Intermediate Accounting
1st Edition
ISBN: 9780132162302
Author: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella
Publisher: PEARSON
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Textbook Question
Chapter 10, Problem 10.1BE
Types of Manufacturing Inventory. Complete the following inventory disclosure: At the end of 2019 and 2018, inventories wore composed of:
| 2019 | 2018 | |
| Raw materials and supplies | $2,206 | $ b. |
| Goods in process | a. | 2,320 |
| Finished goods | 3,566 | 3,490 |
| Total inventories | $8,537 | $7,883 |
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Students have asked these similar questions
Fischer, Inc. had the following inventory in fiscal 2019. The company uses the average cost method of accounting for inventory.
Beginning Inventory, January 1, 2019: 100 units @ $10.00
Purchase of inventory, June 1, 2019: 200 units @ $12.00
Sale of inventory, November 1, 2019: 150 units
What amount is reported as cost of goods sold?
Calculate the LIFO cost of goods sold and ending inventory for 2018 and 2019 assuming use of (a) the peri-odic method and (b) the perpetual method
During 2021, a company sells 460 units of inventory for $87 each. The company has the following inventory purchase transactions for 2021:
Date
Transaction
Numberof Units
UnitCost
Total Cost
Jan.
1
Beginning inventory
77
$
76
$
5,852
May
5
Purchase
265
77
20,405
Nov.
3
Purchase
187
79
14,773
529
$
41,030
Calculate cost of goods sold and ending inventory for 2021 assuming the company uses the weighted-average cost method. (Round weighted-average unit cost to 4 decimal places. Round your final answers to the nearest dollar amount.)
Cost of goods sold: ______
Ending Inventory: _________
Chapter 10 Solutions
Intermediate Accounting
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