Whisperings has the following inventory data: Nov. 1 Inventory 28 units @ $5.50 each 8 Purchase 110 units @ $5.95 each 17 Purchase 55 units @ $5.80 each 25 Purchase 83 units @ $6.10 each A physical count of merchandise inventory on November 30 reveals that there are 92 units on hand. Cost of goods sold under LIFO is

Whisperings has the following inventory data: Nov. 1 Inventory 28 units @ $5.50 each 8 Purchase 110 units @ $5.95 each 17 Purchase 55 units @ $5.80 each 25 Purchase 83 units @ $6.10 each A physical count of merchandise inventory on November 30 reveals that there are 92 units on hand. Cost of goods sold under LIFO is

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Coronado Company uses a periodic inventory system. For April, when the company sold 450 units, the following information is available. Units Unit Cost Total Cost April 1 inventory 330 $22 $ 7,260 April 15 purchase 380 26 9,880 April 23 purchase 290 29 8,410 1,000 $25,550 Compute the April 30 inventory and the April cost of goods sold using the FIFO method. Ending inventory Cost of goods sold %24 %24
Waterway Company uses a periodic inventory system. For April, when the company sold 450 units, the following information is available. April 1 inventory April 15 purchase April 23 purchase (a) Units Unit Cost 260 360 380 1,000 $29 Weighted average cost per unit 35 38 Total Cost $ $7,540 12,600 Calculate weighted average cost per unit. (Round answer to 2 decimal places, eg. 2.76) 14,440 $34,580
The company uses the perpetual inventory method. It began the month of March with 100 units of inventory, at a unit cost of $55. Purchases during March March 5, 60 units at $60 each. March 18, 200 units at $65 each March 29, 40 units at $75 each. Sales during March March 12, 60 units. March 25, 210 units. All units were sold to customer for $100 each. 1. Use the following format to set up this inventory costing problem, Inventory Date Units Cost per Total Cost Date Units Total Cost Unit Beg Balance Units Cost Beginning Balance + Purchases Goods Available for Sale - Sold Ending Balance 2. Use the moving weighted average method to calculate the cost of goods sold for each sale. the lutal cost ol goods sold for the month, and ending inventory. 3. Assuming that the March 12 sale came from beginning inventory, and the March 25 sale was comprised of 25 units from beginning inventory, all 60 units of the March 5 purchase, and the temainder from the March 18 purchase, use specific…
The records at the end of January of the current year for Young Company showed the following for a particular kind of merchandise: Beginning Inventory at FIFO: 16 Units @ $16 = $256 Beginning Inventory at LIFO: 16 Units @ $12 = $192 January Transactions Units UnitCost Total Cost Purchase, January 9 28 $ 14 $ 392 Purchase, January 20 53 19 1,007 Sale, January 21 (at $42 per unit) 37 Sale, January 27 (at $43 per unit) 29 Required: 1. Compute the inventory turnover ratio for the month of January under the FIFO and LIFO inventory costing methods. 2. Which costing method is the more accurate indicator of the efficiency of inventory management? I've gotten a bartleby expert to help yesterday: ========== 1. Inventory Turnover Ratio: FIFO Method Total Units Sold = 37 + 29 = 66 Units Total Cost of Goods Available = (16 units x $16) + (28 units x $14) + (53 units x $19) = $256 + $392 + $1007 = $1655 Cost of Goods Sold = (16 units x $16) + (28 units x…
Blue has the following inventory data: Nov. 1 Inventory 35 units @ $7.00 each 8 Purchase 139 units @ $7.50 each 17 Purchase 70 units @ $7.30 each 25 Purchase 104 units @ $7.70 each A physical count of merchandise inventory on November 30 reveals that there are 116 units on hand. Ending inventory under FIFO is
Cheyenne Corp. has the following inventory data: July 1 Beginning inventory 48 units at $19 $912 7 Purchases 168 units at $20 3360 22 Purchases 24 units at $22 528 $4800 A physical count of merchandise inventory on July 30 reveals that there are 80 units on hand. Using the LIFO inventory method, the amount allocated to cost of goods sold for July is $3248. O $1648. $3152. O $1552.
CAISCO Sales Inc. had a beginning inventory of May comprising of 700 units that had a cost of $80/unit. A summary of purchases and sales during the month of May are as follows: Date May 2 May 6 May 10 May 19 May 23 May 30 Units Unit Cost Purchased Units sold $83 $85 $88 Multiple Choice $102,700 $105,600 1,200 $99,600 800 Assume that CAISCO Sales Inc. uses a periodic inventory system. What is the value of ending inventory using FIFO? $97,500 300 400 900 500 None of the other alternatives are correct
Shellhammer Company's inventory and purchases accounts show the following data for the month of September: Inventory, Purchases: September 1 September 8 September 18 Ending inventory Cost of goods sold $ tA Units $ 100 450 350 Unit Cost A physical inventory on September 30 shows 200 units on hand. Calculate the cost of ending inventory and cost of goods sold if the company uses the FIFO method and a periodic inventory system. $3.34 3.50 3.70 A
Tamarisk Company uses a periodic inventory system. For April, when the company sold 550 units, the following information is available. April 1 inventory April 15 purchase April 23 purchase Units Unit Cost $26 Ending inventory 230 360 410 1,000 31 Cost of goods sold $ 34 Total Cost $5,980 11.160 Compute the April 30 inventory and the April cost of goods sold using the LIFO method. 13,940 $31.080
Haynes Company uses the perpetual inventory system. The following information is available for the month of March. March 1 Beginning Inventory 10 units at $2 for $20, March 4 Sold 8 units, March 22 Purchased 50 units at $4 for $200, March 26 Sold 48 units. If Haynes Company uses the LIFO inventory costing method, what is the Cost of Goods Sold for March? A. $212 B. $208 C. $204 D. $560
company made the following merchandise purchases and sales during the month of May: May 1 Purchased 380 units at $15 each May 5 Purchased 270 units at $17 each May 20 Purchased 300 units at $22 each Sold 800 units There was no beginning inventory. Calculate Cost of Goods Sold and Ending Inventory under (a) FIFO, (b) LIFO, and (c) Weighted Average.
Morgenstern Ltd. has the following units and costs for the month of April. Beginning inventory, April 1, 1,000 units at $20 (Cost) Purchase 1, April 9, 1,200 units at $23 (cost) Sold, April 12, 2,100 units at $40 (Retail) Purchase 2, April 22, 800 units at $25 (Cost) If Morgenstern uses a perpetual inventory system, what is the cost of ending inventory under weighted average at April 30? (Note: Use four decimal places for per-unit calculations and round to the nearest dollar.) a.$20,280 b.$22,164 c.$$45,436 d.$47,320

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