Tree Seedlings has the following current-year purchases and sales for its only product. Date January 1 January 3 Units Acquired at Cost 40 units @ $2 February 14 @ $3 = February 15 June 30 November 6 November 19 Activities. Beginning inventory Sales Purchase Sales Purchase Sales Purchase Totals Required A Required B Required C FIFO 70 units 90 units Periodic Inventory System 20 units 220 units @ $4 Complete this question by entering your answers in the tabs below. @ $5 $80 $ 210 $360 $ 100 $750 Units Sold at Retail Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Ending Cost of Inventory Goods Sold The company uses a periodic inventory system. a. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. b. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. c. Compute the gross profit for each method. 30 units 60 units 86 units 176 units @ $8 @ $8 @ $8

Tree Seedlings has the following current-year purchases and sales for its only product. Date January 1 January 3 Units Acquired at Cost 40 units @ $2 February 14 @ $3 = February 15 June 30 November 6 November 19 Activities. Beginning inventory Sales Purchase Sales Purchase Sales Purchase Totals Required A Required B Required C FIFO 70 units 90 units Periodic Inventory System 20 units 220 units @ $4 Complete this question by entering your answers in the tabs below. @ $5 $80 $ 210 $360 $ 100 $750 Units Sold at Retail Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Ending Cost of Inventory Goods Sold The company uses a periodic inventory system. a. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. b. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. c. Compute the gross profit for each method. 30 units 60 units 86 units 176 units @ $8 @ $8 @ $8

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter6: Receivables And Inventories

Section: Chapter Questions

Problem 6.4.4P: Inventory by three cost flow methods Details regarding the inventory of appliances on January 1,...

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Inventory by three cost flow methods Details regarding the inventory of appliances on January 1, 20Y7, purchases invoices during the year, and the inventory count on December 31. 2O’7. of Amsterdam Appliances are summarized as follows: Instructions Discuss which method (FIFO or LIFO) would be preferred for income tax purposes in periods of (a) rising prices and (b) declining prices.
What is peridocznym fifo and lifo
BRADY-LOMBARDI TROPHY COMPANY: Inventory Records for Year 20X1 Date Beg Inventory Purchases: Oct 01, 20X1 Oct 05, 20X1 Oct 10, 20X1 Oct 15, 20X1 Oct 20, 20X1 Total Inventory Total Sold Retail Price Cost of Goods Available for Sale (COGAFS) # units Cost/Unit O c. $40,000 O d. $34,400 O e. $78,100 100 $ 200 $ 100 $ 150 $ 90 $ 220 $ 900 580units sold $500per unit 100 110 120 130 150 160 S COGAFS 10,000 $ 22,000 $ 12,000 $ 19,500 $ 13,800 $ 35,200 $ 112,500 Applying the Weighted Average (WA) Method to cost Inventory: Calculate Ending Inventory ROUND ANSWERS TO NEAREST $ (if applicable) a. $72,500 O b. $112,500.
X CengageNOWv2 | Online teachin X + com/ilm/takeAssignment/takeAssignmentMain.do?invoker-assignments&takeAssignmentSessionLocator assign... eBook Show Me How Weighted average cost flow method under perpetual inventory system The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 9,000 units at $50.00 Mar. 18 Sale 7,000 units May 2 Purchase 8,000 units at $56.50 Aug. 9 Sale 8,000 units Oct. 20 Purchase A✩ 中 4,000 units at $60.00 The firm uses the weighted average cost method with a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale. Present the data in the form illustrated in Exhibit 5. Round your "Unit Cost" answers to two decimal places. Weighted Average Cost Flow Method Goods Sold Cost of
Part B Gott Company adopted the dollar-value LIFO inventory method on 12/31/19. On this date, its inventory consisted of the following items. Additional information: Instructions Item X Y (a) (b) (c) (d) (e) (f) at December 31 1 2 Number of Units 3 4 300 900 Cost Per Unit $2.50 4.50 Units of X in inventory Value of each X unit Units of Y in inventory Value of each Y unit Total Cost $750 4,050 $4,800 2020 450 $3.00 $1,350 1,200 $5.50 $6,600 Compute the price index for 2020. Round to 3 decimal places. Compute ending inventory at 12/31/2020 in base year dollars. Calculate ending inventory at 12/31/20 for dollar value LIFO. Compute the price index for 2021. Round to 3 decimal places. Compute ending inventory at 12/31/2021 in base year dollars. Calculate ending inventory at 12/31/21 for dollar value LIFO. 2021 600 $3.25 $1,950 1,800 $6.00 $10,800
Perpetual inventory using weighted average Beginning inventory, purchases, and sales for WCS12 are as follows: Date Line Item Description Value Oct. 1 Inventory 340 units at $14 Oct. 13 Sale 160 units Oct. 22 Purchase 320 units at $15 Oct. 29 Sale 200 units a. Assuming a perpetual inventory system and using the weighted average method, determine the weighted average unit cost after the October 22 purchase. Round your answer to two decimal places.fill in the blank 1 of 1$ per unit b. Assuming a perpetual inventory system and using the weighted average method, determine the cost of goods sold on October 29. Round your "average unit cost" to two decimal places.fill in the blank 1 of 1$ c. Assuming a perpetual inventory system and using the weighted average method, determine the inventory on October 31. Round your "average unit cost" to two decimal places.fill in the blank 1 of 1$
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Perpetual Inventory Using Weighted Average Beginning inventory, purchases, and sales for WCS12 are as follows: Oct. 1 Inventory 300 units at $14 13 Sale 160 units 22 Purchase 360 units at $17 29 Sale 300 units a. Assuming a perpetual inventory system and using the weighted average method, determine the weighted average unit cost after the October 22 purchase. Round your answer to two decimal places. $fill in the blank 1 16.72 per unit b. Assuming a perpetual inventory system and using the weighted average method, determine the cost of goods sold on October 29. Round your "average unit cost" to two decimal places. $fill in the blank 2 5,016 c. Assuming a perpetual inventory system and using the weighted average method, determine the inventory on October 31. Round your "average unit cost" to two decimal places. $fill in the blank 3 3,674.40
Perpetual Inventory Using Weighted Average Beginning inventory, purchases, and sales for WCS12 are as follows: Oct. 1 Inventory 300 units at $14 13 Sale 160 units 22 Purchase 360 units at $15 29 Sale 300 units a. Assuming a perpetual inventory system and using the weighted average method, determine the weighted average unit cost after the October 22 purchase. Round your answer to two decimal places.$fill in the blank 1per unit b. Assuming a perpetual inventory system and using the weighted average method, determine the cost of goods sold on October 29. Round your "average unit cost" to two decimal places.$fill in the blank 2 c. Assuming a perpetual inventory system and using the weighted average method, determine the inventory on October 31. Round your "average unit cost" to two decimal places.$fill in the blank 3