Homework Answers
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| Under FIFO Cost of goods sold will be based on inventory first purchased | ||||||||
| Computation of cost of goods sold under FIFO | ||||||||
| Unit | Rate | Value | ||||||
| April 25th | 350 | 10 | 3500 | |||||
| July 20th | 50 | 10 | 500 | |||||
| July 20th | 200 | 13 | 2600 | |||||
| Dec 15th | 300 | 14 | 4200 | |||||
| Dec 15th | 100 | 18 | 1800 | |||||
| Total | 12600 | |||||||
| Correct answer is option B. 12600 | ||||||||
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Sampe Company has the following data available Units Sold Transaction Beginning Inventory March 1 Purchase April...
Gordon Company has the following data available: Units Sold Units Purchased 300 200 Unit Cost $20 $12 Transaction Begin...
Gordon Company has the following data available: Units Sold Units Purchased 300 200 Unit Cost $20 $12 Transaction Beginning Inventory March 1 Purchase April 25 Sale June 10 Purchase July 20 Sale October 30 Purchase December 15 Sale 320 310 $14 200 330 $14 320 If Gordon Company uses a perpetual FIFO inventory system, the cost of ending inventory on December 31 is O A. $4,200 O B. $11,760 OC. $16,800 OD. $6,000
) Bombard Company has the following data available: ransaction Units Purchased Unit Cost Units Sold Be...
) Bombard Company has the following data available: ransaction Units Purchased Unit Cost Units Sold Be innin Inventor 500 $10 arch 1 Purchase 200 $12 ril 25 Sale 350 une 10 Purchase 300 $14 ul 20 Sale 250 ctober 30 Purchase 350 $15 ecember 15 Sale 400 If Bombard Company uses a perpetual LIFO inventory system, the cost of goods sold for the year is $3,500 $5,520 $16,850 $13,350
Garrett Company has the following transactions during the months of April and May: Date Transaction Units...
Garrett Company has the
following transactions during the months of April and May:
Date Transaction Units Cost/Unit April 1 Balance 500 17 Purchase
200 $5.30 25 Sale 150 28 Purchase 100 5.70 May 5 Purchase 250 5.30
18 Sale 300 22 Sale 50 The cost of the inventory on April 1 is $5,
$4, and $2 per unit, respectively, under the FIFO, average, and
LIFO cost flow assumptions.
Required: 1. Compute the inventories at the end of each month
and...
INVENTORY ITEM 621AB UNITS DATE COST Beginning Inventory $6 $7 Jan 1 120 Purchase 200 Jan...
INVENTORY ITEM 621AB UNITS DATE COST Beginning Inventory $6 $7 Jan 1 120 Purchase 200 Jan 7 Sale Jan 10 250 Purchase $8 Jan 15 300 Jan 17 Purchase $9 200 Sale 325 Jan 20 Sale Jan 25 100 Jan 28 Purchase $10 175 Smith Corporation uses a perpetual inventory system. Determine the costs assigned to Cost of Goods Sold and Ending Inventory using both FIFO and LIFO methods. DATE ITEM RED16 UNITS COST Beginning Inventory $10 Jan 1 100...
Exercise 6. A company's inventory records indicate the following data for the month of April: April 1 April 5 April...
Exercise 6. A company's inventory records indicate the following data for the month of April: April 1 April 5 April 9 April 14 April 20 April 30 Beginning Purchase Sale Purchase Sale Purchase 350 units at $18 each 290 units at $20 each 500 units at $55 each 250 units at $22 each 200 units at $55 each 240 units at $25 each Compute inventory and cost of goods sold in a perpetual system using the methods of FIFO, LIFO,...
2. Inventory - FIFO Method Compute the April 30 inventory and the April cost of goods...
2. Inventory - FIFO Method Compute the April 30 inventory and the April cost of goods sold using the FIFO method Data provided: Company uses a periodic inventory system Company sold 600 units in April Additional information for April: April inventory purchase purchase Units 250 400 350 1,000 Unit Cost $ 10 $ 12 $ 13 Total Cost $ 2,500 $ 4,800 $ 4,550 $ 11,850
The following inventory information is available: Transaction Date Units Dollars Beginning Balance 1/1/2019 800 $6.00 Purchase...
The following inventory information is available: Transaction Date Units Dollars Beginning Balance 1/1/2019 800 $6.00 Purchase 1/10/2019 600 $5.50 Purchase 1/20/2019 950 $5.25 Purchase 1/25/2019 350 $5.00 Sale throughout month 1700 $11.75 Calculate cost of goods available for sale, cost of goods sold, gross profit, gross profit margin and ending inventory using average cost, LIFO and FIFO inventory methods. The company uses the periodic inventory system. Then state which inventory method would provide the highest net income and Which inventory...
Wildhorse Company uses a periodic inventory system. For April, when the company sold 570 units, the...
