You have the following Information for Swifty Inc. Swifty Inc. uses the periodic method of accounting for its Inventory transactions. March March March (a1) March 10 March 20 March 30 Sold 5,200 liters for $1.25 per liter. 1 Beginning Inventory 2,200 liters at a cost of 50¢ per liter. Purchased 2,500 liters at a cost of 54¢ per liter. Sold 2,300 liters for $1.05 per liter. Purchased 4,000 liters at a cost of 61¢ per liter. Purchased 2,400 liters at a cost of 69€ per liter. 5 X Your answer is incorrect. Calculate the value of ending Inventory that would be reported on the balance sheet, under each of the following cost flow assumptions. (Round answers to 2 decimal places, eg. 125.50) (1) Specific Identification method assuming: (1) The March 5 sale consisted of 1,000 liters from the March 1 beginning Inventory and 1,300 liters from the March 3 purchase; and (2) FIFO (1) The March 30 sale consisted of the following number of units sold from beginning Inventory and each purchase: 450 liters from March 1: 550 liters from March 3; 2,900 liters from March 10, 1.300 liters from March 20 (3) LIFO

You have the following Information for Swifty Inc. Swifty Inc. uses the periodic method of accounting for its Inventory transactions. March March March (a1) March 10 March 20 March 30 Sold 5,200 liters for $1.25 per liter. 1 Beginning Inventory 2,200 liters at a cost of 50¢ per liter. Purchased 2,500 liters at a cost of 54¢ per liter. Sold 2,300 liters for $1.05 per liter. Purchased 4,000 liters at a cost of 61¢ per liter. Purchased 2,400 liters at a cost of 69€ per liter. 5 X Your answer is incorrect. Calculate the value of ending Inventory that would be reported on the balance sheet, under each of the following cost flow assumptions. (Round answers to 2 decimal places, eg. 125.50) (1) Specific Identification method assuming: (1) The March 5 sale consisted of 1,000 liters from the March 1 beginning Inventory and 1,300 liters from the March 3 purchase; and (2) FIFO (1) The March 30 sale consisted of the following number of units sold from beginning Inventory and each purchase: 450 liters from March 1: 550 liters from March 3; 2,900 liters from March 10, 1.300 liters from March 20 (3) LIFO

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 11RE: Jessie Stores uses the periodic system of calculating inventory. The following information is...

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You have the following information for Swifty Inc. Swifty Inc. uses the periodic method of accounting for its inventory transactions. March 1 Beginning inventory 2,200 liters at a cost of 50¢ per liter. March 3 Purchased 2,500 liters at a cost of 54¢ per liter. March 5 Sold 2,300 liters for $1.05 per liter. March 10 Purchased 4,000 liters at a cost of 61e per liter. Purchased 2,400 liters at a cost of 69¢ per liter. Sold 5,200 liters for $1.25 per liter. March 20 March 30
You are provided with the following credit sales and credit purchase transactions for Global Inc. Global Inc. uses the periodic System of accounting for its inventory transactions. March 1/ Beginning inventory 2,000 liters at a cost of $0.60 per liter. March 3/ Purchased 2,500 liters at a cost of $0.65 per liter. March 5/ Sold 2,300 liters for $1.05 per liter. March 10/ Purchased 4,000 liters at a cost of $0.72 per liter. March 20/ Purchased 2,500 liters at a cost of $0.80 per liter. March 30/ Sold 5,200 liters for $1.25 per liter. Additional information: a. The March 5 sale consisted of 1,000 liters from the March 1 beginning inventory and 1,300 liters from the March 3 purchase: and b. The March 30 sale consisted of the following number of units sold from beginning inventory and each purchase: 450 liters from March 1; 550 liters from March 3; 2,900 liters from March 10: 1,300 liters from March 20.
You have the following information for Vaughn Inc. Vaughn Inc. uses the periodic method of accounting for its inventory transactions. March 1 Beginning inventory 2,100 liters at a cost of 60¢ per liter. March 3 Purchased 2,500 liters at a cost of 62¢ per liter. March 5 Sold 2,300 liters for $1.05 per liter. March 10 Purchased 4,000 liters at a cost of 69¢ per liter. March 20 Purchased 2,400 liters at a cost of 77¢ per liter. March 30 Sold 5,100 liters for $1.25 per liter. Calculate the value of ending inventory that would be reported on the balance sheet, under each of the following cost flow assumptions. (Round answers to 2 decimal places, e.g. 125.50.) (1) Specific identification method assuming: (i) The March 5 sale consisted of 1,000 liters from the March 1 beginning inventory and 1,300 liters from the March 3 purchase; and (ii) The March 30 sale consisted of the following number of units sold from beginning inventory and…
You have the following information for Vaughn Inc. Vaughn Inc. uses the periodic method of accounting for its inventory transactions. March 1 Beginning inventory 2,100 liters at a cost of 60¢ per liter. March 3 Purchased 2,500 liters at a cost of 62¢ per liter. March 5 Sold 2,300 liters for $1.05 per liter. March 10 Purchased 4,000 liters at a cost of 69¢ per liter. March 20 Purchased 2,400 liters at a cost of 77¢ per liter. March 30 Sold 5,100 liters for $1.25 per liter. (a1) Calculate the value of ending inventory that would be reported on the balance sheet, under each of the following cost flow assumptions. (Round answers to 2 decimal places, e.g. 125.50.) (1) Specific identification method assuming: (i) The March 5 sale consisted of 1,000 liters from the March 1 beginning inventory and 1,300 liters from the March 3 purchase; and (ii) The March 30 sale consisted of the following number of units sold from…
You have the following information for Swifty Inc. Swifty Inc. uses the periodic method of accounting for its inventory transactions. March March March 1 Beginning inventory 2,200 liters at a cost of 70¢ per liter. 3 Purchased 2,500 liters at a cost of 74¢ per liter. Sold 2,300 liters for $1.05 per liter. Purchased 4,000 liters at a cost of 81¢ per liter. Purchased 2,300 liters at a cost of 89¢ per liter. Sold 5,200 liters for $1.25 per liter. (a1) 5 March 10 March March 30 20 Calculate the value of ending inventory that would be reported on the balance sheet, under each of the following cost flow assumptions. (Round answers to 2 decimal places, e.g. 125.50.) (1) Specific identification method assuming: (i) The March 5 sale consisted of 1,000 liters from the March 1 beginning inventory and 1,300 liters from the March 3 purchase; and (ii) The March 30 sale consisted of the following number of units sold from beginning inventory and each purchase: 450 liters from March 1; 550 liters from…
Chocolate Inc. uses a perpetual inventory system and uses the FIFO cost flow assumption. Calculate the cost of goods sold for the sale made on Mar. 20.Mar 1 Beginning Inventory 3@$12=$36Mar 15 Purchase 17@$15=$255Mar 20 Sale 12 units x $50 eachA. $600B. $171C. $180D. $220