Unit Total Balance Date Date Explanation Units Cost Cost in Units June Jun-01 Beginning inventory 50 1.0 50 50 Jun-06 Purchase 50 1.2 60 100 Jun-10 Sales 20 80 Jun-13 Purchase 150 1.4 210 230 Jun-18 Sales 100 130 Jun-20 Purchase 100 1.6 160 230 Jun-30 Purchase 150 1.8 270 380 750 Round your answer to the nearest dollar. (eg $54.4 ...input as 54, $54.5 input as 55 ) (do not input comma "," , dollar sign "$" for numerical figures) FIFO Periodic System Cost of Good Sold Ending Inventory Average Cost Periodic System Cost of Good Sold Ending Inventory FIFO Perpetual System Cost of Good Sold Ending Inventory

Unit Total Balance Date Date Explanation Units Cost Cost in Units June Jun-01 Beginning inventory 50 1.0 50 50 Jun-06 Purchase 50 1.2 60 100 Jun-10 Sales 20 80 Jun-13 Purchase 150 1.4 210 230 Jun-18 Sales 100 130 Jun-20 Purchase 100 1.6 160 230 Jun-30 Purchase 150 1.8 270 380 750 Round your answer to the nearest dollar. (eg $54.4 ...input as 54, $54.5 input as 55 ) (do not input comma "," , dollar sign "$" for numerical figures) FIFO Periodic System Cost of Good Sold Ending Inventory Average Cost Periodic System Cost of Good Sold Ending Inventory FIFO Perpetual System Cost of Good Sold Ending Inventory

Name: Unit Total BalanceDateDate ExplanationUnits CostCost in UnitsJuneJun-
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Description: Unit Total BalanceDateDate ExplanationUnits CostCost in UnitsJuneJun-01 Beginning inventory501.05050Jun-06 Purchase501.260100Jun-10 Sales2080Jun-13 Purchase1501.4210230Jun-18 Sales100130Jun-20 Purchase1001.6160230Jun-30 Purchase1501.8270380750Round

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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Use the following purchase and sales log to answer the questions tha tfollow. Units Returned Discount Freight per unit Price per unit Beg. Inv. Transaction 20 units @ $5 $5 per unit 1/5 Purchase 70 5 2% $0.05 $6.91 units @ $7 per unit 1/10 Purchase 100 7 3% $0.05 $7.81 units @ $8 per unit 1/12 Sold 150 units for $18 per unit 1/19 $0.05 $9.05 Purchase 50 3 units @ $9 per unit 1/25 Sold 50 units @ $19 per unit Assume the company counted 22 units in its inventory at the end of the month. Calcualte LIFO COGS at 1/12.
Riverbed Corp reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 129 $ 5 $ 645 12 Purchases 344 6 2,064 23 Purchases 203 7 1,421 30 Inventory 234 Correct answer icon Your answer is correct. Calculate weighted-average unit cost. (Round answer to 3 decimal places, e.g. 5.125.) Weighted-average unit cost $ enter weighted-average unit cost in dollars rounded to 3 decimal places Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round answers to 0 decimal places, e.g. 125.) FIFO LIFO Average-cost The cost of the ending inventory $ enter a dollar amount rounded to 0 decimal places $ enter a dollar amount rounded to 0 decimal places $ enter a dollar amount rounded to 0 decimal places The cost of goods sold $ enter a dollar amount rounded to 0…
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Cost Flow Methods The following three identical units of Item P401C are purchased during April: Item Beta Units Cost April 2 Purchase 1 $100 15 Purchase 1 120 20 Purchase 1 140 Total 3 $360 Average cost per unit $120 ($360 ÷ 3 units) Assume that one unit is sold on April 27 for $300. Determine the gross profit for April and ending inventory on April 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost method. Gross Profit Ending Inventory a. First-in, first-out (FIFO) $fill in the blank 1 $fill in the blank 2 b. Last-in, first-out (LIFO) $fill in the blank 3 $fill in the blank 4 c. Weighted average cost $fill in the blank 5 $fill in the blank 6
Cost flow methodsThe following three identical units of Item P401C are purchased duringApril: Item Beta Units Cost April 2 Purchase 1 $100 15 Purchase 1 120 20 Purchase 1 140 Total 3 $360 Average cost per unit $120 ($360 / 3 units) Assume that one unit is sold on April 27 for $300.Determine the gross profit for April and ending inventory on April 30using the (A) first-in, first-out (FIFO); (B) last-in, first-out (UFO); and (C)weighted average cost methods.
# of Units Unit Cost ($) Total Cost ($) 1/1 Beg. Inventory 100 2 200 1/20 Purchase 300 4 1,200 7/25 Purchase 50 3 150 10/20 Purchase 250 5 1,250 Available for sale 700 units $2,800 Sales for the year were 550 units for $5,000 in total. Required: Answer 1. (a) through (i) and 2. (1) through (3). 1. Base on the above information, calculate (round to the nearest cent): The cost of the ending inventory for the following methods: FIFO (a) LIFO (b) Weighted Average (c) The cost of merchandise sold for the following methods: FIFO (d) LIFO (e) Weighted Average (f)
Oriole Company's record of transactions concerning part WA6 for the month of September was as follows. Purchases September 1 (balance on hand) 3 (a1) نا 12 292 2 16 300 200 @ 300 @ 300 @ 500 @ 300 @ $13.00 Average-cost per unit $ @ 13.10 13.25 13.30 13.30 13.40 Sales September 4 17 27 30 400 600 300 200 Calculate average-cost per unit. Assume that perpetual inventory records are kept in units only. (Round answer to 2 decimal places, eg. 2.76.)
Given the following: Numberpurchased Costper unit Total January 1 inventory 32 $ 4 $ 128 April 1 52 6 312 June 1 42 7 294 November 1 47 8 376 173 $ 1,110 a. Calculate the cost of ending inventory using the FIFO (ending inventory shows 53 units). b. Calculate the cost of goods sold using the FIFO (ending inventory shows 53 units).