None Valley Distributors has the following inventory records:•Beginning Inventory: 150 units @ $18/unit•Purchases: 250 units @ $20/unitUnits Sold: 320 unitsIf FIFO is used, what is the COGS?A) $6,100B) $5,700C) $6,400D) $5,900

Step 1: Understanding FIFO and COGS CalculationFIFO (First-In, First-Out) means that the oldest…

Answered: Valley Distributors has the following…

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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What is the COGS ?
1. A firm's purchases and sales during a period occur in the following order: Beginning inventory 3 units @ $390 per unit Purchase 7 units @ $385 per unit Sale 5 units Purchase 4 units @ $380 per unit Sale 8 units Purchase 5 units @ $370 per unit Using LIFO and a perpetual inventory system, the firm's cost of sales for the period is: A $4,605. B. $4,995. C. $5,145.
Atlas Company uses the perpetual inventory costing system. The company has provided the following data for the current period: Units Total $ 800.00 $1,540.00 $ 960.00 $6,000.00 Date Transaction 1-Nov Beginning balance 4-Nov Purchases 40.00 70.00 40.00 6-Nov Purchases 7-Nov Sales 100.00 Calculate the total purchases for the period given per FIFO $20.00 $22.00 $24.00 $60.00
A company reports the following beginning inventoryand purchases, and it ends the period with 30 unitsin inventory. Beginning inventory 100 units at $10 cost per unitPurchase 1 . 40 units at $12 cost per unitPurchase 2 . 20 units at $14 cost per unit Compute cost of goods sold using the LIFO periodic system. a. $400 b. $1,460 c. $1,360 d. $300
King Company had 25 units @$5 in beginning inventory; bought 30 units @$6 and then sold 50 units. Assume King Company uses the FIFO perpetual inventory system. Compute the (a) cost of goods sold and the (b) cost of ending inventory.
Using FIFO, a company with beginning inventory of 200 units at $5 each and purchases of 300 units at $6 each sells 250 units. What is the cost of goods sold?
dud's Place recorded the following data: Units Unit Date Received Sold On Hand Cost 1/1 Inventory 500 $2.40 1/8 Purchased 1,000 1,500 3.00 1/12 Sold 1,200 300 The weighted average unit cost of the inventory at January 31 is: Select one: a. $3.402. b. $2.80. C. $2.70. d. $2.40.
A company reports the following beginning inventoryand purchases, and it ends the period with 30 unitsin inventory. Beginning inventory 100 units at $10 cost per unitPurchase 1 . 40 units at $12 cost per unitPurchase 2 . 20 units at $14 cost per unit Compute ending inventory using the FIFO periodic system. a. $400 b. $1,460 c. $1,360 d. $300
Simple Plan Enterprises uses a perlodic Inventory system. Its records showed the following: Inventory, December 31, using FIFO - 44 Units @ $17 = $748 Inventory, December 31, using LIFO – 44 Units @ $13 = $572 Transactions in the Following Year Purchase, January 9 Purchase, January 20 Sale, January 11 (at $41 per unit) Sale, January 27 (at $42 per unit) Units Unit Cost Total Cost $ 1,088 2,014 56 18 106 19 86 62 Required: 1. Compute the number and cost of goods avallable for sale, the cost of ending Inventory, and the cost of goods sold under FIFO and LIFO. 2 Compute the Inventory turnover ratio under the FIFO and LIFO Inventory costing methods. 3. Does the Inventory method used make a significant difference In the Inventory turnover ratlo? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute the number and cost of goods available for sale, the cost of ending inventory, and the cost of goods sold under FIFO and LIFO. FIFO LIFO…
Oriole Company's inventory records show the following data: Unit Units Cost Inventory, January 1 10300 $9.00 Purchases: June 18 9300 8.00 November 8 6600 6.00 A physical inventory on December 31 shows 6600 units on hand. Under the FIFO method, the December 31 inventory is ○ $52800. O $39600. ○ $59400. ○ $52992.
What is the weighted average unit cost using the following information? Beginning Inventory 11/1: 1,000 units at $25 per unit Purchase 11/10: 2,500 units at $30 per unit Purchase 11/15: 1,500 units at $20 per unit Sold 11/25: 2,500 units for $50 each $25.00 $26.00 $30.00 $36.00
A & B please

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Valley Distributors has the following inventory records: • Beginning Inventory: 150 units @ $18/unit • Purchases: 250 units @ $20/unit Units Sold: 320 units If FIFO is used, what is the COGS? A) $6,100 B) $5,700 C) $6,400 D) $5,900