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A: INVENTORY VALUATIONInventory Valuation is a Method of Calculation of Value of Inventory at the End…
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Q: Required information Use the following information for the Quick Study below. (Algo) (5-7) [The…
A: FIFO method is one of the methods of inventory valuation in which it is assumed that old purchases…
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.
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- Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Monson uses a perpetual inventory system. Also, on December 15, Monson sells 15 units for $29 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method. Date December 7 December 14 Total December 14 December 15 Totals Total December 15 December 21 10 units @ $15.00 cost 20 units @ $21.00 cost 15 units @ $23.00 cost Goods purchased # of units Cost per unit Cost of Goods Available for Sale Perpetual LIFO: # of units sold Cost of Goods Sold Cost per Cost of Goods unit Sold Inventory Balance Cost per unit # of units Inventory BalanceThe units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 25 units @ $29 $725 June 16 Purchase 32 units @ $34 1,088 Nov. 28 Purchase 40 units @ $37 1,480 97 units $3,293 There are 17 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. $4 c. Determine the inventory cost by the average cost methods.Oahu 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 330 units. Unit Cost $ 90 Date Units Total Cost $ 27,000 Beginning Inventory Purchase January 1 January 15 January 24 300 400 100 40, 000 36,000 Purchase 300 120 Required: 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 number and cost of goods available for sale. Number of Goods Available for Sale units Cost of Goods Available for Sale
- 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.
- DhapaThraya Industries had the following transactions in the month of March. Thraya uses a perpetual inventory system to account for its inventory transactions. All sales and purchases are on account. Date Units Unit Cost Unit Sales Price Mar. 1 Beginning inventory 2,000 litres $6.15/l Mar. 3 Purchase 2,500 litres $6.21/l Mar. 5 Sale 2,300 litres $10.50/l Mar. 10 Purchase 4,000 litres $6.72/l Mar. 20 Purchase 2,500 litres $6.94/l Mar. 30 Sale 5,200 litres $12.50/l Calculate the cost of goods sold, ending inventory, and gross profit for March using the weighted average (WA) method. Round the per-unit cost to two decimal places. Prepare journal entries to record the purchases and sales from parts B and C. Assume all purchases and sales are made on account. Answer the following questions for management. Which inventory method (FIFO or WA) produces the more meaningful inventory amount for…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…
- Flaherty Company had beginning inventory on May 1 of $12,000. During the month, the company made purchases of $40,000 but returned $2,000 of goods because they were defective. At the end of the month, the inventory on hand was valued at $15,500. Calculate cost of goods available for sale and cost of goods sold for the month. Cost of goods available for sale Cost of goods sold $Use the following information for the Quick Study below. Trey Monson starts a merchandising business on December 1 and enters into three inventory purchases: Purchases on December 7 15 units @ $18.00 cost Purchases on December 14 29 units @ $27.00 cost Purchases on December 21 25 units @ $32.00 cost QS 5-11 Periodic: Inventory costing with LIFO LO P1 Required:Monson sells 25 units for $45 each on December 15. Assume the periodic inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. (Amounts to be deducted should be indicated with a minus sign. Round cost per units to 2 decimals.) Next Visit question mapThe 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
