You have the followinginformation for Oriole inc. Oriole inc.uses the periodic method of accounting for its inventorytransactions Beginning inventory 2200 liters at a cost of 60e per liter. March March 3 Purchased 2.500 liters ata cost of 70c per liter. 5 Sold 2300 iters for $105 per liter. 20 Purchased 4000 liters at a cost of 77e per liter. 20 Purchased 2400 liters ata cost of 85c per liter. March 30 Solds.000 iters for $125 per liter. March March March (a1) Calculate the value of ending inventory that would be reported on the balance sheet, under each of the following cost flow Prepare partial income statements for 2022 through gross profit, under each of the following cost flow assumptions. (Round answers to 2 decimal places, es 125.25) (1) Specific identification method assuming O 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 O The March 30 sale consisted of the following number of units sold from beginning inventory and each purchase: 450 liters from March 1: 550 iters from March 3: 2.900 liters from March 10: 1.100 liters from March 20. (2) FIFO (3) LIFO

You have the followinginformation for Oriole inc. Oriole inc.uses the periodic method of accounting for its inventorytransactions Beginning inventory 2200 liters at a cost of 60e per liter. March March 3 Purchased 2.500 liters ata cost of 70c per liter. 5 Sold 2300 iters for $105 per liter. 20 Purchased 4000 liters at a cost of 77e per liter. 20 Purchased 2400 liters ata cost of 85c per liter. March 30 Solds.000 iters for $125 per liter. March March March (a1) Calculate the value of ending inventory that would be reported on the balance sheet, under each of the following cost flow Prepare partial income statements for 2022 through gross profit, under each of the following cost flow assumptions. (Round answers to 2 decimal places, es 125.25) (1) Specific identification method assuming O 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 O The March 30 sale consisted of the following number of units sold from beginning inventory and each purchase: 450 liters from March 1: 550 iters from March 3: 2.900 liters from March 10: 1.100 liters from March 20. (2) FIFO (3) LIFO

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Description: You have the followinginformation for Oriole inc. Oriole inc uses the periodic method of accounting for its inventory transactions.1 Beginning inventory 2200 liters at a cost of 60e per liter.3 Purchased 2.500 liters atacost of 70e per liter.MarchMa

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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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
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Simple Plan Enterprises uses a perlodic Inventory system. Its records showed the following: Inventory, December 31, using FIFO - 44 Units @ $17 = $748 Inventory, December 31, using LIFO – 44 Units @ $13 = $572 Transactions in the Following Year Purchase, January 9 Purchase, January 20 Sale, January 11 (at $41 per unit) Sale, January 27 (at $42 per unit) Units Unit Cost Total Cost $ 1,088 2,014 56 18 106 19 86 62 Required: 1. Compute the number and cost of goods avallable for sale, the cost of ending Inventory, and the cost of goods sold under FIFO and LIFO. 2 Compute the Inventory turnover ratio under the FIFO and LIFO Inventory costing methods. 3. Does the Inventory method used make a significant difference In the Inventory turnover ratlo? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute the number and cost of goods available for sale, the cost of ending inventory, and the cost of goods sold under FIFO and LIFO. FIFO LIFO…
Required information [The following information applies to the questions displayed below.] During the year, Trombley Incorporated has the following inventory transactions. Date Transaction Numberof Units UnitCost Total Cost Jan. 1 Beginning inventory 10 $ 12 $ 120 Mar. 4 Purchase 15 11 165 Jun. 9 Purchase 20 10 200 Nov. 11 Purchase 20 8 160 65 $ 645 For the entire year, the company sells 50 units of inventory for $20 each. 2. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit.
Compute ending inventory and cost of good sold under LIFO, assuming Matthias Company uses the periodic inventory system.
Boxwood Company sells blankets for $35 each. The following information was taken from the inventory records during May. The company had no beginning inventory on May 1. Boxwood uses a perpetual inventory system. Date Blankets Units Cost May 3 10 17 20 23 30 Oa. $216 Ob. $42 Purchase Oc. $14 Od. $80 Sale Purchase Sale Sale 9 5 9 6 3 $16 Purchase 9 $24 Determine the cost of goods sold for the sale of May 20 using the LIFO inventory costing method. $14
During the year, TRC Corporation has the following inventory transactions. Date Transaction Number of Units Unit Cost Total Cost January 1 Beginning inventory 60 $52 $3,120 April 7 Purchase 140 54 7,560 July 16 Purchase 210 57 11,970 October 6 Purchase 120 58 6,960 530 $29,610 For the entire year, the company sells 450 units of inventory for $70 each. Required: 1-a & b. Using FIFO, calculate ending inventory and cost of goods sold.1-c & d. Using FIFO, calculate sales revenue and gross profit.2-a & b. Using LIFO, calculate ending inventory and cost of goods sold.2-c & d. Using LIFO, calculate sales revenue and gross profit.3-a & b. Using weighted-average cost, calculate ending inventory and cost of goods sold.3-c & d. Using weighted-average cost, calculate sales revenue and gross profit.4. Determine which method will result in higher profitability when inventory costs are rising.
[The following information applies to the questions displayed below.] At the end of January of the current year, the records of Donner Company showed the following for a particular item that sold at $17.80 per unit: Transactions Units Amount Inventory, January 1 700 $ 2,450 Purchase, January 12 670 3,685 Purchase, January 26 230 1,725 Sale (560) Sale (200) 3. Between FIFO or LIFO, which method would result in the lower income tax expense? Assume a 30 percent average tax rate. (Round your answer to 2 decimal places.)
A company purchased 100 units for $30 each on January 31. It purchased 400 units for $40 each on February 28. It sold a total of 460 units for $100 each from March 1 through December 31. If the company uses the last-in, first- out inventory costing method, calculate the cost of ending inventory on December 31. (Assume that the company uses a perpetual inventory system.) O A. $40 B. $1,600 O C. $2,800 O D. $1,200
The Stilton Company has the following inventory and credit purchases during the fiscal year ended December 31, 2023. Beginning Feb. 10 Aug. 21 640 units @ $75/unit 350 units @ $72/unit 230 units @ $85/unit Stilton Company has two credit sales during the period. The units have a selling price of $135 per unit. Sales Mar. 15 430 units Sept. 10 335 units Stilton Company uses a perpetual inventory system. Required: 1. Calculate the dollar value of cost of goods sold and ending inventory using: (Do not round intermediate calculations. Round "Average cost per unit" to 2 decimal places. Round the final answers to 2 decimal places.) Ending Inventory Cost of Goods Sold a FIFO b. Moving weighted average
Record the following transactions in the general journal of Fitzroy Ltd using (a) perpetual inventory system, and (b) periodic inventory system. 1/10/2020 : Purchased 240 units for $220 each inclusive GST on credit. 3/10/2020 : Returned 12 units to the supplier. 7/10/2020 : Sold 50 units for $380 each plus GST on credit. 10/10/2020 : Customer returned 5 of the units, the returned units were sent back to inventory.