You have the following information for Metlock, Inc. for the month ended October 31, 2022. Metlock uses a periodic method for inventory. Date Description Units Unit Cost or Selling Price Oct. 1 Beginning inventory 65 $22 Oct. 9 Purchase 140 24 Oct. 11 Sale 100 40 Oct. 17 Purchase 100 25 Oct. 22 Sale 65 45 Oct. 25 Purchase 75 27 Oct. 29 Sale 110 45

You have the following information for Metlock, Inc. for the month ended October 31, 2022. Metlock uses a periodic method for inventory. Date Description Units Unit Cost or Selling Price Oct. 1 Beginning inventory 65 $22 Oct. 9 Purchase 140 24 Oct. 11 Sale 100 40 Oct. 17 Purchase 100 25 Oct. 22 Sale 65 45 Oct. 25 Purchase 75 27 Oct. 29 Sale 110 45

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Haresh
Addison, Inc. uses a perpetual inventory system. Below is information about one inventory item for the month of September. Sep. 1 Inventory 20 units at $20 4 Sold 10 units 10 Purchased 30 units at $25 17 Sold 20 units 30 Purchased 10 units at $30 If Addison uses FIFO, the September 30 inventory is Oa. $650 Ob. $800 Oc. $700 Od. $750
Please help me
Jane company uses a periodic inventory system. its records show the following information for the year ended Dec 31, 2019, in which 600 units were sold a selling price $30 Date Explanation Unit Unit Cost Jan 01 Beginning Inventory 200 10 Mar 07 Purchase 100 5 Aug 10 Purchase 50 30 Nov 23 Purchase 350 10 Total 700 the required: 1- compute the cost of goods available for sale. 2- compute the number of units in ending inventory.
The records of Earthly Goods provided the following Information for the year ended December 31, 2020. At Cost At Retail $ 521, 35e $ 977,150 4,138, 245 January 1 beginning inventory 6,448, 700 129, 350 5,595,700 49,600 Purchases Purchase returns Sales 62, 800 Sales returns Requlred: 1. Prepare an estimate of the company's year-end inventory by the retall method. (Round all calculations to two decimal places.) EARTHLY GOODS Estimated Inventory December 31, 2020 At Cost At Retail Goods available for sale: Goods available for sale Cost to retail ratio Estimated ending inventory at cost
ABC co. has the following data for the month ended January 31, 2021. ABC uses periodic inventory system: Date 1/1 Beginning Inventory 110 $ 78 1/8 Purchase 190 81 1/12 Sale 140 110 1/18 Purchase 75 81 1/20 Sale 80 120 1/24 Purchase 210 83 1/29 Sale 190 120 Which inventory method will allow company to present the highest ending inventory on the January 31, 2021 Balance Sheet? O LIFO Specific Identification Units Unit cost or selling price O FIFO O Average Cost
Easton Company uses the periodic inventory system and had the following inventory & sales activity for the month of May 2019: Date Activity Quantity Unit Price 5/1 Beginning Inventory 140 $11 5/5 Purchase 120 $13 5/15 Purchase 270 $15 5/25 Purchase 420 $17 Sales were 430 units at $25. Using the Weighted Average method, determine the dollar value of Ending Inventory for the month of May.
Help
You have the following information for Ivanhoe Inc. for the month ended October 31, 2025. Ivanhoe uses a periodic system for inventory. Date Oct. 1 Oct. 9 Oct. 11 Oct. 17 Oct. 22 Oct. 25 Oct. 29 (a1) (a2) Description Beginning inventory 55 Purchase Sale Purchase Sale Purchase Sale Ending inventory Cost of goods sold Gross profit Units Unit Cost or Selling Price $26 $ tA 140 tA 100 1.LIFO. 2. FIFO. 3. Average-cost. (Round answers to O decimal places, e.g. 125.) 100 55 65 110 Calculate ending inventory, cost of goods sold, and gross profit under each of the following methods. LIFO tA $ 28 LA 45 29 50 31 50 FIFO tA tA tA AVERAGE-COST
UMET's Stores had the following inventory transactions in 2020: Transaction Units Cost per unit 1/1 Balance 50 $6 2/14 Sale 25 5/23 Purchase 100 8 8/21 Sale 50 11/5 Purchase 25 12 11/18 Sale 95 Required: Compute tge cost of goods sold and the ending inventory using the periodic inventory system for each of the following cost flow assumptions: a. FIFO b. LIFO c. Weighted average
Addison, Inc. uses a perpetual inventory system. Information about one inventory item for the month of September follows. Date Line Item Description Units and Cost Sep. 1 Inventory 20 units at $20 4 Sold 10 units 10 Purchased 30 units at $25 17 Sold 20 units 30 Purchased 10 units at $30 If Addison uses FIFO, the September 30 inventory is
You have the following information for Cullumber Inc. for the month ended October 31, 2025. Cullumber uses a periodic system for inventoryDate Description Units Unit Cost or Selling Price Oct. 1 Beginning inventory Units $60 Unit cost or selling price:$24 Oct. 9 Purchase Units:$140 Unit cost or selling price:$26 Oct. 11 Sale Units:$95 Unit cost or selling price: $45 Oct. 17 Purchase Units:$95 Unit cost or selling price:$ 270 Oct. 22 Sale Units: $60 Unit cost or selling price:$50 Oct. 25 Purchase Units:$70 Unit cost or selling price:$29 Oct. 29 Sale Units:$105 Unit cost or selling price: $50Calculate the gross profit rate under each of the following methods 1. LIFO.2. FIFO.3. Average - cost. (Round answers to 1 decimal ppl save e.g 51.2%)