The Stilton Company has the following inventory and credit purchases during the fiscal year ended December 31, 2020.Beginning640 units e $75/unit350 units @ $72/unit230 units @ $85/unitFeb. 18Aug. 21Stilton Company has two credit sales during the period. The units have a selling price of $135.00 per unit.SalesMar.15430 unitsSept. 10335 unitsStilton Company uses a periodic Inventory costing system.Requlred:1. Calculate the dollar value of cost of goods sold and ending inventory using: (Round the "Welghted-average cost" to 2 decimalplaces. Round final answers to 2 decimal places.)Ending InventoryCost of GoodsSolda.FIFOb.Moving weighted average

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The Stilton Company has the following inventory and credit purchases during the fiscal year ended December 31, 2020. Beginning Feb. 10 640 units e $75/unit 350 units e $72/unit 230 units @ s85/unit Aug. 21 Stilton Company has two credit sales during the perlod. The units have a selling price of $135.00 per unit. Sales Mar. 15 Sept. 10 430 units 335 units Stilton Company uses a perlodic Inventory costing system. Required: 1. Calculate the dollar value of cost of goods sold and ending Inventory using: (Round the "Welghted-average cost" to 2 decimal places. Round final answers to 2 decimal places.) Ending Inventory Cost of Goods Sold a. FIFO b. Moving weighted average

The Stilton Company has the following inventory and credit purchases during the fiscal year ended December 31, 2020. Beginning Feb. 10 640 units e $75/unit 350 units e $72/unit 230 units @ s85/unit Aug. 21 Stilton Company has two credit sales during the perlod. The units have a selling price of $135.00 per unit. Sales Mar. 15 Sept. 10 430 units 335 units Stilton Company uses a perlodic Inventory costing system. Required: 1. Calculate the dollar value of cost of goods sold and ending Inventory using: (Round the "Welghted-average cost" to 2 decimal places. Round final answers to 2 decimal places.) Ending Inventory Cost of Goods Sold a. FIFO b. Moving weighted 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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he following data are available for Sellco for the fiscal year ended on January 31, 2020: Sales 1,600 units Beginning inventory 500 units @ $ 4 Purchases, in chronological order 600 units @ $ 5 800 units @ $ 6 500 units @ $ 8 Required:a. Calculate cost of goods sold and ending inventory under the cost flow assumptions, FIFO, LIFO and weighted average (using a periodic inventory system): (Round unit cost to 2 decimal places.) b. Assume that net income using the weighted-average cost flow assumption is $80,000. Calculate net income under FIFO and LIFO. (Round unit cost to 2 decimal places.)
A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 310 units. Ending inventory at January 31 totals 130 units. Units Unit Cost Beginning inventory on January 1 280 $ 2.60 Purchase on January 9 60 2.80 Purchase on January 25 100 2.94 Required:Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on LIFO.
The Stilton Company has the following inventory and credit purchases during the fiscal year ended December 31, 2023. Beginning Feb. 10 Aug. 21 640 units @ $75/unit 350 units @ $72/unit 230 units @ $85/unit Stilton Company has two credit sales during the period. The units have a selling price of $135 per unit. Sales Mar. 15 430 units Sept. 10 335 units Stilton Company uses a perpetual inventory system. Required: 1. Calculate the dollar value of cost of goods sold and ending inventory using: (Do not round intermediate calculations. Round "Average cost per unit" to 2 decimal places. Round the final answers to 2 decimal places.) Ending Inventory Cost of Goods Sold a FIFO b. Moving weighted average
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A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 430 units. Ending inventory at January 31 totals 170 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Weighted Average - Perpetual: Goods purchased Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. (Round your per unit costs to 2 decimal places.) Date January 1 January 9 Average cost January 25 Average cost January 26 Totals # of units Cost per unit Units Unit Cost 390 90 120 # of units sold $3.80 4.00 4.10 Cost of Goods Sold Cost per Cost of Goods unit Sold Inventory Balance Cost per unit # of units 390 @ $ 3.80 = Inventory Balance $1,482.00
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1 Required information [The following information applies to the questions displayed below.] A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 280 units. Ending inventory at January 31 totals 130 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 January 1 Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. Note: Round your per unit costs to 2 decimal places. Date January 9 Average cost January 9 January 25 Average cost January 25 January 26 Total January 26 Goods purchased # of units Units 250 60 100 Cost per unit Unit Cost $ 2.30 2.50 2.64 Weighted Average - Perpetual: Cost of Goods Sold # of units sold Cost per Cost of Goods unit Sold # of units Inventory Balance Cost per unit Inventory Balance
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