Vaughn Company's inventory records show the following data: Unit Units Cost Inventory, January 1 10000 $9.40 Purchases: June 18 9400 8.00 November 8 5600 8.00 A physical inventory on December 31 shows 3500 units on hand. Vaughn sells the units for $12 each. The company has an effective tax rate of 18%. Vaughn uses the periodic inventory method. The weighted-average cost per unit is ○ $9.50. ○ $8.56. $8.32. O $8.33.

Vaughn Company's inventory records show the following data: Unit Units Cost Inventory, January 1 10000 $9.40 Purchases: June 18 9400 8.00 November 8 5600 8.00 A physical inventory on December 31 shows 3500 units on hand. Vaughn sells the units for $12 each. The company has an effective tax rate of 18%. Vaughn uses the periodic inventory method. The weighted-average cost per unit is ○ $9.50. ○ $8.56. $8.32. O $8.33.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 3RE: Reid Company uses the periodic inventory system. On January 1, it had an inventory balance of...

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Reid Company uses the periodic inventory system. On January 1, it had an inventory balance of 250,000. During the year, it made 613,000 of net purchases. At the end of the year, a physical inventory showed it had ending inventory of 140,000. Calculate Reid Companys cost of goods sold for the year.
Assume your company uses the periodic inventory costing method, and the inventory count left out an entire warehouse of goods that were in stock at the end of the year, with a cost value of $222,000. How will this affect your net income in the current year? How will it affect next years net income?
Last year, Nikkola Company had net sales of 2,299,500,000 and cost of goods sold of 1,755,000,000. Nikkola had the following balances: Refer to the information for Nikkola Company above. Required: Note: Round answers to one decimal place. 1. Calculate the average inventory. 2. Calculate the inventory turnover ratio. 3. Calculate the inventory turnover in days. 4. CONCEPTUAL CONNECTION Based on these ratios, does Nikkola appear to be performing well or poorly?
Hurst Companys beginning inventory and purchases during the fiscal year ended December 31, 20-2, were as follows: There are 1,200 units of inventory on hand on December 31, 20-2. REQUIRED 1. Calculate the total amount to be assigned to the cost of goods sold for 20-2 and ending inventory on December 31 under each of the following periodic inventory methods: (a) FIFO (b) LIFO (c) Weighted-average (round calculations to two decimal places) 2. Assume that the market price per unit (cost to replace) of Hursts inventory on December 31 was 18. Calculate the total amount to be assigned to the ending inventory on December 31 under each of the following methods: (a) FIFO lower-of-cost-or-market (b) Weighted-average lower-of-cost-or-market 3. In addition to taking a physical inventory on December 31, Hurst decides to estimate the ending inventory and cost of goods sold. During the fiscal year ended December 31, 20-2, net sales of 100,000 were made at a normal gross profit rate of 35%. Use the gross profit method to estimate the cost of goods sold for the fiscal year ended December 31 and the inventory on December 31.
Shaquille Corporation began the current year with inventory of 50,000. During the year, its purchases totaled 110,000. Shaquille paid freight charges of 8,500 for those purchases. At the end of the year, Shaquille had inventory of 47,800. Prepare a schedule to determine Shaquille's cost of goods sold for the current year.
The following information is available for Cooke Company for the current year: The gross margin is 40% of net sales. What is the cost of goods available for sale? a. 5840,000 b. 960,000 c. 1,200,000 d. 1,220,000
Use the following information to compute cost of goods sold under the FIFO and LIFO inventory methods. The firm sold 200 units.
Johnson Corporation had beginning inventory of 20,000 at cost and 35,000 at retail. During the year, it made net purchases of 180,000 at cost and 322,000 at retail. Johnson nude sales of 300,000. Assuming a price index of 100 at the beginning of the year and 110 at the end of the year, compute Johnsons ending inventory at cost using the dollar-value LIFO retail method.
Jessie Stores uses the periodic system of calculating inventory. The following information is available for December of the current year when Jessie sold 500 units of inventory. Using the FIFO method, calculate Jessies inventory on December 31 and its cost of goods sold for December. RE7-11 Using the information from RE7-10, calculate Jessie Storess inventory on December 31 and its cost of goods sold for December using the LIFO method.
Waterway Company's inventory records show the following data: Units Unit Cost Inventory, January 1 10200 $9.20 Purchases: June 18 8600 9.00 November 8 6200 6.00 A physical inventory on December 31 shows 4000 units on hand. Waterway sells the units for $13 each. The company has an effective tax rate of 20%. Waterway uses the periodic inventory method. What is the cost of goods available for sale?
Swifty Company's inventory records show the following data: Units Unit Cost Inventory, January 1 10000 $9.00 Purchases: June 18 9000 9.00 November 8 6000 6.00 A physical inventory on December 31 shows 4300 units on hand. Swifty sells the units for $14 each. The company has an effective tax rate of 22%. Swifty uses the periodic inventory method. The weighted-average cost per unit is $8.14. $8.28. $9.10. $8.04. O O O
Oriole Company's inventory records show the following data: Inventory: January 1 Purchases: June 18 Units Unit Cost O $7.70. O $8.00. O $7.55. O $7.40. 10000 8500 November 8 6500 $9.40 7.00 6.00 A physical inventory on December 31 shows 4500 units on hand. Oriole sells the units for $13 each. The company has an effective tax rate of 18%. Oriole uses the periodic inventory method. The weighted-average cost per unit is