Waterway Company had a beginning inventory on January 1 of 180 units of Product 4-18-15 at a cost of $20 per unit. During the year,purchases were as follows.Mar. 15July 20450 units320 units(a)at $23at$25Sept. 4Dec. 2Determine the cost of goods available for sale.The cost of goods available for saleWaterway Company uses a periodic inventory system. Sales totaled 1,180 units.$350 units$27100 units at $29at

Name: Waterway Company had a beginning inventory on January 1 of 180 units
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Description: Waterway Company had a beginning inventory on January 1 of 180 units of Product 4-18-15 at a cost of $20 per unit. During the year,purchases were as follows.Mar. 15July 20450 units320 units(a)at $23at$25Sept. 4Dec. 2Determine the cost of goods avail

Cost of Goods available for sale: The cost of units available for sale is the total cost of units…

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Waterway Company had a beginning inventory on January 1 of 180 units of Product 4-18-15 at a cost of $20 per unit. During the year. purchases were as follows. Mar. 15 July 20 450 units 320 units at at (a) $23 $25 Sept. 4 Dec. 2 Determine the cost of goods available for sale. The cost of goods available for sale Waterway Company uses a periodic inventory system. Sales totaled 1,180 units. $ 350 units 100 units at $27 at $29

Waterway Company had a beginning inventory on January 1 of 180 units of Product 4-18-15 at a cost of $20 per unit. During the year. purchases were as follows. Mar. 15 July 20 450 units 320 units at at (a) $23 $25 Sept. 4 Dec. 2 Determine the cost of goods available for sale. The cost of goods available for sale Waterway Company uses a periodic inventory system. Sales totaled 1,180 units. $ 350 units 100 units at $27 at $29

