Use
Q: Trey Monson starts a merchandising business on December 1 and enters into the following three…
A: Weighted Average Method - This method is part of inventory valuation methods. Under this method…
Q: Tomorrows Electronic Center began July with 90 units of merchandise inventory that cost $60 each.…
A: It is important for businesses to carefully evaluate their inventory needs and select the method…
Q: rey Monson starts a merchandising business on December 1 and enters into the following three…
A: Perpetual inventory system: Under this inventory system, the records of inventory are continuously…
Q: the activity for one of the products of Random Creations: ance, 80 units sse $4,00e 40 units $51 40…
A: Date Units Rate Total 01-Jan 80 $ 50.00 $ 4,000 18-Jan 40 $ 51.00 $ 2,040…
Q: 25th Century Electronic Center began December with 60 units of merchandise inventory that cost $68…
A: Periodic method of inventory valuation is the one wherein the record of inventory is not prepared on…
Q: Periodic Inventory by Three Methods The units of an item available for sale during the year were as…
A: Calculation of Cost of Goods sold under FIFO Method (A) Periodic FIFO Cost of Goods Available for…
Q: Futuristic Electronic Center began July with 60 units of merchandise inventory that cost $68 each.…
A: The inventory can be valued using various methods as FIFO, LIFO and average method. The income tax…
Q: Rogers Products uses a periodic inventory system. The company's records show the beginning inventory…
A: FIFO means first in first out. In FIFO , cost of goods sold is valued at oldest price and closing…
Q: Cody's Fishing Hole has the following transactions related to its top-selling Shimano fishing reel…
A: Specific identification method :— It is one of the methods of inventory valuation in which specific…
Q: Use the following information to answer Short Exercises S6-3 through S6-6. Boston Cycles started…
A: 1. Prepare perpetual inventory using FIFO.
Q: Bramble Department Store uses a perpetual inventory system. Data for product E2-D2 include the…
A: Inventory valuation is based on the flow-off issue used by the organization. It can be the first in…
Q: Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but…
A: The inventory can be valued using various methods as LIFO, FIFO and weighted average method. The…
Q: Iron Hill began August with 46 units of iron inventory that cost $40 each. During August, the…
A: Sale value=38×$60+65×$70=$2,280+$$4,550=$6,830
Q: The periodic inventory records of Allen Medical Supply indicate the following for the month of June:…
A: In LIFO method inventory comes first are out first .Ending inventory consists 15 units from…
Q: Use the following information for question 17-18. Beacon Factory, Inc. uses a perpetual inventory…
A: 17.Calculate ending inventory under FIFO method:Therefore, Option C, $378 is the correct answer.
Q: A company had the following purchases and sales during the month of November: Units Acquired at Cost…
A: LIFO stands for Last In First Out. Using LIFO perpetual inventory, the newer inventory is sold out…
Q: Rogers Products uses a periodic inventory system. The company's records show the beginning inventory…
A: Weighted Average Method is one of the methods of inventory valuation in which it is assumed that…
Q: Contemporary Electronic Center began October with 90 units of merchandise inventory that cost $60…
A: The objective of the question is to calculate the ending inventory and cost of goods sold (COGS)…
Q: Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but…
A: Weighted Average Method is one of the methods of inventory valuation in which it is assumed that…
Q: The periodic inventory records of Synergy Prosthetics indicate the following for the month of July:…
A: Ending inventory is the amount of inventory that an entity has on hand, at the end of the period. It…
Q: Trey Monson starts a merchandising business on December 1 and enters into the following three…
A: Inventory includes all the items, merchandise, and raw materials that are used by the business…
Q: Use the following information to answer Short Exercises S6-3 through S6-6. Boston Cycles started…
A: 1.
