Use the following to answer questions 1 – 6Case 1 Case 2| Case 3 Case 4Beginning inventory $20,000|$85,000 $45,600Ending inventoryPurchases?65,000 | 66,000 | 36,500400,000?758,000 614,000Cost of goods sold 385,000 725,000|?595,0001. $For case 1, determine goods available forsale2.$For1, determine endingcaseinventory3. $For case 2, determine goods available forsale4. $For case 2, determine Purchases5. $For case 3, determine cost of goods sold6. $Forcase 4, determine beginninginventory

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Description: Use the following to answer questions 1 – 6Case 1 Case 2| Case 3 Case 4Beginning inventory $20,000|$85,000 $45,600Ending inventoryPurchases?65,000 | 66,000 | 36,500400,000?758,000 614,000Cost of goods sold 385,000 725,000|?595,0001. $For case 1, det

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Use the following to answer questions 1 – 6 Case 1 Case 2 Case 3 Case 4 Beginning inventory $20,000 $85,000 S45,600| Ending inventory Purchases Cost of goods sold 385,000 725,000| ? ? 65,000 66,000 36,500 400,000 758,000 614,000 595,000 1. $ sale For case 1, determine goods available for 2. $ For 1, determine ending case inventory 3. $ For case 2, determine goods available for sale

Use the following to answer questions 1 – 6 Case 1 Case 2 Case 3 Case 4 Beginning inventory $20,000 $85,000 S45,600| Ending inventory Purchases Cost of goods sold 385,000 725,000| ? ? 65,000 66,000 36,500 400,000 758,000 614,000 595,000 1. $ sale For case 1, determine goods available for 2. $ For 1, determine ending case inventory 3. $ For case 2, determine goods available for sale

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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QUESTION 5 If the cost of an item of inventory is $60 and the current replacement cost is $75, the amount included in inventory according to the lower of cost or market is a. $135 b. $60 c. $75 d. $15
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Beginning inventory Cost of goods purchased Cost of goods available for sale Ending inventory Cost of goods sold Swifty made two errors: 2022 $28,700 191,400 220,100 37.600 $182,500 2021 $20,200 148,900 169,100 28,700 $140,400 1. 2021 ending inventory was overstated by $6,200. 2. 2022 ending inventory was understated by $2,900.
Supply the missing dollar amounts for each of the following independent cases: Cases A B C D E Sales Revenue Beginning Inventory $ 1,100 $ 1,300 1,280 1,400 Purchases 500 $ 1,200 600 1,200 500 450 1,000 1,300 Cost of Goods Available for Sale Cost of Goods Sold $ 780 600 1,050 Cost of Ending Inventory 580 700 650 Gross Profit 800 980
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Q.3 The following are the inventory records of the Jordan Company: Total $40 Cost $2 Units Balance, January 1 Purchases: 20 February May August December 30 3 90 40 200 6. 10 20 120 10 100 Available for sale 120 $550 Calculate ending inventory, which consists of 30 units, and cost of sales, using: (a) FIFO, (b) LIFO, and (c) average give your opinion on the results
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Using LIFO, what is the ending balance in inventory? Date $4,800 3/1/2011 Purchase Total Goods Available for Sale O $8,400 Source 1/1/2011 Beginning Inventory 2/1/2011 Purchase $9,100 O $8,159 Units sold Units Purchased 1000 700 1,500 3,200 2500 Cost Per Unit $13 $9 $12 $20 Total Cost $13,000 $6,300 $18,000 $37,300
M&M Inventory Cost Total DATE Color of Units Cost Unit 1st Red 2 $10 20 3rd Orange $12 24 5th Yellow 4 $14 56 Sold SALE 6th 3 #1 Units 8th Green $16 32 10th Blue 3 $18 54 Sold SALE 11th 4 #2 Units 12th Brown 3 $20 60 Sold SALE 15th # 3 Units Calculate COGS for each sale and Ending Inventory under FIFO, LIFO, and Wtd. Avg. Methods %23 2.
Periodic Inventory System Company A $ 520,000 Company B Beginning inventory + Net Purchases 327,000 TOTAL GOODS AVAILABLE TO SELL 685,000 750,000 (Ending Inventory) 290,000 Cost of Goods Sold $ 615,000 For Company A determine Net Purchases and Cost of Goods Sold. For Company B determine Beginning Inventory and Ending Inventory. Company A: Net purchases 4 and Cost of goods sold type your answer. Company B: Beginning inventory type your answer... and Ending inventory type your answer.
7 3 ences Given the following: Mc Graw Hill January 1 inventory April 1 June 1 November 1 Cost of ending inventory Number purchased 40 60 50 55 205 Cost of goods sold Cost per unit $ 4 7 8 9 a. Calculate the cost of ending inventory using the weighted-average method (ending inventory shows 61 units_ Note: Round the "average unit cost" and final answer to the nearest cent. AS
AL LUSE AL RELdi Beginning inventory Net purchases $127, 600 231,240 $256, 800 393, 600 Assume that in addition to estimating its ending Inventory by the retall method, Harmony Co. also took a physical Iinventory at the marked selling prices of the Inventory Items at the end of 2020. Assume further that the total of this physical Inventory at marked selling prices was $109,200. a. Determine the amount of this Inventory at cost. (Round your intermedlete calculatlons and final answer to 2 decimal places.) Inventory at cost b. Determine Harmony's 2020 Inventory shrinkage from breakage, theft, or other causes at retall and at cost. (Round your Intermedlate calculatlons and final answers to 2 decimal places.) At Cost At Retail Estimated inventory that should have been on hand Physical inventory Inventory shrinkage