12345678A19202122910 Sales23242526BBeginning inventoryPurchasesINVENTORY CALCULATIONS10-Dec15-DecCost of goods available for sale1112 Ending Inventory1314 Last-In, First-Out1516171825-DecSalesCCost of goods available for saleLess: Cost of Goods SoldEnding InventoryEnding InventoryDUnitsInstructions272829 Gross Profit Calculation (show calculation here):303132333435 Gross Profit Percentage (show calculation here):36373839404142FIFOReady Accessibility: Good to goE(aa@UnitsSchedule of Ending Inventory (Inventory Remaining)units @units @Units@Unitsunits @units @units @LIFOFCost==G||||||II====HTotalWeighted Average$0$0$0$0$0$0$0$0$0$0IJKAINVENTORY CALCULATIONS1234 Beginning inventory567 Total89 Weighted Average Unit Cost1011 Cost of goods available for sale1213 Sales252627281415 Ending Inventory1617 Weighted Average18192021222324PurchasesPurchasesReadyBInstructions10-Dec15-Dec25-DecSalesC293031 Gross Profit Calculation (show calculation here):323334353637 Gross Profit Percentage (show calculation here):3839404142Cost of goods available for saleLess: Cost of Goods SoldEnding InventoryEnding InventoryDUnitsFIFOAccessibility: Good to go#DIV/0!ELIFO@@@@@Schedule of Ending Inventory (Inventory Remaining)units @units @Unitsunits @units @FCost#DIV/0!#DIV/0!Weighted AverageG======HTTotal$0#DIV/0!$0#DIV/0!$0$0#DIV/0!$0#DIV/0!$0$0IJK A1AJx Financial AccountingB1 Financial Accounting2 Chapter 6 - Inventory3 Homework - Inventory Handout4Bartlett Corp has the following information:InstructionsCD9 Beginning Inventory1011 Purchased1213 Purchased1415 Sold1617 For the FIFO, LIFO, and WEIGHTED AVERAGE inventory methods:181-Dec 3,000 units @ $25/unit5 Use the following information below to complete the inventory calculations on the FIFO, LIFO, and Weighted Average tabs.67815-Dec10-Dec 2,000 units @ $30/unit1,500 units @ $40/unit25-Dec 4,000 units for $60 each19 1.) Calculate the value of ending inventory20 2.) Calculate and show the schedule for Cost of Goods Sold21 3.) Calculate and show the schedule for Gross Profit22 4.) Calculate and show the Gross Profit Percentage2324 Remember25 FIFO means - First In, First Out26 LIFO means - Last in Last Out272829303132333435363738FIFOELIFOFGWeighted AverageH12A345 Purchases678B910 Sales1920212223242526INVENTORY CALCULATIONSBeginning inventory10-Dec15-DecCost of goods available for sale25-Dec1112 Ending Inventory1314 Last-In, First-Out15161718SalesCCost of goods available for saleLess: Cost of Goods SoldEnding InventoryEnding InventoryDUnitsInstructions272829 Gross Profit Calculation (show calculation here):303132333435 Gross Profit Percentage (show calculation here):36373839404142E(@(α)(@UnitsSchedule of Ending Inventory (Inventory Remaining)units @units@UnitsUnitsunits@units @units @FIFOSelect destination and press ENTER or choose PasteLIFOFCost==G=====HTotalWeighted Average$0$0$0$0$0$0$0$0$0$0IJK

Name: 12345678A19202122910 Sales23242526BBeginning inventoryPurchasesINVENT
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: 12345678A19202122910 Sales23242526BBeginning inventoryPurchasesINVENTORY CALCULATIONS10-Dec15-DecCost of goods available for sale1112 Ending Inventory1314 Last-In, First-Out1516171825-DecSalesCCost of goods available for saleLess: Cost of Goods Sold

Under FIFO method inventory that comes first is sold first and the most recent inventories is…

Business

Accounting

Use the following information below to complete the inventory calculations on the FIFO, LIFO, and Weighted Average tabs. Bartlett Corp has the following information: Beginning Inventory Purchased Purchased 1-Dec 3,000 units @ $25/unit 10-Dec 2,000 units @ $30/unit 1,500 units @ $40/unit Sold 15-Dec 25-Dec 4,000 units for $60 each For the FIFO, LIFO, and WEIGHTED AVERAGE inventory methods:

Use the following information below to complete the inventory calculations on the FIFO, LIFO, and Weighted Average tabs. Bartlett Corp has the following information: Beginning Inventory Purchased Purchased 1-Dec 3,000 units @ $25/unit 10-Dec 2,000 units @ $30/unit 1,500 units @ $40/unit Sold 15-Dec 25-Dec 4,000 units for $60 each For the FIFO, LIFO, and WEIGHTED AVERAGE inventory methods:

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

What is the correct ending balance of Inventory under the LIFO method given the following information? Beginning Inventory: 35 units @€17, Purchase 1: 10 units @€22, Purchase 2: 15 units @€35, Ending Inventory: 40 units. Assume that the sale occurs after all inventory purchases. Answer: X
The beginning inventory and the purchases and sales of inventory for March for the Carolina Company are as presented below. Complete the inventory schedule assuming the FIFO Inventory valuation method is used. Date Transaction Number of Units Per Unit Total Mar 1 Inventory 10,500 1.5 $15,750 Mar 8 Purchase 12,000 1.6 $19,200 Mar 11 Sold 11,000 2.5 $27,500 Mar 12 Sold 9,500 2.5 $23,750 Mar 14 Purchase 8,000 1.65 $13,200 Mar 15 Sold 5,000 2.6 $13,000 Mar 19 Sold 4,000 2.6 $10,400 Mar 22 Purchase 7,000 1.7 $11,900 Mar 24 Sold 4,000 2.6 $10,400 Mar 25 Sold 2,500 2.6 $6,500 Mar 26 Purchase 10,000 1.72 $17,200 Mar 28 Sold 5,000 2.6 $13,000 FIFO Purchases Cost of Goods Sold Inventory Quantity UnitCost TotalCost…
Using the FIFO method, complete the steps below to calculate the ending inventory units, inventory account balance, and cost of goods sold account balance at the end of the period.Date Activity Units Purchase Price (per unit)Sale Price(per unit)1-Feb Beginning Inventory 100 $ 4515-Feb Purchase 700 $ 529-Apr Sale 1 600 $ 9029-May Purchase 500 $ 5610-Jul Sale 2 600 $ 9010-Sep Purchase 400 $ 5815-Oct Sale 3 400 $ 905-Nov Purchase 900 $ 6218-Dec Sale 4 200 $ 901. Compute the Cost of Goods Sold and ending inventory (units and value) after Sale 1.Cost of Goods Sold (units) Total COGS after Sale 1 Inventory Remaining (units) Total Inventory Balance after Sale 1Totals:2. Compute the Cost of Goods Sold and ending inventory (units and value) after Sale 2.Cost of Goods Sold (units) Total COGS after Sale 2 Inventory Remaining (units) Total Balance after Sale 2Totals:3. Compute the Cost of Goods Sold and ending inventory (units and value) after Sale 3. Cost of Goods Sold (units) Total COGS after…
The accounting records of Skysong Electronics show the following data. Beginning inventory 1.000 units at $5 Purchases 9,000 units at $7 9.500 units at $10 Sales (a) Determine cost of goods sold during the period under a periodic inventory system using the FIFO method. (Round answer to O decimal places, e.g. 1,250.) Cost of goods sold during the period FIFO
UMET's Stores had the following inventory transactions in 2020: Transaction Units Cost per unit 1/1 Balance 50 $6 2/14 Sale 25 5/23 Purchase 100 8 8/21 Sale 50 11/5 Purchase 25 12 11/18 Sale 95 Required: Compute tge cost of goods sold and the ending inventory using the periodic inventory system for each of the following cost flow assumptions: a. FIFO b. LIFO c. Weighted average
The following data represent the beginning inventory and, in order of occurrence, the purchases and sales of Derzon, Inc. for an operating period. Beginning Inventory Sale No. 1 Purchase No. 1 Sale No. 2 Purchase No. 2 Totals Select one: O O O Units Unit Cost Total Cost Units Sold 30 $28 $ 840 A. $1,480 B. $1,600 C. $1,120 D. $1,680 50 20 100 40 44 2,000 880 $3,720 20 Assuming Derzon, Inc. uses FIFO perpetual inventory procedures, it records sale no. 2 as an entry to Cost of Goods Sold for: 40 60
The records of Cordova Corp. showed the following transactions, in the order given, relating to the major inventory item: Unit Cost Units 4,800 $7.80 9,600 8.10 6,700 8,600 8.40 14,400 16,400 8.56 14,400 9,600 8.70 1. 2. 3. 4. 5. 6. 7. Sale (at $19.80) 8. Purchase Inventory Purchase Sale (at $16.80) Purchase Sale (at $16.80) Purchase Required: Complete the following schedule for each independent assumption. (Round unit costs to the nearest cent.) Independent Assumptions a. FIFO b. Weighted average, periodic inventory system c. Moving average, perpetual inventory system Ending Inventory Units and Amounts Cost of Goods Sold Gross Margin
The following data represent the beginning inventory and, in order of occurrence, the purchases and sales of Galantine, Inc., for an operating period. Unit Cost Beginning Inventory Sale No. 1 Purchase No. 1 Sale No. 2 Purchase No. 2 Totals Select one: O O O O Units 30 A. $840 B. $1,200 C. $1,110 D. $1,320 50 20 100 $21 30 33 Total Cost $630 - 1,500 Units Sold 660 $2,790 20 40 Assuming Galantine, Inc. uses LIFO perpetual inventory procedures, sale no. 2 is recorded as an entry to Cost of Goods Sold for: 60
A company has a beginning inventory of $20,000, purchases of $30,000, and sales of $40,000. Calculate the cost of goods sold and ending inventory using the periodic inventory system and the average cost method.
You have the following information for Bramble Inc. for the month ended June 30, 2022. Bramble uses a periodic inventory system. Date Description Quantity Unit Cost orSelling Price June 1 Beginning inventory 40 $31 June 4 Purchase 135 34 June 10 Sale 110 61 June 11 Sale return 15 61 June 18 Purchase 55 37 June 18 Purchase return 10 37 June 25 Sale 65 67 June 28 Purchase 35 41
The Company uses a periodic inventory system. For specific identification, ending inventory consists of 200 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory. Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification, (b) weighted average, (c) FIFO, and (d) LIFO. Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. (Round cost per unit to 2 decimal places.)
The inventory records of Sunshine company show the following data: UNITS UNIT COST ESTD. SALES PRICE COST OF TO SELL A 8,000 400 415 20 B 8,000 365 405 15 C 6,000 410 412 7 What amount of inventory will be presented in the statement of financial position under the lower of cost or NRV convention?