Wildhorse Company uses a periodic inventory system. For April, when the company sold 570 units, the following information is available. Units Unit Cost Total Cost April 1 inventory 250 $28 34 $7,000 11,900 April 15 purchase 350 April 23 purchase 400 36 14,400 $33,300 1,000 Compute the April 30 inventory and the April cost of goods sold using the LIFO method. Ending inventory Cost of goods sold $ $
Alternative Inventory Methods Garrett Company has the following transactions during the months of April and May:...
Alternative Inventory Methods Garrett Company has the following transactions during the months of April and May: Date Transaction Units Cost/Unit April 1 Balance 17 Purchase $5.10 25 Sale 500 200 150 100 250 300 28 Purchase 5.90 5.10 May 5 Purchase 18 Sale 22 Sale 50 The cost of the inventory on April 1 is $5, $4, and $2 per unit, respectively, under the FIFO, average, and LIFO cost flow assumptions. Required: 1. Compute the costs of goods sold for...
Alternative Inventory Methods Garrett Company has the following transactions during the months of April and May:...
Alternative Inventory Methods Garrett Company has the following transactions during the months of April and May: Date Transaction Units Cost/Unit April 1 Balance 500 17 Purchase 200 $5.10 25 Sale 150 28 Purchase 100 $5.90 May 5 Purchase 250 $5.10 18 Sale 300 22 Sale 50 The cost of the inventory on April 1 is $5, $4, and $2 per unit, respectively, under the FIFO, average, and LIFO cost flow assumptions. Required: Compute the costs of goods sold for each...
Gordon Company has the following data available: Units Sold Units Purchased 300 200 Unit Cost $20 $12 Transaction Beginning Inventory March 1 Purchase April 25 Sale June 10 Purchase July 20 Sale October 30 Purchase December 15 Sale 320 310 $14 200 330 $14 320 If Gordon Company uses a perpetual FIFO inventory system, the cost of ending inventory on December 31 is O A. $4,200 O B. $11,760 OC. $16,800 OD. $6,000
Garrett Company has the
following transactions during the months of April and May:
Date Transaction Units Cost/Unit April 1 Balance 500 17 Purchase
200 $5.30 25 Sale 150 28 Purchase 100 5.70 May 5 Purchase 250 5.30
18 Sale 300 22 Sale 50 The cost of the inventory on April 1 is $5,
$4, and $2 per unit, respectively, under the FIFO, average, and
LIFO cost flow assumptions.
Required: 1. Compute the inventories at the end of each month
and...
INVENTORY ITEM 621AB UNITS DATE COST Beginning Inventory $6 $7 Jan 1 120 Purchase 200 Jan 7 Sale Jan 10 250 Purchase $8 Jan 15 300 Jan 17 Purchase $9 200 Sale 325 Jan 20 Sale Jan 25 100 Jan 28 Purchase $10 175 Smith Corporation uses a perpetual inventory system. Determine the costs assigned to Cost of Goods Sold and Ending Inventory using both FIFO and LIFO methods. DATE ITEM RED16 UNITS COST Beginning Inventory $10 Jan 1 100...
Exercise 6. A company's inventory records indicate the following data for the month of April: April 1 April 5 April 9 April 14 April 20 April 30 Beginning Purchase Sale Purchase Sale Purchase 350 units at $18 each 290 units at $20 each 500 units at $55 each 250 units at $22 each 200 units at $55 each 240 units at $25 each Compute inventory and cost of goods sold in a perpetual system using the methods of FIFO, LIFO,...
2. Inventory - FIFO Method Compute the April 30 inventory and the April cost of goods sold using the FIFO method Data provided: Company uses a periodic inventory system Company sold 600 units in April Additional information for April: April inventory purchase purchase Units 250 400 350 1,000 Unit Cost $ 10 $ 12 $ 13 Total Cost $ 2,500 $ 4,800 $ 4,550 $ 11,850
Wildhorse Company uses a periodic inventory system. For April, when the company sold 570 units, the following information is available. Units Unit Cost Total Cost April 1 inventory 250 $28 34 $7,000 11,900 April 15 purchase 350 April 23 purchase 400 36 14,400 $33,300 1,000 Compute the April 30 inventory and the April cost of goods sold using the LIFO method. Ending inventory Cost of goods sold $ $
Alternative Inventory Methods Garrett Company has the following transactions during the months of April and May: Date Transaction Units Cost/Unit April 1 Balance 17 Purchase $5.10 25 Sale 500 200 150 100 250 300 28 Purchase 5.90 5.10 May 5 Purchase 18 Sale 22 Sale 50 The cost of the inventory on April 1 is $5, $4, and $2 per unit, respectively, under the FIFO, average, and LIFO cost flow assumptions. Required: 1. Compute the costs of goods sold for...
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