Your answer is incorrect. Suppose that Ralph Lauren Company reports the following for the month of June. Date June 1 Inventory 12 23 Explanation 30 Purchase Purchase Inventory Units 560 Cost of goods sold 860 1,060 590 Cost of the ending inventory $ Unit Cost $ $5 6 FIFO 7 Total Cost (a) Calculate the cost of the ending inventory and the cost of goods sold for each cost flow assumption, using a perpetual inventory system. Assume a sale of 930 units occurred on June 15 for a selling price of $8 and a sale of 960 units on June 27 for $9. (Round average cost per unit to 3 decimal places, e.g. 5.254 and final answers to 0 decimal places, e.g. 2,520.) $2,800 5,160 7,420 $ $ LIFO $ $ Moving Average

Your answer is incorrect. Suppose that Ralph Lauren Company reports the following for the month of June. Date June 1 Inventory 12 23 Explanation 30 Purchase Purchase Inventory Units 560 Cost of goods sold 860 1,060 590 Cost of the ending inventory $ Unit Cost $ $5 6 FIFO 7 Total Cost (a) Calculate the cost of the ending inventory and the cost of goods sold for each cost flow assumption, using a perpetual inventory system. Assume a sale of 930 units occurred on June 15 for a selling price of $8 and a sale of 960 units on June 27 for $9. (Round average cost per unit to 3 decimal places, e.g. 5.254 and final answers to 0 decimal places, e.g. 2,520.) $2,800 5,160 7,420 $ $ LIFO $ $ Moving Average

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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Phillips Company had the following information for the year ending December 31: Units Unit Cost Beginning inventory 320 $36 Purchase: April 6 580 39 Sale: May 4 450 Purchase: July 19 400 40 Sale: September 9 500 Purchase: October 10 230 44 Phillips uses the perpetual inventory system and the LIFO method. Required: Using LIFO (a) Compute the cost of ending inventory. (b) Compute the cost of goods sold for the year. Cost of ending inventory Cost of goods sold
Calculate the ending inventory and cost of goods sold dollar values for ABC Company for the month, considering the following transactions under three different cost allocation methods and using periodic inventory updating: |(a) First-in, first-out (FIFO) (b) Last-in, first-out (LIFO) Number of Unit Cost Sales Price Units Beginning Inventory 100 $20 Purchase 400 22 Sold 300 $30 Purchase 200 24 Sold 180 $35 Ending Inventory 220
From the following, calculate the cost of ending inventory and cost of goods sold for the weighted-average method, ending inventory is 55 units. Note: Round your intermediate calculations and final answers to the nearest cent. Beginning inventory and purchases January 1 April 10 May 15 July 22 August 19 September 30 November 10 December 15 Cost of ending inventory Cost of goods sold Units 5 10 123 925 ∞ ON 6 000 10 12 15 18 20 32 16 Unit cost $ 2.60 3.10 3.60 3.85 4.60 4.80 5.00 5.40
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Sales during the year were 1,220 units. Beginning inventory was 380 units at a cost of $6 per unit. Purchase 1 was 610 units at $7 per unit. Purchase 2 was 940 units at $8 per unit. Required: a. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using FIFO method. (Enter all values as a positive value.) b. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using LIFO method. (Enter all values as a positive value.)
Akira Company had the following transactions for the month. Number of units Cost per Unit Beginning inventory 150 $ 10 Purchased Mar. 31 160 12 Purchased Oct. 15 130 15 Ending inventory 50 ? Calculate the ending inventory dollar value for the period for each of the following cost allocation methods, using periodic inventory updating. Provide your calculations. first-in, first-out (FIFO) last-in, first-out (LIFO) weighted average (AVG)
The following information is for the Vista Company for the year; the company sells just one product: Units Unit Cost $10 14 17 18 Beginning Inventory Jan. 1 Purchases: Feb. 11 May 18 Oct. 23 Sales: March 1 July 1 Calculate the value of ending inventory and cost of goods sold using the perpetual method and (a) first-in, first-out, (b) last-in, first-out, and (c) the weighted-average cost methods. Do not round until your final answers. Round your final answers to the nearest dollar. A. First-in, First-out: Ending Inventory $ Cost of goods sold $ 200. 500 400 100 400 380 B. Last-in, first-out: Ending Inventory $ Cost of goods sold $ C. Weighted Average Ending Inventory $ Cost of goods sold $ 0 0 0 0 0 0
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A company had the following purchases and sales during its first year of operations: Purchases Sales 6 units 10 units at $120 20 units at $125 January: February: May: September: 12 units at $135 5 units 15 units at $130 9 units 8 units November: 10 units at $140 13 units On December 31, there were 26 units remaining in ending inventory. Using the perpetual LIFO inventory costing method, what is the value of cost of goods sold? (Assume all sales were made on the last day of the month.)
Suppose that Ralph Lauren Company reports the following for the month of June. Date June 1 12 23 30 Explanation Units Inventory Purchase Purchase Inventory Cost of the ending inventory 360 Cost of goods sold 660 860 390 +A Unit Cost LA $5 6 7 (a) Calculate the cost of the ending inventory and the cost of goods sold for each cost flow assumption, using a perpetual inventory system. Assume a sale of 730 units occurred on June 15 for a selling price of $8 and a sale of 760 units on June 27 for $9. (Round average cost per unit to 3 decimal places, e.g. 5.254 and final answers to O decimal places, e.g. 2,520.) Total Cost FIFO $1,800 3,960 6,020 LA $ LIFO LA $ Moving Average
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