Question 7ZZ Company employs a periodic inventory system and sells itsinventory to customers for $39 per unit. ZZ Company had thefollowing inventory information available for June:June 1 Beginning inventory 1,100 units @ $22.10 cost per unitJune 6 Purchased 3,400 units @ $16.40 cost per unitJune 11Sold 3,000 unitsJune 15June 19June 23Purchased 1,300 units @ $33.60 cost per unitSold 1,200 unitsPurchase 3,700 units @ $20.70 cost per unitSold 3,600 unitsJune 26June 28 Purchased 2,500 units @ $28.20 cost per unitDuring June, ZZ Company reported operating expenses of $18,000and had an income tax rate of 36%.Calculate the amount of net income shown on ZZ Company's incomestatement for June using the FIFO method.

Name: Question 7ZZ Company employs a periodic inventory system and sells it
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Question 7ZZ Company employs a periodic inventory system and sells itsinventory to customers for $39 per unit. ZZ Company had thefollowing inventory information available for June:June 1 Beginning inventory 1,100 units @ $22.10 cost per unitJune 6 P

Net income is the "money a company has left after covering all of its costs." It denotes a company's…

Business

Accounting

ZZ Company employs a periodic inventory system and sells its inventory to customers for $39 per unit. ZZ Company had the following inventory information available for June: Beginning inventory 1,100 units @ $22.10 cost per unit Purchased 3,400 units @ $16.40 cost per unit Sold 3,000 units Purchased 1,300 units @ $33.60 cost per unit Sold 1,200 units June 19 June 23 Purchase 3,700 units @ $20.70 cost per unit June 26 Sold 3,600 units June 28 Purchased 2,500 units @ $28.20 cost per unit June 1 June 6 June 11 June 15 During June, ZZ Company reported operating expenses of $18,000 and had an income tax rate of 36%. Calculate the amount of net income shown on ZZ Company's income statement for June using the FIFO method.

