DeForest Company had the following transactions for the month. Sales for the month are $85 per unit.Number of UnitsCost per UnitTotalBeginning inventoryPurchased Apr. 30Purchased Aug. 15500$40$20,00027,00026,00024,50097,5006004565040Purchased Dec. 1070035Totals (goods available)Ending inventory2,450550In the table below, calculate the dollar value for the period for each of the following items using thelisted cost allocation methods and using periodic inventory updating.PLEASE NOTE: All dollar amounts will be rounded to whole dollars using "$" with commas as needed(i.e. $12,345), except for the Weighted Average cost per unit, which will be rounded to two decimalplaces and include "$" (i.e. $12,345.67). Weighted average cost per unit =per unit.CostCost of GoodsAllocationCost of Goods Sold Ending InventorySalesGross MarginAvailableMethodFirst-in,First-out(FIFO)Last-in,First-out(LIFO)WeightedAverage(AVG)

Name: DeForest Company had the following transactions for the month. Sales
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Description: DeForest Company had the following transactions for the month. Sales for the month are $85 per unit.Number of UnitsCost per UnitTotalBeginning inventoryPurchased Apr. 30Purchased Aug. 15500$40$20,00027,00026,00024,50097,5006004565040Purchased Dec. 1

FIFO stands for "First In, First Out" and is a method of inventory valuation used in accounting.…

Business

Accounting

Weighted average cost per unit = per unit. Cost Cost of Goods Allocation Cost of Goods Sold Ending Inventory Sales Gross Margin Available Method First-in, First-out (FIFO) Last-in, First-out (LIFO) Weighted Average (AVG)

Weighted average cost per unit = per unit. Cost Cost of Goods Allocation Cost of Goods Sold Ending Inventory Sales Gross Margin Available Method First-in, First-out (FIFO) Last-in, First-out (LIFO) Weighted Average (AVG)

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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PA3. 10.2 Trini Company had the following transactions for the month. Number of Units Cost per Unit Total Beginning inventory Purchased May 31 Purchased Jul. 15 Purchased Nov. 1 1,050 1,020 1,300 1,200 4,570 900 $ 23,100 23,460 33,800 32,400 112,760 $22 23 26 27 Totals (goods available) Ending inventory ? Calculate the cost of goods sold dollar value for the period for each of the following cost allocation methods, using periodic inventory updating. Provide your calculations. A. first-in, first-out (FIFO) B. last-in, first-out (LIFO) C. weighted average (AVG)
Requirements: 4. Cost of goods sold 5. Gross profit 6. WIP end 7. Materials inventory 8. FG end
One must consider the percentage completion of the units in beginning inventory under the weighted-average method when computing the cost per equivalent unit. True or False True False
1. Explain the effect of each inventory cost flow method on the company's net income 2. Recommed one method and explain the reasons for your recommendation
If merchandise inventory is being valued at cost and the price level is decreasing, which of the three methods of costing—FIFO, LIFO, or weightedaverage cost—will yield (a) the highest inventory cost, (b) the lowest inventory cost, (c) the highest gross profit, and (d) the lowest gross profit?
When using the periodic inventory system and weighted-average inventory costing method, when is the weighted-average cost per unit computed?
Which inventory cost flow assumption does IFRS not allow? a. Specific identification. b. FIFO. c. LIFO. d. Average cost.
Which method would produce the same unit cost for Inventory and Cost of Good Sold in periods of rising prices? Select one: a. Weighted Average b. FIFO c. LIFO
Under the weighted average cost, when a unit is sold, the average cost of each unit in inventory is assigned to cost of goods sold. True O False
Acceptable methods of assigning specific costs to inventory and cost of goods sold include all of the following except: Multiple Choice LIFO method. FIFO method. Specific identification method. Weighted average method. Retail method.
True or false 1. Cost of goods sold is an operation expense 2. Gross profit is equal to net sales plys cost of goods sold
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