The Sonny Company sells blankets for P30 each. The following was take from the inventory recordsduring July.DateProduct TUnitsCostJuly 3July 10July 17July 20July 23July 30500P15PurchaseSalePurchaseSale3001,000600300P17SalePurchase1,000P20Required: Determine the cost of sales and cost of ending inventory under each of the followingindependent assumptions:1. First-in-first-out (FIFO) Method2. Weighted-Average Method (Periodic)3. Weighted-Average (Moving Average)

The inventory can be valued using various methods as LIFO, FIFO and weighted average method.

The Sonny Company sells blankets for P30 each. The following was take from the inventory records during July. Date Product T Units Cost July 3 July 10 July 17 July 20 July 23 July 30 Purchase Sale Purchase Sale 500 300 1,000 600 300 P15 P17 Sale Purchase 1,000 P20 Required: Determine the cost of sales and cost of ending inventory under each of the following independent assumptions: 1. First-in-first-out (FIFO) Method 2. Weighted-Average Method (Periodic) 3. Weighted-Average (Moving Average)

The Sonny Company sells blankets for P30 each. The following was take from the inventory records during July. Date Product T Units Cost July 3 July 10 July 17 July 20 July 23 July 30 Purchase Sale Purchase Sale 500 300 1,000 600 300 P15 P17 Sale Purchase 1,000 P20 Required: Determine the cost of sales and cost of ending inventory under each of the following independent assumptions: 1. First-in-first-out (FIFO) Method 2. Weighted-Average Method (Periodic) 3. Weighted-Average (Moving Average)

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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am.105.
The following is the detail of the purchase and sale of inventory of a product of Simco Co. May 1 Beg. Inventory 60 units @ $220 May 2 Purchase 100 units @ $216 May 14 Purchase 50 units @ $224 May 22 Purchase 60 units @ $234 May 30 Sale 200 units Required: 1. Compute the cost of goods sold and cost of ending inventory for Simco Co. for May under the FIFO, LIFO, and weighted average cost assumptions. 2. Which method results in Simco Co. paying the least tax?
UMET's Stores had the following inventory transactions in 2020: Transaction Units Cost per unit 1/1 Balance 50 $6 2/14 Sale 25 5/23 Purchase 100 8 8/21 Sale 50 11/5 Purchase 25 12 11/18 Sale 95 Required: Compute tge cost of goods sold and the ending inventory using the periodic inventory system for each of the following cost flow assumptions: a. FIFO b. LIFO c. Weighted average
! Required information Use the following information for the Exercises 8-10 below. (Algo) [The following information applies to the questions displayed below.] Hemming Company reported the following current-year purchases and sales for its only product. Activities Beginning inventory Sales Purchase Sales Purchase Sales Purchase Totals Date January 1 January 10 March 14 March 15 July 30 October 5 October 26 Units Acquired at Cost @ $11.40 @$16.40 @ $21.40 = 235 units 360 units 435 units 135 units 1,165 units @ $26.40 = $ 2,679 5,904 9,309 3,564 $ 21,456 Units Sold at Retail 170 units 290 units 410 units 870 units @ $41.40 @ $41.40 @ $41.40
vi.3
Given the following: Numberpurchased Costper unit Total January 1 inventory 39 $ 5 $ 195 April 1 59 8 472 June 1 49 9 441 November 1 54 10 540 201 $ 1,648 a. Calculate the cost of ending inventory using the weighted-average method (ending inventory shows 60 units). (Do not round intermediate calculations. Round your final answer to the nearest cent.) b. Calculate the cost of goods sold using the weighted-average method. (Use your rounded answer from Part a. Round your final answer to the nearest cent.)
Inventory Costing Methods and the Perpetual MethodKay & Company experienced the following events in March: Date Event Units Unit Cost Total Cost Mar. 1 Purchased inventory 100 @ $16 $1,600 Mar. 3 Sold inventory 60 Mar. 15 Purchased inventory 100 @ 18 $1,800 Mar. 20 Sold inventory 40 Assume the perpetual inventory system is used. Use the weighted-average inventory costing method to calculate the company’s cost of goods sold and ending inventory as of March 31. Round weighted-average cost per unit to two decimal places. Use rounded answer for subsequent calculations. Round all other answers to the nearest dollar. March 3 Cost of goods sold Answer March 20 Weighted-average cost per unit Answer Cost of goods sold Answer March 31 Total cost of goods sold Answer Ending inventory Answer
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
Calculate cost of goods sold and ending inventory for Emergicare’s bandages orders using FIFO, LIFO and average cost. There are 37 units in ending inventory. Note: Do not round intermediate calculations, such as average cost per unit values. Round your answers to the nearest cent. Date Units purchased Cost per unit Total cost January 1 56 $ 6.80 $ 380.80 April 1 51 6.05 308.55 June 1 66 5.80 382.80 September 1 61 6.30 384.30 Total 234 $ 1,456.45 FIFO cost of goods sold and ending inventory (2 answers) LIFO cost of goods sold and ending inventory (2 answers) Average cost cost of goods sold and ending inventory (2 answers)
please solve with the FIFO method ( question 2)
Use the following information for the Exercises below. [The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. Units sold at Retail Units Acquired at Cost 165 units@ $9.00 = $1,485 Date Activities Jan. 1 Beginning inventory 125 units @ $18.00 Jan. 10 Sales Jan. 20 Purchase 110 units@ $8.00 = 088 125 units @ $18.00 Jan. 25 Sales Jan. 30 Purchase 230 units@ $7.50 = 1,725 505 units $4,090 250 units Totals The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 255 units, where 230 are from the January 30 purchase, 5 are from the January 20 purchase, and 20 are from beginning inventory. Exercise 5-3 Perpetual: Inventory costing methods LO P1 Required: 1. Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. 2. Determine the cost assigned to ending inventory and to cost…