning inventory $20 $250 $5,000 March 5 Sale ($400 each) $15 March 9 Purchase $10 $270 $2,700 March 17 Sale ($450 each) $8 March 22 Purchase $10 $280 $2,800 March 27 Sale ($475 each) $12 March 30 Purchase $9 $300 $2,700 $13,200 2. Using LIFO, calculate ending inventory and cost of goods sold at March 31.
A5
Using a perpetual inventory system. This company's beginning inventory of a product and its purchases during the month of January were as follows. Quantity Unit Cost Total Cost Beginning inventory(Jan 1) 180 $50 $9,000 Purchase(Jan. 9) 90 $55 $4,950 Purchase(Jan. 22) 90 $56 $5,040 Total 360 $18,990 On Jan 24. the company sold 200 units of this product. The other 160 units remain in inventory at Jan. 31. Determine the Cost of Goods Sold using LIFO, FIFO, and Average Cost.
The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 25 units @ $29 $725 June 16 Purchase 27 units @ $34 918 Nov. 28 Purchase 44 units @ $36 1,584 96 units $3,227 There are 10 units of the product in the physical inventory at November 30. The periodic inventory system is used. a. Determine the inventory cost by the FIFO method.$fill in the blank 1 b. Determine the inventory cost by the LIFO method.$fill in the blank 2 c. Determine the inventory cost by the average cost methods. Round answer to two decimal places.$fill in the blank 3
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
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.
Hemming Company reported the following current-year purchases and sales for its only product. Date Activities March 14 January 1 Beginning inventory January 10 Sales Purchase Sales Purchase Sales Purchase March 15 July 30 October 5 October 26 Totals Units Acquired at Cost @$10 200 units 350 units 450 units 100 units 1,100 units Goods Purchased @ $15 @ $20 $25 Complete this question by entering your answers in the tabs below. $ 2,000 5,250 9,000 1. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. 2. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. 3. Compute the gross profit for FIFO method and LIFO method. Required 1 Required 2 Required 3 Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Cost of Goods Sold 2,500 $ 18,750 Exercise 5-8 (Static) Perpetual: Inventory costing methods-FIFO and LIFO LO P1 Required: Hemming uses a perpetual inventory system. Units…
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…
Ivanhoe Company sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Ivanhoe Company’s purchases of EZslide snowboards during September. During the same month, 95 EZslide snowboards were sold. Ivanhoe Company uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 12 $106 $ 1,272 Sept. 12 Purchases 45 109 4,905 Sept. 19 Purchases 55 110 6,050 Sept. 26 Purchases 21 111 2,331 Totals 133 $14,558 (a) Compute the ending inventory at September 30 using the FIFO, LIFO and average-cost methods. (Round average cost per unit to 3 decimal places, e.g. 125.153 and final answers to 0 decimal places, e.g. 125.) FIFO LIFO AVERAGE-COST The ending inventory at September 30 $Enter a dollar amount $Enter a dollar amount $Enter a dollar amount (b) Compute the cost of goods sold at September 30 using the FIFO, LIFO and average-cost methods. (Round average cost per unit to 3 decimal places, e.g.…