Waterway Corp. had 2,000 units of part M.O. on hand May 1, 2020, costing $32 each....
Waterway Corp. had 2,000 units of part M.O. on hand May 1, 2020,
costing $32 each. Purchases of part M.O. during May were as
follows.
|
Units |
Units Cost |
|||
|---|---|---|---|---|
|
May 9 |
2,500 | $33 | ||
|
17 |
4,000 | 35 | ||
|
26 |
1,500 | 36 |
A physical count on May 31, 2020, shows 2,500 units of part M.O. on
hand. Using the FIFO method, what is the cost of part M.O.
inventory at May 31, 2020? Using the LIFO method, what is the
inventory cost? Using the average-cost method, what is the
inventory cost? (Round average cost per unit to 2
decimal places, e.g. 15.25 and final answers to 0 decimal places,
e.g. 1,620.)
|
FIFO |
LIFO |
Average Cost |
||||
|---|---|---|---|---|---|---|
|
Inventory Cost |
$enter a dollar amount
rounded to 0 decimal places
|
$enter a dollar amount
rounded to 0 decimal places
|
$enter a dollar amount
rounded to 0 decimal places
|
Homework Answers
Add Answer to:
Waterway Corp. had 2,000 units of part M.O. on hand May 1, 2020,
costing $32 each....
Marigold Corp. had 1,700 units of part M.O. on hand May 1, 2020, costing $25 each....
Marigold Corp. had 1,700 units of part M.O. on hand May 1, 2020,
costing $25 each. Purchases of part M.O. during May were as
follows.
Units
Units Cost
May 9
2,200
$26
17
3,700
28
26
1,200
29
A physical count on May 31, 2020, shows 2,200 units of part M.O. on
hand. Using the FIFO method, what is the cost of part M.O.
inventory at May 31, 2020? Using the LIFO method, what is the
inventory cost? Using the...
Sweet Corp. had 1,840 units of part M.O. on hand May 1, 2017, costing $28 each....
Sweet Corp. had 1,840 units of part M.O. on hand May 1, 2017, costing $28 each. Purchases of part M.O. during May were as follows. Units Units Cost May 9 2,340 $29 17 3,840 31 26 1,340 32 A physical count on May 31, 2017, shows 2,340 units of part M.O. on hand. Using the FIFO method, what is the cost of part M.O. inventory at May 31, 2017? Using the LIFO method, what is the inventory cost? Using the...
Sandhill Corp. had 1,700 units of part M.O. on hand May 1, 2017, costing $25 each....
Sandhill Corp. had 1,700 units of part M.O. on hand May 1, 2017, costing $25 each. Purchases of part Μ.Ο. during May were as follows: Units Units Cost $26 28 29 May 9 2,200 17 3,700 26 1,200 A phys cal count on May 31, 2017, shows 2,200 units of part M.0. on hand. Using the FIFO method, what is the cost of part M.O.Inventory at May 31, 2017? Using the LtFO method, what is the inventory cost? Using the...
Concord Company’s inventory of $1,058,900 at December 31, 2020, was based on a physical count of...
Concord Company’s inventory of $1,058,900 at December 31, 2020,
was based on a physical count of goods priced at cost and before
any year-end adjustments relating to the following items.
(a)
Goods shipped from a vendor f.o.b. shipping point on December
24, 2020, at an invoice cost of $69,520 to Concord Company were
received on January 4, 2021.
(b)
The physical count included $31,120 of goods billed to Sakic
Corp. f.o.b. shipping point on December 31, 2020. The carrier
picked...
Your answer is incorrect. Concord Corp. had 1,900 units of part T on hand April 1,...
Your answer is incorrect.
Concord Corp. had 1,900 units of part T on hand April 1, 2017,
costing $8 each. During April, Concord made the following purchases
of part T.
Units
Unit
Cost
April
4
2,700
$8.25
10
4,800
8.40
19
1,200
9
29
3,000
9.90
A physical count at April 30, 2017 showed 4,300 units of Part T on
hand.
Using the FIFO method, what is the cost of part T inventory at
April 30, 2017? Using the LIFO...
Problem 8-01 The following independent situations relate to inventory accounting. Answer the following questions about inventories....
Problem 8-01
The following independent situations relate to inventory
accounting.
Answer the following questions about inventories.
Kingbird Co. purchased goods with a list price of $177,300,
subject to trade discounts of 20% and 10%, with no cash discounts
allowable. How much should Kingbird Co. record as the cost of these
goods?
Cost of goods purchased
$enter the Cost of goods purchased in dollars
LINK TO TEXT
LINK TO TEXT
LINK TO TEXT
Oriole Company’s inventory of $1,113,100 at December 31,...
Skysong Co. purchased goods with a list price of $185,700, subject to trade discounts of 20%...
Skysong Co. purchased goods with a list price of $185,700,
subject to trade discounts of 20% and 10%, with no cash discounts
allowable. How much should Skysong Co. record as the cost of these
goods?
Cost of goods purchased
$enter the Cost of goods purchased in dollars
LINK TO TEXT
LINK TO TEXT
LINK TO TEXT
Concord Company’s inventory of $1,058,900 at December 31, 2020,
was based on a physical count of goods priced at cost and before
any year-end...
Problem 8-1 The following independent situations relate to inventory accounting. Answer the following questions about inventories....
Problem 8-1
The following independent situations relate to inventory
accounting.
Answer the following questions about inventories.