Q: Rogers Products uses a periodic inventory system. The company's records show the beginning inventory…
A: Inventory can be valued using the following method: Average Cost Method FIFO Method LIFO Method…
Q: Iron Hill began August with 62 units of iron inventory that cost $30 each. During August, the…
A: Last-in, first-out is the method of inventory valuation where the item that is purchased or…
Q: Dymac Appliances uses the periodic inventory system. Details regarding the inventory of appliances…
A: Dymac Appliances Inventory Valuation This response addresses the prompt, calculating the inventory…
Q: Best Yet Electronic Center began December with 80 units of merchandise inventory that cost $80 each.…
A: Periodic method of inventory valuation is the one wherein the record of inventory is not prepared on…
Q: The periodic inventory records of Flexon Prosthetics indicate the following for the month of July…
A: FIFO stands for First in First out. Using FIFO, the older inventory is sold first and newer…
Q: the number of units purchased and sold throughout each accounting period but applies its inventory…
A: FIFO states that the inventory purchased first would be sold first by the company. Whereas, LIFO…
Q: Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but…
A: INVENTORY VALUATIONInventory Valuation is a Method of Calculation of Value of Inventory at the End…
Q: Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but…
A: Inventory valuation is based on the flow-off issue used by the organization. It can be the first in…
Q: Axel Company and Rod Company completed the following merchandising transactions in the month of…
A: The journal entries are prepared to record the transactions in regular basis. The perpetual…
Q: Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but…
A: Ending inventory is the amount of inventory that an entity has on hand, at the end of the period. It…
Q: Prepare journal entries to record each of the following transactions of a merchandising company. The…
A: Journal entry is the first step in recording financial transactions in the books of company. It must…
Q: The following units of a particular item were availlable for sale during the calendar year: Jan. 1…
A: Last-in, first-out is the method of inventory valuation where the item that is purchased or…
Q: Trey Monson starts a merchandising business on December 1 and enters into the following three…
A: FIFO Method :— It is one of the method of inventory valuation in which beginning inventory and old…
Q: Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but…
A: Under the FIFO method, the oldest products in inventory are sold first. Under the LIFO method, the…
Q: A company reports the following beginning inventory and two purchases for the month of January. On…
A: The inventory valuation method used to evaluate the closing inventory and cost of goods sold on the…
Q: Bramble Company sells one product. Presented below is information for January for Bramble Company.…
A: A journal entry is an accounting entry that is used to record a business transaction in the…
Q: Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but…
A: The cost of items that are now available for sale may be determined by adding the overall value of…
Q: Prepare journal entries to record each of the following transactions of a merchandising company. The…
A: Journal entry is the first step in recording financial transactions in the books of company. It must…
Q: A company reports the following beginning inventory and two purchases for the month of January. On…
A: clsoing inventory = opening inventory + purchase - sales
Q: Joe Poultry uses a periodic inventory system. Its beginning inventory on May 1 consisted of 300…
A: Using periodic inventory system, the cost of goods sold is recorded at the end of period. Using FIFO…
Q: Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but…
A: FIFO, LIFO and weighted average are the three most common methods which are used for the recording…
Q: Donald Reagan Consulting Company had the following transactions completed during the month of…
A: InventoryInventory is the material available to the company for the process of production and sale.…
Q: Trey Monson starts a merchandising business on December 1 and enters into the following three…
A: LIFO states that the inventory purchased first would be sold last by the company. Whereas, FIFO…
Q: The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 25…
A: Inventory valuation methods are different methods used to allocate the value to the inventory. They…
Q: Oahu Kiki tracks the number of units purchased and sold throughout each accounting perlod but…
A: Lets understand some basics Inventory is the accounting of items, component parts and raw materials…
Use the following information to answer Short Exercises S6A-11 through S6A-13.
The periodic inventory records of Flexon Prosthetics indicate the following for the
month of July:
Jul. 1 Beginning merchandise inventory 6 units @ $ 60 each
8 Purchase 5 units @ $ 67 each
15 Purchase 10 units @ $ 70 each
26 Purchase 5 units @ $ 85 each
At July 31, Flexon counts four units of merchandise inventory on hand.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images
- Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Units Sold at Retail Units Acquired at Cost 100 units @ $50 per unit 400 units@ $55 per unit Date Mar. Mar. Mar. Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Activities 1 Beginning inventory 5 Purchase 9 Sales 420 units @ $85 per unit 120 units @ $60 per unit 200 units @ $62 per unit 160 units @ $95 per unit Totals 820 units 580 units 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, the March 9 sale consisted of 80 units from beginning inventory and 340 units from the March 5 purchase; the March 29 sale consisted of 40 units from the March 18 purchase and 120 units from the March 25 purchase. es Complete this question by einering your answers in the tabs below. Perpetual FIFO Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to…The units of an item available for sale during the year were as follows: Date Line Item Description Value Jan. 1 Inventory 2,900 units at $5 Feb. 17 Purchase 2,800 units at $7 Jul. 21 Purchase 3,200 units at $9 Nov. 23 Purchase 1,100 units at $11 There are 1,400 units of the item in the physical inventory at December 31. The periodic inventory system is used. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. a. Determine the inventory cost by the first-in, first-out method. b. Determine the inventory cost by the last-in, first-out method. c. Determine the inventory cost by the weighted average cost method. Round your answer to the nearest dollarBeginning inventory, purchases and sales data for T-shirts are as follows: April 3 Inventory 24 units @ $10 11 Purchase 26 units @ $12 14 Sale 36 units 21 Purchase 18 units @ $15 25 Sale 20 units Assuming the business maintains a periodic inventory system; calculate the cost of merchandise sold and ending inventory under the following assumptions: FIFO LIFO Average cost In your computations, round the average cost per unit to two decimal places and round your final answers to the nearest dollar.
