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

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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Boxwood Company sells blankets for $36 each. The following was taken from the inventory records during May. The company had no beginning inventory on May 1. Date Blankets Units Cost May 03 Purchase 5 $20 10 Sale 3 17 Purchase 12 $22 20 Sale 4 23 Sale 2 30 Purchase 12 $24 Assuming that the company uses the perpetual inventory system, determine the ending inventory for the month of May using the LIFO inventory cost method. a.$328 b.$460 c.$592 d.$230
Boxwood Company sells blankets for $38 each. The following was taken from the inventory records during May. The company had no beginning inventory on May 1. Date Blankets Units Cost May 03 Purchase 8 $28 10 Sale 4 17 Purchase 16 $30 20 Sale 4 23 Sale 2 30 Purchase 9 $31 Assuming that the company uses the perpetual inventory system, determine the cost of merchandise sold for the sale of May 20 using the LIFO inventory cost method. a.$112 b.$120 c.$279 d.$60
5. Gingerbread, Corp. presents the following information for inventory purchases and sales throughout the month of December. The company uses LIFO Perpetual Method for inventory. DATE TRANSACTIONS UNITS UNIT COST December 1 Beginning inventory 1,000 $1.00 December 5 Sale 500 December 20 Purchase 1,000 $1.10 December 31 Sale 500 Cost of goods sold for the month of December is ?
Wan Tan Corp. made the following four inventory purchases in June: June 1 150 units $5.20 June 10 200 units $5.85 June 15 200 units $6.30 June 28 150 units $6.60 On June 22, 450 units were sold. The company uses the perpetual inventory system and the weighted average to value the inventory. Calculate the cost of goods sold for the sale. Round to the nearest whole dollar. Select one: a. $2,580 b. $2,628 c. $2,700 d. $1,572
Accounting You have the following information for Sheffield Inc. Sheffield Inc. uses the periodic method of accounting for its inventory transactions. March 1 Beginning inventory 2,000 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 2,300 liters at a cost of 77¢ per liter. March 30 Sold 5,200 liters for $1.25 per liter. Prepare partial income statements for 2022 through gross profit, under each of the following cost flow assumptions. (Round answers to 2 decimal places, e.g. 125.25.) (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 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;…
Red Company has beginning inventory of 22 units at a cost of $12.00 each on May 1. On May 5, it purchases 9 units at $14.00 per unit. On May 12 it purchases 25 units at $15.00 per unit. On May 15, it sells 39 units for $32 each. Using the FIFO perpetual inventory method, what is the value of the inventory on May 15 after the sale?
The Boxwood Company sells blankets for $40 each. The following was taken from the inventory records during May. The company had no beginning inventory on May 1. Date Blankets Units Cost May 3     Purchase 25 $10 10     Sale 10 17     Purchase 28 $12 20     Sale 18 23     Sale 3 30     Purchase 28 $13 Assuming that the company uses the perpetual inventory system, determine the gross profit for the sale of May 23 using the FIFO inventory cost method. a.$84 b.$150 c.$36 d.$186
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Luna Corporation was established in 2021. The company authorized 15,000 shares of Preferred Stock; the par value is $100.00 per share and 5% cumulative stock. Common stock was authorized at 100,000 shares with a par value of $5.00 per share. Prepare the following transactions in the proper journal entry form. Calculate the number of outstanding shares of Common Stock Luna Company has as of June 30.
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