The units of Manganese Plus available for sale during the year were as follows:Mar. 1Inventory25 units@ $29$725June 16Purchase32 units@ $341,088Nov. 28Purchase40 units@ $371,48097 units$3,293There are 17 units of the product in the physical inventory at November 30. The periodic inventory system is used. Round answers to the nearestwhole dollar.a. Determine the inventory cost by the FIFO method.$4b. Determine the inventory cost by the LIFO method.$4c. Determine the inventory cost by the average cost methods.

Inventory valuation methods are different methods used to allocate the value to the inventory. They…

Answered: The units of Manganese Plus available…

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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Akira Company had the following transactions for the month. Numberof Units TotalCost Beginning inventory 130 $1,300 Purchased Mar. 31 190 2,280 Purchased Oct. 15 160 2,400 Total goods available for sale 480 5,980 Ending inventory 70 ? 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 $29 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 following units of a particular item were availlable for sale during the calendar year: Jan. 1 Inventory 4,100 units at $39 Apr. 19 Sale 2,300 units June 30 Purchase 4,500 units at $43 Sept. 2 Sale 5,200 units Nav. 15 Purchase 2,100 units at $46 The firm maintains a perpetual inventory system. Determine the cost of goods ssold for each sale and the inventory balance after each sale, assuming the last-in, first-out method. Present the illustrated in Exhibit 4. Under LIFO, if units are in inventory at two or more different costs, enter the units with the LOWER unit cost first in the Inventory Unit Cost column. Schedule of Cost of Goods Sold LIFO Method Cost of Goods Sold Inventory Purchases Quantity Total Cos Quantity Unit Cost Total Cost Unit Cost Unit Cost Total Cost Quantity Date Jan. 1 Apr. 19 June 30 Sept. 2 Nov. 15 Dec. 31 Balances
The following lots of Commodity Z were available for sale during the year. Beginning inventory 7 units at $47 First purchase 19 units at $55 Second purchase 51 units at $55 Third purchase 18 units at $59 The firm uses the periodic system, and there are 24 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? a.$5,241 b.$1,264 c.$1,392 d.$1,128
The following units of an inventory item were available for sale during the year: Beginning inventory 9 units at $52 First purchase 19 units at $54 Second purchase 26 units at $55 Third purchase 13 units at $57 The firm uses the periodic inventory system. During the year, 22 units of the item were sold. The value of ending inventory rounded to the nearest dollar using average cost is (Round average cost per unit to three decimal places.) a. $1,170 b. $1,144 Oc. $2,462 Od. $1,236
The following units of an inventory item were available for sale during the year: Beginning inventory 8 units at $50 First purchase 16 units at $51 Second purchase 21 units at $52 Third purchase 15 units at $54 The firm uses the periodic inventory system. During the year, 22 units of the item were sold. The value of ending inventory rounded to the nearest dollar using average cost is (Round average cost per unit to three decimal places.) Oa. $1,174 Ob. $1,975 Oc. $1,100 Od. $1,114
The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 25 units @ $30 $750 June 16 Purchase 27 units @ $33 891 Nov. 28 Purchase 45 units @ $39 1,755 97 units $3,396 There are 13 units of the product in the physical inventory at November 30. The periodic inventory system is used. Round answers to the nearest whole dollar. a. Determine the inventory cost by the FIFO method.$ b. Determine the inventory cost by the LIFO method.$ c. Determine the inventory cost by the average cost methods.$
The Luann Company uses the periodic inventory system. The following July data are for an item in Luann's inventory: July 1 Beginning inventory 30 units @ 10 Purchased $9 per unit 50 units @ $11 per unit 15 Sold 60 units 26 Purchased 25 units @ $13 per unit Calculate the cost of goods sold for July and ending inventory at July 31 using (a) first-in, first-out, (b) last-in, first-out, and (c) the weighted-average cost methods. Note: Round your cost per unit to three decimal places, if needed. Then round your final answers to the nearest dollar. A. First-in, First-out: Ending Inventory Cost of Goods Sold: B. Last-in, first-out: Ending Inventory Cost of Goods Sold: C. Weighted-average cost: Ending Inventory Cost of Goods Sold
Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each month, as if it uses a periodic inventory system. Assume Oahu Kiki's records show the following for the month of January. Sales totaled 310 units. Beginning Inventory Purchase Purchase Date January 1 January 15 January 24 Units 140 470 240 Unit Cost $ 85 95 115 Total Cost $ 11,900 44,650 27,600 Required: 1. Calculate the number and cost of goods available for sale. 2. Calculate the number of units in ending inventory. 3. Calculate the cost of ending inventory and cost of goods sold using the (a) FIFO, (b) LIFO, and (c) weighted average cost methods.
The units of Manganese Plus available for sale during the year were as follows: Mar. 1 25 units @ $29 $725 Inventory Purchase June 16 29 units @ $32 928 Nov. 28 Purchase 41 units @ $37 1,517 95 units $3,170 There are 12 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. b. Determine the inventory cost by the LIFO method. c. Determine the inventory cost by the weighted average cost methods. Round intermediate calculations and final answer to two decimal places.
The units of an item available for sale during the year were as follow: Jan 1 Inventory 14 units at $37 $518 Aug 13 Purchase 10 units at $39 390 Nov 30 Purchase 10 units at 41 410 There are 17 units of the itam in physical inventory at December 31. The Periodic inventory system is used Determine the cost of ending inventory using the weighted average cost method.
The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 25 units @ $32 $800 June 16 Purchase 29 units @ $31 899 Nov. 28 Purchase 43 units @ $39 1,677 97 units $3,376 There are 15 units of the product in the physical inventory at November 30. The periodic inventory system is use a. Determine the inventory cost by the FIFO method. %24 b. Determine the inventory cost by the LIFO method. %2$ c. Determine the inventory cost by the average cost methods. Round answer to two decimal places. %24
Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each month, as if it uses a periodic inventory system. Assume Oahu Kiki's records show the following for the month of January. Sales totaled 260 units. Beginning Inventory Purchase Purchase Date January 1 January 15 January 24 Units 100 360 240 Unit Cost $ 75 95 115 Total Cost $ 7,500 34,200 27,600 Required: 1. Calculate the number and cost of goods available for sale. 2. Calculate the number of units in ending inventory. 3. Calculate the cost of ending inventory and cost of goods sold using the (a) FIFO, (b) LIFO, and (c) weighted average cost methods.

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