Metlock Co. purchased goods with a list price of $168,300,
subject to trade discounts of 20% and 10%, with no cash discounts
allowable. How much should Metlock Co. record as the cost of these
goods?
Cost of goods purchased
$
Windsor Corp. had 1,880 units of part M.O. on hand May 1, 2017,
costing $29 each. Purchases of part M.O. during May were as...
Purchases Date Units Unit Cost Sales Units July 1 9 $68 July 6 6 July 11...
Purchases
Date
Units
Unit Cost
Sales Units
July 1
9
$68
July 6
6
July 11
5
$76
July 14
5
July 21
7
$83
July 27
6
Determine the ending inventory under a perpetual inventory system
using (1) FIFO, (2) moving-average, and (3) LIFO. (For
calculation and answers purpose round unit costs to 2 decimal
places, e.g. 15.25 and ending inventory values to 0 decimal places,
e.g. 515.)
FIFO
MOVING-AVERAGE
LIFO
The ending inventory under a perpetual inventory system...
Novak Corp. uses the periodic inventory system and reports the following for the month of June....
Novak Corp. uses the periodic inventory system and reports the following for the month of June. Units Unit Cost Total Cost June 1 Inventory 440 $4 $ 1,760 12 Purchase 880 8 7,040 23 Purchase 660 12 7,920 30 Inventory 220 Calculate Weighted Average Unit Cost. (Round answer to 2 decimal places, e.g. 15.25.) Weighted Average Unit Cost $8.44 Compute the cost of the ending inventory and the cost of goods sold using the average-cost method. (Round answers to 0...
Marigold Corp. had 1,700 units of part M.O. on hand May 1, 2020,
costing $25 each. Purchases of part M.O. during May were as
follows.
Units
Units Cost
May 9
2,200
$26
17
3,700
28
26
1,200
29
A physical count on May 31, 2020, shows 2,200 units of part M.O. on
hand. Using the FIFO method, what is the cost of part M.O.
inventory at May 31, 2020? Using the LIFO method, what is the
inventory cost? Using the...
Sandhill Corp. had 1,700 units of part M.O. on hand May 1, 2017, costing $25 each. Purchases of part Μ.Ο. during May were as follows: Units Units Cost $26 28 29 May 9 2,200 17 3,700 26 1,200 A phys cal count on May 31, 2017, shows 2,200 units of part M.0. on hand. Using the FIFO method, what is the cost of part M.O.Inventory at May 31, 2017? Using the LtFO method, what is the inventory cost? Using the...
Concord Company’s inventory of $1,058,900 at December 31, 2020,
was based on a physical count of goods priced at cost and before
any year-end adjustments relating to the following items.
(a)
Goods shipped from a vendor f.o.b. shipping point on December
24, 2020, at an invoice cost of $69,520 to Concord Company were
received on January 4, 2021.
(b)
The physical count included $31,120 of goods billed to Sakic
Corp. f.o.b. shipping point on December 31, 2020. The carrier
picked...
Your answer is incorrect.
Concord Corp. had 1,900 units of part T on hand April 1, 2017,
costing $8 each. During April, Concord made the following purchases
of part T.
Units
Unit
Cost
April
4
2,700
$8.25
10
4,800
8.40
19
1,200
9
29
3,000
9.90
A physical count at April 30, 2017 showed 4,300 units of Part T on
hand.
Using the FIFO method, what is the cost of part T inventory at
April 30, 2017? Using the LIFO...
Problem 8-01
The following independent situations relate to inventory
accounting.
Answer the following questions about inventories.
Kingbird Co. purchased goods with a list price of $177,300,
subject to trade discounts of 20% and 10%, with no cash discounts
allowable. How much should Kingbird Co. record as the cost of these
goods?
Cost of goods purchased
$enter the Cost of goods purchased in dollars
LINK TO TEXT
LINK TO TEXT
LINK TO TEXT
Oriole Company’s inventory of $1,113,100 at December 31,...
Skysong Co. purchased goods with a list price of $185,700,
subject to trade discounts of 20% and 10%, with no cash discounts
allowable. How much should Skysong Co. record as the cost of these
goods?
Cost of goods purchased
$enter the Cost of goods purchased in dollars
LINK TO TEXT
LINK TO TEXT
LINK TO TEXT
Concord Company’s inventory of $1,058,900 at December 31, 2020,
was based on a physical count of goods priced at cost and before
any year-end...
Problem 8-1
The following independent situations relate to inventory
accounting.
Answer the following questions about inventories.
Metlock Co. purchased goods with a list price of $168,300,
subject to trade discounts of 20% and 10%, with no cash discounts
allowable. How much should Metlock Co. record as the cost of these
goods?
Cost of goods purchased
$
Windsor Corp. had 1,880 units of part M.O. on hand May 1, 2017,
costing $29 each. Purchases of part M.O. during May were as...
Purchases
Date
Units
Unit Cost
Sales Units
July 1
9
$68
July 6
6
July 11
5
$76
July 14
5
July 21
7
$83
July 27
6
Determine the ending inventory under a perpetual inventory system
using (1) FIFO, (2) moving-average, and (3) LIFO. (For
calculation and answers purpose round unit costs to 2 decimal
places, e.g. 15.25 and ending inventory values to 0 decimal places,
e.g. 515.)
FIFO
MOVING-AVERAGE
LIFO
The ending inventory under a perpetual inventory system...
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