urrent ALLEempt mFIogressFlint Corporation uses a perpetual inventory system reports the following for the month of June.DateExplanationUnitsUnit CostTotal CostJune 1Inventory120$6$72012Purchases3602,52023Purchases2401,92030Inventory250ICalculate the average cost per unit, using a perpetual inventory system. Assume a sale of 420 units occurred on June 15for a selling price of $9 and a sale of 50 units on June 27 for $10. (Round answers to 3 decimal places, e.g. 5.125.)June 1%24June 12 $June 15 $7:59acer7.

The average cost per unit using the perpetual inventory system is the price at which the balance of…

Answered: urrent ALLE empt mFIogress Flint…

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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Calculate the November 30 Inventory and the November Cost of goods sold using the FIFO cost formula Sarasota Corporation uses a perpetual inventory system. On November 19, the company sold 610 units. The following additional information is available: Nov. 1 inventory Nov. 15 purchase Nov. 23 purchase Units 330 430 390 1,150 Unit Cost $11 15 16 Total Cost $3,630 6,450 6,240 $16,320
Perpetual System-Calculating Ending Inventory and Cost of Sales Using Moving Average, FIFO, and LIFO April Inc. maintains a perpetual inventory system and recorded the following information for the month of January. Units Unit Cost $10.50 950 400 12.00 Inventory, January 1 Purchase, January 10 Purchase, January 20 Purchase, January 28 Sale, January 5 200 13.25 600 14.00 500 Sale, January 13 200 Sale, January 31 320 Inventory, January 31 1130 Date Compute ending inventory and cost of goods sold for the month ending January 31 using the (1) Moving average method, (2) FIFO method, (3) and the LIFO method. Moving average FIFO (1) Moving average method •Note: Enter the answers for unit cost in dollars and cents, rounded to the nearest penny. Use the rounded amounts for later calculations. •Note: Do not use negative signs with any of your answers. Date January 1 January 5 January 10 January 13 January 20 January 28 January 31 Units Moving Average Ending Inventory Cost of goods sold $…
A company had the following purchases during its first year of operations: Purchases Sales January March 8 units at $ 30 per unit 10 units at $38 per unit May 16 units Using the perpetual FIFO inventory costing method, what is the cost of goods sold? $ 850 $ 544 $ 300 $ 420
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
Ivanhoe Company uses a perpetual inventory system and reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 130 $5 $650 12 Purchase 370 6 2.220 23 Purchase 200 1,400 30 Inventory 250 (a1) Calculate the weighted average cost per unit, using a perpetual inventory system. Assume a sale of 400 units occurred on June 15 for a selling price of $8 and a sale of 50 units on June 27 for $9. (Round Intermediate calculations to O decimal places, eg. 152 and final answers to 3 decimal places, eg 5.125 June 1 June 12 June 15 $ June 23 S June 27 $ (a2) Calculate the cost of the ending inventory and the cost of goods sold for each cost flow assumption, using a perpetual inventory system. Assume a sale of 400 units occurred on June 15 for a selling price of $8 and a sale of 50 units on June 27 for $9. (Round answers to O decimal places, es 125) FIFO Cost of the ending inventory $ Cost of goods sold LIFO $ Moving Average
ZARA uses a First-In-First-Out (FIFO) perpetual inventory system and has the following purchases and sales: February 10 50 units were purchased at 28$ per unit. 75 units were purchased at 30$ per unit. February 16 What is the cost per unit sold assuming that 22 units were sold on February 29? $30 $25 $28 $27
Bridgeport Inc. uses a perpetual inventory system. Its records show the following for the month of May. Date May May May May 1 Inventory Purchase 15 18 Unit Explanation Units Cost 24 Sale Purchase Total -29 26 (42 ) 40 53 $10 11 12 Total Cost $290 286 480 $1,056
The following data is available for an item of JNC Inc. for the month of March: March 1 Inventory 15 units at $10 each 15 Purchase 30 units at $18 each 31 Purchase 24 units at $15 each Sale 30 units Using the first-in, first-out method, what is JNC Inc.'s cost of ending inventory for March? a.$630 b.$360 c.$510 d.$420
Marquis Company uses a weighted-average perpetual inventory system and has the following purchases and sales: Date August 2 August 18 August 29 Activities Purchase Purchase Sales What is the amount of the cost of goods sold for this sale? (Round average cost per unit to 2 decimal places.) Multiple Choice $510.00 $398.40 $830.00 $150.50 $388.00 Units Acquired at Cost 10 units@ $32 $320 15 units@ $34- $510 Units Sold at Retail 12 units sold
Dhapa
es Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactions for March. Date March 1 Activities March 5 Beginning inventory Purchase March 9 Sales March 18 March 25 Purchase Purchase March 29 Sales Totals Units Acquired at Cost 115 units @ $50 per unit 415 units @ $55 per unit 150 units @$60 per unit 230 units @ $62 per unit 910 units. Units Sold at Retail 435 units @ $85 per unit 190 units @ $95 per unit 625 units For specific identification, units sold include 50 units from beginning inventory, 385 units from the March 5 purchase, 55 units from the March 18 purchase, and 135 units from the March 25 purchase. 4. Compute gross profit earned by the company for each of the four costing methods. Note: Round your average cost per unit to 2 decimal places and final answers to nearest whole dollar. FIFO LIFO Weighted Average Specific Identification Sales Less: Cost of goods sold Gross profit $ 0 $ 0 $ 0 $ 0
FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 30 units at $43 Sale 21 units at $65 First purchase. 16 units at $46 Sale 13 units at $65 Second purchase 20 units at $47 Sale 17 units at $67 The firm uses the perpetual inventory system, and there are 15 units of the item on hand at the end of the year. a. What is the total cost of the ending inventory according to FIFO? b. What is the total cost of the ending inventory according to LIFO?

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