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

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You are provided with the following information for Koetteritz Inc. for the month ended June 30, 2017. Koetteritz uses the periodic method for inventory. Unit Cost or Date Description Quantity Selling Price June 1 Beginning inventory 40 $40 June 4 Purchase 135 43 June 10 Sale 110 70 June 11 Sale return 15 70 June 18 Purchase 55 46 June 18 Purchase return 10 46 June 25 Sale 65 76 June 28 Purchase 35 50 Instructions(a) Calculate (i) ending inventory, (ii) cost of goods sold, (iii) gross profi t, and (iv) gross profi t rate under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost.(b) Compare results for the three cost fl ow assumptions.
Bonivesta Inc., a general merchandiser, uses the periodic inventory system. Transactions recorded for January 2022 are as follows: Opening inventory Issued Received Received Issued 10 January Stock taking Using the weighted average cost method, calculate the closing inventory on 10 January 2022 1 January 2 January 4 January 6 January 7 January OA. R1 208 OB. R4 810 O C. R28 60 O D. R3 602 200 units 70 units 130 units 150 units 307 units @R10 per unit @R12 per unit @R13 per unit
The units of an item available for sale during the year were as follows: Jan 1 Inventory 15 units at 122 April 15 Purchase 140 units at 116 September 9 Purchase 26 units at 122 There are 31 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the last-in, first-out (LIFO)
You are provided with the following information for Waterway Inc. for the month ended June 30, 2020. Waterway uses the periodic method for inventory. Unit Cost or Description Beginning inventory Purchase Date Quantity 42 135 Selling Price $41 June June 4 46 June 10 Sale 107 67 67 June 11 Sale return Purchase Purchase return 18 June 18 52 49 June 18 25 49 June Sale 62 72 June 28 Purchase 32 53 (a1) V Your aswer is correct. Calculate cost per unit. (Round answer to 2 decimal places, eg. 5.25.) Weighted-average cost per unit 46 58 eTextbook and Media Attempts: 1 of 3 used (a2) V Your answer is correct. Calculate ending inventory, cost of goods sold, gross profit under each of the following methods.(1) LIFO. (2) FIFO. (3) Average- cost. (Round average-cost method answers to 2 decimal places, eg 1250.25 and other answers to O decimal places e 1.250J LIFO FIFO AVERAGE-COST The ending inventory 4482 5048 %24 4751.16 The cost of goods sold 7302 %24 6736 %24 7033.58 Gross profit 3125 3691…
The units of an item available for sale during the year were as follows: Jan. 1 Inventory 8 units at $36 $288 Aug. 7 Purchase 18 units at $39 702 Dec. 11 Purchase 11 units at $41 451 37 units $1,441 There are 17 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using (a) the first-in, first-out (FIFO) method; (b) the last-in, first-out (LIFO) method; and (c) the weighted average cost method (round per unit cost to two decimal places and your final answer to the nearest whole dollar). a. First-in, first-out (FIFO) $ b. Last-in, first-out (LIFO) $ c. Weighted average cost
Muscat Company uses the periodic inventory system to account for inventories. Information related to Muscat Company's inventory for the month of January 2020 is given as follows: Units Per unit price Total Balance, 1/1/20 200 OMR 5.00 Purchase, 1/15/2020 100 5.30 Purchase, 1/28/2020 100 5.50 The physical inventory count on January 31 shows 120 units are on hand. Using the FIFO method, what is the cost of goods sold? Select one: O a. OMR 600 O b. OMR 520 O c. None of the answers are correct O d. OMR 1,424 O e. OMR 656
Given the following information, determine the cost of the inventory at June 30 using the LIFO perpetual inventory method. Date June 1 June 15 June 29 Activities Beginning inventory Sale Purchase The cost of the ending inventory is: Units Acquired at Cost 15 units @ $29 = $435 8 units @ $34 = $272 Units Sold at Retail 6 units @ $59
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 Purchase Sale Purchase Sale Purchase Sale Ending inventory $ Cost of goods sold Gross profit Units Unit Cost or Selling Price $26 +A 55 - Your answer is partially correct. $ 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 2424 7841 4034 $ $ 28 $ 45 29 50 31 50 FIFO 2885 7380 5370 i +A tA $ LA AVERAGE-COST 2580 7685 4190
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