ZZ Company employs a periodic inventory system and sells its inventory to customers for $39 per unit. ZZ Company had the following inventory information available for June: Beginning inventory 1,100 units @ $22.10 cost per unit Purchased 3,400 units @ $16.40 cost per unit Sold 3,000 units Purchased 1,300 units @ $33.60 cost per unit Sold 1,200 units June 19 June 23 Purchase 3,700 units @ $20.70 cost per unit June 26 Sold 3,600 units June 28 Purchased 2,500 units @ $28.20 cost per unit June 1 June 6 June 11 June 15 During June, ZZ Company reported operating expenses of $18,000 and had an income tax rate of 36%. Calculate the amount of net income shown on ZZ Company's income statement for June using the FIFO method.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Planet Enterprises sells its product for $22.06 per unit and uses the Average Cost, perpetual method for tracking inventory costs. The following sequence of events has occurred during the month of September. Date Event Sep 1 Beginning Inventory: 80 units @ $12.37/unit Sep 3 Purchase 115 units @ $11.2/unit Sep 7 Sell 90 units Sep 11 Purchase 70 units @ $10.53/unit Sep 17 Sell 115 units Sep 23 Purchase 80 units @ $10.73/unit How much is total Cost of Goods Sold for the entire month of September? (round all calculations to the hundredths place; enter your answer rounded to the hundredths place) Answer:
The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 25 units @ $29 $725 June 16 Purchase 32 units @ $34 1,088 Nov. 28 Purchase 40 units @ $37 1,480 97 units $3,293 There are 17 units of the product in the physical inventory at November 30. The periodic inventory system is used. Round answers to the nearest whole dollar. a. Determine the inventory cost by the FIFO method. $4 b. Determine the inventory cost by the LIFO method. $4 c. Determine the inventory cost by the average cost methods.
Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Units Sold at Retail Units Acquired at Cost 100 units @ $50 per unit 400 units@ $55 per unit Date Mar. Mar. Mar. Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Activities 1 Beginning inventory 5 Purchase 9 Sales 420 units @ $85 per unit 120 units @ $60 per unit 200 units @ $62 per unit 160 units @ $95 per unit Totals 820 units 580 units 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, the March 9 sale consisted of 80 units from beginning inventory and 340 units from the March 5 purchase; the March 29 sale consisted of 40 units from the March 18 purchase and 120 units from the March 25 purchase. es Complete this question by einering your answers in the tabs below. Perpetual FIFO Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to…
ABC Company employs a periodic inventory system and sells its inventory to customers for $20 per unit. ABC Company had the following inventory information available for May: May 1 May 3 May 8 May 13 May 18 May 20 May 24 May 30 Beginning inventory 1,900 units @ $10.20 cost per unit Purchased 2,100 units @ $11.60 cost per unit Sold 1,400 units Purchased 3,700 units $8.10 cost per unit Sold 2,600 units Purchase 4,100 units @ $14.70 cost per unit Sold 2,900 units Purchased 2,200 units @ $12.60 cost per unit During May, ABC Company reported operating expenses of $14,000 and had an income tax rate of 36%. Calculate the dollar amount of ending inventory shown on ABC Company's May 31 balance sheet using the FIFO method.
Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions. Date Activities Units Acquired at Cost Units Sold at Retail January 1 Beginning inventory 700 units @ $50 per unit February 10 Purchase 300 units @ $46 per unit March 13 Purchase 100 units @ $40 per unit March 15 Sales 780 units @ $70 per unit August 21 Purchase 110 units @ $55 per unit September 5 Purchase 570 units @ $52 per unit September 10 Sales 680 units @ $70 per unit Totals 1,780 units 1,460 units Required:1. Compute cost of goods available for sale and the number of units available for sale. 2. Compute the number of units in ending inventory Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. (For specific identification, units sold consist of 700 units from beginning inventory, 200 from the February…
Plz explain in detail
ABC Company employs a periodic inventory system and sells its inventory to customers for $20 per unit. ABC Company had the following inventory information available for May: May 1 May 3 May 8 May 13 May 18 May 20 May 24 May 30 Beginning inventory 1,900 units @ $10.20 cost per unit Purchased 2,100 units @ $11.60 cost per unit Sold 1,400 units Purchased 3,700 units @ $8.10 cost per unit Sold 2,600 units Purchase 4,100 units @ $14.70 cost per unit Sold 2,900 units Purchased 2,200 units @ $12.60 cost per unit During May, ABC Company reported operating expenses of $14,000 and had an income tax rate of 36%. Calculate the amount of net income shown on ABC Company's income statement for May using the LIFO method.
Ashavinbhai
The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 24 units @ $32 $768 June 16 Purchase 30 units @ $35 1,050 Nov. 28 Purchase 38 units @ $39 1,482 92 units $3,300 There are 15 units of the product in the physical inventory at November 30. The periodic inventory system is used. a. Determine the inventory cost by the FIFO method. b. Determine the inventory cost by the LIFO method. c. Determine the inventory cost by the average cost methods. Round answer to two decimal places. %24 %24 %24
Crane Company uses a perpetual inventory system and reports the following for the month of June. Date June 1 (a1) 12 23 30 June 1 June 12 June 15 June 23 Explanation Units Unit Cost Inventory Purchase June 27 Purchase Inventory $ $ $ eTextbook and Media 120 Save for Later 360 Calculate the weighted-average cost per unit, using a perpetual inventory system. Assume a sale of 400 units occurred on June 15 for a selling price of $9 and a sale of 50 units on June 27 for $10. (Round intermediate calculations to O decimal places, e.g. 152 and final answers to 3 decimal places, e.g. 5.125.) 170 200 $5 6 7 Total Cost $600 2,160 1,190 Attempts: 0 of 6 used Submit Answer
A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 350 units. Ending inventory at January 31 totals 150 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units 320 80 100 Unit Cost $ 4.50 4.70 4.84
Haresh