The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 23 units @ $29 $667 June 16 Purchase 31 units @ $32 992 Nov. 28 Purchase 39 units @ $37 1,443 93 units $3,102 There are 16 units of the product in the physical inventory at November 30. The periodic inventory system is used. Round answers to the nearest whole dollar. a. Determine the inventory cost by the FIFO method. $ b. Determine the inventory cost by the LIFO method. $ c. Determine the inventory cost by the average cost methods. $

The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 23 units @ $29 $667 June 16 Purchase 31 units @ $32 992 Nov. 28 Purchase 39 units @ $37 1,443 93 units $3,102 There are 16 units of the product in the physical inventory at November 30. The periodic inventory system is used. Round answers to the nearest whole dollar. a. Determine the inventory cost by the FIFO method. $ b. Determine the inventory cost by the LIFO method. $ c. Determine the inventory cost by the average cost methods. $

Name: The units of Manganese Plus available for sale during the year were a
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: The units of Manganese Plus available for sale during the year were as follows:Mar. 1Inventory23 units@ $29$667June 16Purchase31 units$32992Nov. 28Purchase39 units@ $371,44393 units$3,102There are 16 units of the product in the physical inventory at

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter7: Inventories

Section: Chapter Questions

Problem 1PEB: The following three identical units of Item Beta are purchased during June: Assume that one unit is...

See similar textbooks

Similar questions

Akira Company had the following transactions for the month. Calculate the gross margin for the period for each of the following cost allocation methods, using periodic inventory updating. Assume that all units were sold for $25 each. Provide your calculations. A. first-in, first-out (FIFO) B. last-in, first-out (LIFO) C. weighted average (AVG)
Bleistine Company had the following transactions for the month. Calculate the gross margin for the period for each of the following cost allocation methods, using periodic inventory updating. Assume that all units were sold for $50 each. Provide your calculations. A. first-in, first-out (FIFO) B. last-in, first-out (LIFO) C. weighted average (AVG)
The following three identical units of Item BZ1810 are purchased during November: Assume that one unit is sold on November 30 for 90. Determine the gross profit for November and ending inventory on November 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost methods.
The following three identical units of Item Beta are purchased during June: Assume that one unit is sold on June 27 for 110. Determine the gross profit for June and ending inventory on June 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost methods.
The units of an item available for sale during the year were as follows: Jan. 1 16 units at $38 Inventory Purchase Feb. 17 16 units at $39 Jul. 21 Purchase 5 units at $40 Nov. 23 Purchase 20 units at $42 There are 16 units of the item in the physical inventory at December 31. The periodic inventory system is used. Round average unit cost to the nearest cent and final answers to the nearest whole dollar, if required. a. Determine the inventory cost by the first-in, first-out method. b. Determine the inventory cost by the last-in, first-out method. c. Determine the inventory cost by the weighted average cost method.
Akira Company had the following transactions for the month. Number Total of Units Cost Beginning inventory 130 $1,300 Purchased Mar. 31 180 2,160 Purchased Oct. 15 150 2,250 Total goods available for sale 460 5,710 Ending inventory 50 Calculate the gross margin for the period for each of the following cost allocation methods, using periodic inventory updating. Assume that all units were sold for $30 each. Round your intermediate calculations to 2 decimal places and final answers to the nearest dollar amount. Gross Margin A. First-in, First-out (FIFO) B. Last-in, First-out (LIFO) C. Weighted Average (AVG) %24 %24
The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 22 units @ $31 $682 June 16 Purchase 32 units @ $34 1,088 Nov. 28 Purchase 39 units @ $35 1,365 93 units $3,135 There are 12 units of the product in the physical inventory at November 30. The periodic inventory system is used. Determine the difference in gross profit between the LIFO and FIFO inventory cost systems. Enter the answer as a positive number. FIFO Cost of Goods Sold LIFO Cost of Goods Sold Difference %24 %24 %24
Akira Company had the following transactions for the month. Numberof Units TotalCost Beginning inventory 120 $1,200 Purchased Mar. 31 180 2,160 Purchased Oct. 15 150 2,250 Total goods available for sale 450 5,610 Ending inventory 50 ? Calculate the gross margin for the period for each of the following cost allocation methods, using periodic inventory updating. Assume that all units were sold for $27 each. Round your intermediate calculations to 2 decimal places and final answers to the nearest dollar amount. Gross Margin A. First-in, First-out (FIFO) $fill in the blank 1 B. Last-in, First-out (LIFO) $fill in the blank 2 C. Weighted Average (AVG) $fill in the blank 3
The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 24 units @ $29 $696 June 16 Purchase 31 units @ $35 1,085 Nov. 28 Purchase 45 units @ $37 1,665 100 units $3,446 There are 17 units of the product in the physical inventory at November 30. The periodic inventory system is used. Determine the difference in gross profit between the LIFO and FIFO inventory cost systems. Enter the answer as a positive number. FIFO Cost of Goods Sold $fill in the blank 1 LIFO Cost of Goods Sold $fill in the blank 2 Difference $fill in the blank 3
The units of an item available for sale during the year were as follows: Jan. 1 Inventory 5 units at $40 Feb. 17 Purchase 9 units at $42 Jul. 21 Purchase 20 units at $44 Nov. 23 Purchase 9 units at $46 There are 5 units of the item in the physical inventory at December 31. The periodic inventory system is used. Round average unit cost to the nearest cent and final answers to the nearest whole dollar, if required. a. Determine the inventory cost by the first-in, first-out method.$fill in the blank 1 b. Determine the inventory cost by the last-in, first-out method.$fill in the blank 2 c. Determine the inventory cost by the weighted average cost method.$fill in the blank 3
The units of Product YY2 available for sale during the year were as follows: Dates Transactions Units Unit cost 1-Jan Beginning inventory 10 30 1-Apr Purchase 30 32 16-Jun Purchase 40 35 28-Nov Purchase 20 36 There were 25 units of YY2 in the ending inventory of the year. Instructions: Compute the cost of the ending inventory and the cost of goods sold for the year under the following method (just the number, no $ sign). 1. FIFO Cost of ending inventory Cost of goods sold 2. LIFO Cost of ending inventory Cost of goods sold 3. Weighted average Cost of ending inventory Cost of goods sold
Akira Company had the following transactions for the month. Sales for the month are $25 per unit. # of Units Cost per Unit Beginning Inventory 150 $10 Purchased Mar. 31 160 $12 Purchased Oct. 15 130 $15 Ending Inventory 50 ? In the table below, calculate the dollar value for the period for each of the following items using the listed cost allocation methods and using periodic inventory updating. PLEASE NOTE: All dollar amounts will be rounded to whole dollars using "$" with commas as needed (i.e. $12,345), except for the Weighted Average cost per unit, which will be rounded to two decimal places and include "$". Weighted average cost per unit = ___?_____ per unit Cost Allocation Method Cost of Goods Available Cost of Goods Sold Ending Inventory Sales Gross Margin First-in, First-out (FIFO) Last-in, First-out (LIFO) Weighted Average (AVG)