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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Sheffield Company had a beginning inventory on January 1 of 190 units of Product 4-18-15 at a cost of $20 per unit. During the ye purchases were as follows. Mar. 15 450 units at $23 Sept. 4 350 units at $25 July 20 230 units at $24 Dec. 2 100 units at $26 Sheffield Company uses a periodic inventory system. Sales totaled 1,100 units. (a) Your answer is correct. Determine the cost of goods available for sale. The cost of goods available for sale $ 31020 M Your answer is correct. Calculate average cost per unit. (Round answer to 3 decimal places, e.g. 1.250.) Average cost per unit $ eTextbook and Media 23.500 Using multiple attempts has impacted your score. 20% score reduction after attempt 1 (b2) Attempts: 2 of 2 used Determine the ending inventory and the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average-cost). (Round answers to O decimal places, e.g. 1,250.) FIFO The ending inventory $ The cost of goods sold $ LIFO AVERAGE-COST $ $ $ $
The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 4,100 units at $39 Apr. 19 2,500 units June 30 4,400 units at $45 Sept. 2 5,100 units Nov. 15 1,900 units at $48 Date Jan. 1 Apr. 19 The firm maintains a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale, assuming the last-in, first-out method. Present the data in the form illustrated in Exhibit 4. Under LIFO, if units are in inventory at two or more different costs, enter the units with the LOWER unit cost first in the Inventory Unit Cost column. June 30 Sept. 2 Nov. 15 Sale Dec. 31 Purchase Sale Purchase Quantity Balances Purchases Unit Cost Total Cost Schedule of Cost of Goods Sold LIFO Method Quantity Cost of Goods Sold Unit Cost Total Cost $ Quantity Inventory Unit Cost Total Cost $
The units of an item available for sale during the year were as follows: Jan. 1 Inventory 22 units at $1,800 each June 9 Purchase 30 units at $1,950 each July 28 Purchase 13 units at $2,040 each Nov. 1 Purchase 17 units at $2,100 each There are 18 units of the item in the physical inventory at December 31. Determine the cost of ending inventory and the cost of goods sold by three methods, presenting your answers in the following form: Round your final answers to the nearest dollar. Cost Inventory Method Ending Inventory Cost of Goods Sold a. First-in, first-out method $fill in the blank 1 $fill in the blank 2 b. Last-in, first-out method fill in the blank 3 fill in the blank 4 c. Weighted average fill in the blank 5 fill in the blank 6
The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 21 units @ $30 $630 June 16 Purchase 33 units @ $33 1,089 Nov. 28 Purchase 37 units @ $39 1,443 91 units $3,162 There are 13 units of the product in the physical inventory at November 30. The periodic inventory system is used. a. Determine the inventory cost by the FIFO method. b. Determine the inventory cost by the LIFO method. c. Determine the inventory cost by the average cost methods. Round answer to two decimal places.
A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 290 units. Ending inventory at January 31 totals 130 units. Beginning inventory of January 1. Units 260 Unit Cost $2.40 Purchase on January 9. Units 60 Unit Cost 2.60 Purchase on January 25 Units 100 Unit Cost 2.74 Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method.
A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 440 units. Ending inventory at January 31 totals 170 units. Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on LIFO.
Gladstone Company tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period, as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31. Transactions Units Unit Cost Beginning inventory, January 1 3,100 $ 55 Transactions during the year: a. Purchase, January 30 4,850 66 b. Sale, March 14 ($100 each) (3,000 ) c. Purchase, May 1 3,550 85 d. Sale, August 31 ($100 each) (3,600 ) Assuming that for Specific identification method (item 1d) the March 14 sale was selected two-fifths from the beginning inventory and three-fifths from the purchase of January 30. Assume that the sale of August 31 was selected from the remainder of the…
Montoure Company uses a periodic inventory system. It entered into the following calendar-year purchases and sales transactions. Date Activities Units Acquired at Cost Units Sold at Retail January 1 Beginning inventory 630 units @ $45.00 per unit February 10 Purchase 460 units @ $42.00 per unit March 13 Purchase 230 units @ $27.00 per unit March 15 Sales 920 units @ $75.00 per unit August 21 Purchase 130 units @ $50.00 per unit September 5 Purchase 530 units @ $46.00 per unit September 10 Sales 660 units @ $75.00 per unit Totals 1,980 units 1,580 units Required: Compute cost of goods available for sale and the number of units available for sale. Compute the number of units in ending inventory. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, units sold consist of 630 units from beginning inventory,…
The following units of a particular item were availlable for sale during the calendar year: Jan. 1 Inventory 4,100 units at $39 Apr. 19 Sale 2,300 units June 30 Purchase 4,500 units at $43 Sept. 2 Sale 5,200 units Nav. 15 Purchase 2,100 units at $46 The firm maintains a perpetual inventory system. Determine the cost of goods ssold for each sale and the inventory balance after each sale, assuming the last-in, first-out method. Present the illustrated in Exhibit 4. Under LIFO, if units are in inventory at two or more different costs, enter the units with the LOWER unit cost first in the Inventory Unit Cost column. Schedule of Cost of Goods Sold LIFO Method Cost of Goods Sold Inventory Purchases Quantity Total Cos Quantity Unit Cost Total Cost Unit Cost Unit Cost Total Cost Quantity Date Jan. 1 Apr. 19 June 30 Sept. 2 Nov. 15 Dec. 31 Balances
(a) FIFO (b) LIFO (c) Weighted average (d) Specific identification Help Save & Ex 4. Compute gross profit earned by the company for each of the four costing methods. Note: Round your average cost per unit to 2 decimal places. Round your final answers to the nearest whole dollar amount. FIFO LIFO Weighted Average Specific Identification Sales Less: Cost of goods sold Gross profit $ 0 $ 0 $ 0 $ 0 5. The company's manager earns a bonus based on a percent of gross profit. Which method of inventory costing produces the highest bonus for the manager? O FIFO O LIFO O Weighted Average O Specific Identification
Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactions for March. Date March 1 March 5 March 9 March 18 March 25 March 29 Activities Beginning inventory Purchase Sales Purchase Purchase Answer: Sales Totals Units Acquired at Cost 90 units @ $50.80 per unit 220 units @ $55.80 per unit 80 140 units @ $60.80 per unit units @ $62.80 per unit 530 units Calculate the total cost of goods available for sale Units Sold at Retail 250 units @ $85.80 per unit 120 units 370 units @ $95.80 per unit