- DhapaOahu Kiki tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each month, as if it uses a periodic inventory system. Assume Oahu Kiki's records show the following for the month of January. Sales totaled 300 units. Beginning Inventory Purchase Purchase Required: Date January 1 January 15 January 24 Units 200 340 Unit Cost $ 70 Total Cost $ 14,000 80 260 100 27,200 26,000 1. Calculate the number and cost of goods available for sale. 2. Calculate the number of units in ending inventory. 3. Calculate the cost of ending inventory and cost of goods sold using the (a) FIFO, (b) LIFO, and (c) weighted average cost methods. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Calculate the cost of ending inventory and cost of goods sold using the (a) FIFO, (b) LIFO, and (c) weighted average cost methods. FIFO LIFO Cost of Ending Inventory Cost of Goods Sold Weighted…Fancy Iron began August with 45 units of iron inventory that cost $24 each. During August, the company completed the following inventory transactions: Requirement 1. Prepare a perpetual inventory record for the merchandise inventory using the FIFO inventory costing method. Start by entering the beginning inventory balances. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of merchandise inventory purchased, sold, and on hand at the end of the period. (Enter the oldest inventory layers first.) - X Cost of Goods Sold Inventory on Hand Requirements Unit Cost Unit Cost Purchases Unit Date Quantity Cost Aug. 1 3 81 21 30 Totals Total Cost Quantity Total Cost Quantity C Total Cost 1. Prepare a perpetual inventory record for the merchandise inventory using the FIFO inventory costing method. 2. Prepare a perpetual…
- Prepare journal entries to record each of the following transactions of a merchandising company. The company uses a perpetual inventory system and the gross method. November 5 Purchased 1,200 units of product at a cost of $10 per unit. Terms of the sale are 4/10, n/60; the invoice is dated November 5. November 7 Returned 35 defective units from the November 5 purchase and received full credit. November 15 Paid the amount due from the November 5 purchase, minus the return on November 7. View transaction list Journal entry worksheet 1 2 3 Purchased 1,200 units of product at a cost of $10 per unit. Terms of the sale are 4/10, n/60; the invoice is dated November 5. Note: Enter debits before credits. Date General Journal Debit Credit Nov 05 Record entry Clear entry View generaOahu Kiki tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each month, as if it uses a periodic inventory system. Assume Oahu Kiki's records show the following for the month of January. Sales totaled 280 units. Beginning Inventory Purchase Purchase Required: Date January 1 January 15 Units Unit Cost 120 $ 85 Total Cost $ 10,200 380 95 January 24 200 115 36,100 23,000 1. Calculate the number and cost of goods available for sale. 2. Calculate the number of units in ending inventory. 3. Calculate the cost of ending inventory and cost of goods sold using the (a) FIFO, (b) LIFO, and (c) weighted average cost methods. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Calculate the cost of ending inventory and cost of goods sold using the (a) FIFO, (b) LIFO, and (c) weighted average cost methods. Cost of Ending Cost of Goods Inventory Sold FIFO LIFO Weighted…Use the following information to answer Short Exercises S6-3 through S6-6.Boston Cycles started October with 12 bicycles that cost $42 each. On October 16, Boston bought 40 bicycles at $68 each. On October 31, Boston sold 34 bicycles for $100 each. Preparing a perpetual inventory record and journal entries—Weighted-average Requirements Prepare Boston Cycle’s perpetual inventory record assuming the company uses the weighted-average inventory costing method. Journalize the October 16 purchase of merchandise inventory on the account and the October 31 sale of merchandise inventory on account.
- The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 23 units @ $29 $667 June 16 Purchase 31 units $32 992 Nov. 28 Purchase 39 units @ $37 1,443 93 units $3,102 There are 16 units of the product in the physical inventory at November 30. The periodic inventory system is used. Round answers to the nearest whole dollar. a. Determine the inventory cost by the FIFO method. $4 b. Determine the inventory cost by the LIFO method. c. Determine the inventory cost by the average cost methods.The following data on materials purchased and issued during the month of June were shown: the total units and cost of ending inventory under the periodic inventory system FIFO method should be:\ 2. The conversion cost is