Units Unit Cost Total Cost Units Sold Beginning Inventory 32 $18 $576 Sale no. 1 10 Purchase no. 1 28 20 560 Sale no. 2 32 Purchase no. 2 20 19 380 Totals 80 $1,516 Assuming Newtown, Inc., uses FIFO inventory procedures, the ending inventory cost is:

Units Unit Cost Total Cost Units Sold Beginning Inventory 32 $18 $576 Sale no. 1 10 Purchase no. 1 28 20 560 Sale no. 2 32 Purchase no. 2 20 19 380 Totals 80 $1,516 Assuming Newtown, Inc., uses FIFO inventory procedures, the ending inventory cost is:

Name: Units Unit Cost Total Cost Units SoldBeginning Inventory32$18$576Sale
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Description: Units Unit Cost Total Cost Units SoldBeginning Inventory32$18$576Sale no. 110Purchase no. 12820560Sale no. 232Purchase no. 22019380Totals80$1,51642Assuming Newtown, Inc., uses FIFO inventory procedures, the ending inventory cost is:

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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An entity provided the following records connected to its inventory transactions: Date and transaction Units Unit cost January 1 balance 40,000 P 20 February 10 sale 30,000 April 12 purchase 60,000 P 25 September 20 sale 59,000 November 28 purchase 40,000 P 30 The entity used the moving average method. At December 31, the entity determined that the NRV per unit is P 23 (Round to two decimal places) 30. What is the cost of the inventory at December 31? a. 1,173,000 b. 1,275,000 c. 1,475,000 d. 1,466,890 31. What amount of cost of goods sold should be reported at December 31? a. 2,225,000 b. 2,327,000 c. 2,033,110 d. 2,025,000
Kimberly Young Company was formed on December 1, 2019. The following information is available from Young's inventory records for Product BAP. January 1, 2020 (beginning inventory) Purchases: January 5, 2020 January 25, 2020 February 16, 2020 March 26, 2020 Units 1,680 3,360 3,640 2,240 1,680 Unit Cost $8 9 10 11 12 A physical inventory on March 31, 2020, shows 4,480 units on hand. Prepare schedule to compute the ending inventory at March 31, 2020, under FIFO inventory method. KIMBERLY YOUNG COMPANY COMPUTATION OF INVENTORY FOR PRODUCT BAP UNDER FIFO INVENTORY METHOD March 31, 2020 Units $ Unit Cost $ $ Total Cost
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The following data represent the beginning inventory and, in order of occurrence, the purchases and sales of Newtown, Inc. for an operating period. Units Unit Cost Total Cost Units Sold Beginning Inventory 32 $18 $576 Sale no. 1 10 Purchase no. 1 28 20 560 Sale no. 2 32 Purchase no. 2 20 19 380 Totals 80 $1,516 42 Assuming Newtown, Inc., uses FIFO inventory procedures, the ending inventory cost is: Select one: a. $684 b. $696 c. $722 d. $740 e. None of the above
Given the following: January 1 inventory April 1 June 1 November 1 Cost of ending inventory Number purchased 42 62 52 57 213 Cost per unit $ 3 6 7 8 Cost of goods sold Total a. Calculate the cost of ending inventory using the FIFO (ending inventory shows 63 units). $ 126 372 364 456 $ 1,318 b. Calculate the cost of goods sold using the FIFO (ending inventory shows 63 units).
Sunland Industries has the following inventory information. July 1 Beginning Inventory 35 units at $130 Purchases 260 units at $111 14 Sale 180 units 21 Purchases 100 units at $120 30 Sale 160 units Assuming that a periodic inventory system is used, what is the amount allocated to ending inventory on a LIFO basis? $6770 $29230 $29210 $6600
Hh2. Account
Mason Company uses a periodic inventory system and has the following: Beginning inventory, Sept 1 Purchase, Sept 8 Purchase, Sept 17 Purchase, Sept 28 Units Unit cost 800 900 1 700 600 22.00 23.00 24.00 25.00 If 1 000 units are on hand at September 30, the cost of ending inventory under FIFO is:
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Pronghorn Company uses the periodic inventory method and had the following inventory information available: Units Unit Cost Total Cost 1/1 Beginning Inventory 100 $3 $300 1/20 Purchase 505 $4 2,020 7/25 Purchase 95 5 475 10/20 Purchase 305 57 2.135 1,005 $4.930 Aphysical count of inventory on December 31 revealed that there were 385 units on hand. Answer the following independent questions. (Round average cost per unit to 2 decimal places, eg. 5.25 and final answers to O decimal places, es 2,520.) Assume that the company uses the FIFO method. The value of the ending inventory at December 31 is 1. %24 Assume that the company uses the average-cost method. The value of the ending inventory on December 31 is 2. Assume that the company uses the LIFO method. The value of the ending inventory on December 31 is 3. Determine the difference in the amount of income that the company would have reported if it had used the FIFO method instead of the LIFO method. 4 lal 4. Would income have been…