Use the following information to answer the following questions: Beginning Inventory: 10,000 Units @ $4.00/unit Purchase Layer #1: 5,000 Unit @ $4.00/unit Purchase Layer # 2: 5,000 Unit @ $5.00/unit Purchase Layer # 3: 5,000 Unit @ $6.00/unit Sales Layer #1: 6,000 units at $15.00/unit Sales Layer #2: 4,000 units at $15.00/unit

Use the following information to answer the following questions: Beginning Inventory: 10,000 Units @ $4.00/unit Purchase Layer #1: 5,000 Unit @ $4.00/unit Purchase Layer # 2: 5,000 Unit @ $5.00/unit Purchase Layer # 3: 5,000 Unit @ $6.00/unit Sales Layer #1: 6,000 units at $15.00/unit Sales Layer #2: 4,000 units at $15.00/unit

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

Can some Explain!
I have to make a purchase schedule of inventory including the following below and figure out what the Cost of Goods Sold is for the order placed for FIFO LIFO and Weighted Average Cost (Average Cost) Can you help me figure this out? Date Transaction # of Units Unit Cost Total Cost Jan. 1 Beginning Inventory 300 $5 $1500 Jan. 19 Purchase 400 6.50 2600 Feb. 2 Purchase 600 7 4200 Mar. 30 Purchase 500 8.50 4250 Apr. 10 Purchase 350 9 3150 May 29 Purchase 700 9.50 6650 Total Purchases: 2550 units--$20850 Jun. 1 Sale 1000 units
The information is in the image. Thank you!
(Appendix 6B) Inventory Costing Methods: Periodic FIFO Bordeaux Company has the following information related to purchases and sales of one of its inventory items: Description Units Purchased at Cost 150 units @ $10 = $1,500 200 units @ $12 = $2,400 Date June 1 Beginning Inventory Purchase 1 9 14 22 29 Sale 1 Purchase 2 Sale 2 $ 250 units @ $13 = $ $3,250 Units Sold at Retail 300 units @ $25 Assume that Bordeaux uses a periodic inventory system. Required: Calculate the cost of goods sold and the cost of ending inventory using the FIFO inventory costing method. Cost of goods sold Cost of ending inventory 225 units @ $25
7) Use either the FIFO or LIFO inventory valuation method to determine final inventory. Date Units Unit Cost Total Cost Jan 1 Inventory 400 $13 March 10 Purchase 200 12 May 9 Purchase 300 17 Nov 1 Purchase 100 20 Sales of units were as follows $32 $31 $35 Jan 15 200 April 1 Nov 28 200 300
he following data are available for Sellco for the fiscal year ended on January 31, 2020: Sales 1,600 units Beginning inventory 500 units @ $ 4 Purchases, in chronological order 600 units @ $ 5 800 units @ $ 6 500 units @ $ 8 Required:a. Calculate cost of goods sold and ending inventory under the cost flow assumptions, FIFO, LIFO and weighted average (using a periodic inventory system): (Round unit cost to 2 decimal places.) b. Assume that net income using the weighted-average cost flow assumption is $80,000. Calculate net income under FIFO and LIFO. (Round unit cost to 2 decimal places.)
[The following information applies to the questions displayed below.] Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date March 1 March 5 March 9 March 18 March 25 March 29 Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals Problem 5-1A (Static) Part 2 Ending inventory units Units Acquired at Cost @ $50 per unit @ $55 per unit 100 units 400 units 2. Compute the number of units in ending inventory. 120 units 200 units 820 units FO F9
Please provide answer in text (Without image)
there are two parts to one question. thank you so much!
Please see below. I need help making a made up purchase schedule of inventory. Please include parts listed below. Note that these can be made up one but they need to make sense.
Use the following to answer the question(s) below: Shown below is the activity for one of the products of Random Creations: January 1 balance, 100 units @ $50 Purchases: January 18: 40 units @ $51 January 25: 40 units @ $52 Sales: January 22: 60 units January 31: 50 units 25-1) Required: Compute the January 31 cost of ending inventory, assuming Random Creations uses FIFO and periodic inventory system. Cost of ending inventory: $____________________ Your computations: (no credit if not shown). 25-2) Required: Compute the cost of goods sold for January, assuming Random Creations uses LIFO and periodic inventory system. Cost of goods sold: $____________________ Your computations: (no credit if not shown) 25-3) Required: Compute the cost of goods sold for January, assuming Random Creations uses LIFO and perpetual inventory system. Cost of goods sold: $____________________ Your computations: (no credit if not shown)…
How to do this. Please explain. Thank you.