Homework Answers
Inventory valuation template:
| Date | Opening/ | Purchase | Issue | Ending | |||||
| units | price($) | value($) | units | price($) | value($) | units | price($) | value($) | |
| Nov 3 | 66 | 450 | 29,700 | 66 | 450 | 29,700 | |||
| Nov 8 | 132 | 540 | 71,280 | 66 | 450 | 29,700 | |||
| 132 | 540 | 71,280 | |||||||
| FIFO: | |||||||||
| Nov 11 | 66 | 450 | 29,700 | 110 | 540 | 59,400 | |||
| 22 | 540 | 11,880 | |||||||
| Nov 3 | 40 | 540 | 21,600 | 70 | 540 | 37,800 | |||
| LIFO: | |||||||||
| Nov 11 | 88 | 540 | 47,520 | 66 | 450 | 29,700 | |||
| 44 | 540 | 23,760 | |||||||
| Nov 3 | 40 | 540 | 21,600 | 66 | 450 | 29,700 | |||
| 4 | 540 | 2,160 | |||||||
| Weighted average: | |||||||||
| Nov 11 | 88 |
(29,700+71,280)/(66+132) = 510 |
44,880 | 110 | 510 | 56,100 | |||
| Nov 3 | 40 | 510 | 20,400 | 70 | 510 | 35,700 |
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Number of Units Per Unit 66 $450 Date Transaction Nov. 3 Inventory 8 Purchase 11 Sale...
$85 Date Action Units Unit Cost Unit Sale Price 8/1 Inventory 50 $35 8/3 Sale 45...
$85 Date Action Units Unit Cost Unit Sale Price 8/1 Inventory 50 $35 8/3 Sale 45 8/8 Purchase 8/21 Sale $88 8/30 Purchase 15 58 Prepare and inventory control record using each of the following methods: FIFO, LIFO and Weighted average costing. Afterwards, answer the following questions: 1. What is the total cost of goods sold under the FIFO method? a. $6,070 b. $5,730 C. $1,410 d. $4,860 e. $4,495 2. What is the total cost of goods sold under...
During the year, Trombley Incorporated has the following inventory transactions. Number of Units 27 Date Transaction...
During the year, Trombley Incorporated has the following inventory transactions. Number of Units 27 Date Transaction Jan. 1 Beginning inventory Mar. 4 Purchase Jun. 9 Purchase Nov.11 Purchase Unit Cost $ 29 28 27 32 37 Total Cost $ 783 896 999 925 $3,603 37 25 133 For the entire year, the company sells 100 units of inventory for $37 each. 1. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. FIFO Cost of Goods...
Number of Units Unit Cost Date Transaction Jan. 1 Beginning inventory Apr. 7 Purchase Jul.16 Purchase...
Number of Units Unit Cost Date Transaction Jan. 1 Beginning inventory Apr. 7 Purchase Jul.16 Purchase Oct. 6 Purchase Total Cost $ 2,484 6,432 10,404 5,928 $25,248 SOG For the entire year, the company sells 440 units of inventory for $64 each. 2. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit Cost of Goods Available for Sale LIFO Ending Inventory Cost of Goods Sold Cost per Cost per unit # of units Cost of...
Units Unit Cost or Selling Price Date Description Oct. 1 Beginning inventory Oct. 9 Purchase Oct...
Units Unit Cost or Selling Price Date Description Oct. 1 Beginning inventory Oct. 9 Purchase Oct 11 Sale Oct. 17 Purchase Oct. 22 Sale Oct. 25 Purchase Oct. 29 Sale Calculate the weighted-average cost. (Round answer to 3 decimal places, e.g. 5.125.) Weighted average cost per unit $ 89.753 e Textbook and Media List of Accounts Calculate ending inventory, cost of goods sold, gross profit under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost. (Round answers to...
units sold is 290 Date Units Unit Cost Total Cost Beginning Inventory Purchase January 1 January...
units sold is 290
Date Units Unit Cost Total Cost Beginning Inventory Purchase January 1 January 15 January 24 $ 80 140 $11,200 29,700 27,500 330 90 Purchase 250 110 Required: 1. Calculate the number and cost of goods available for sale. 2. Calculate the number of units in ending inventory. 3. Calculate the cost of ending inventory and cost of goods sold using the (a) FIFO, (b) LIFO, Complete this question by entering your answers in the tabs below....
ork Chapter #6 Help Save & Number of Units Cost Total Cont Date Transaction Jan. 1...
ork Chapter #6 Help Save & Number of Units Cost Total Cont Date Transaction Jan. 1 Beginning inventory Mar. 14 Purchase Jun. 9 Purchase Nov.11 Purchase 1,020 1.053 $4,103 For the entire year, the company sells 110 units of inventory for $39 each. 12:37 Required: 1. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost cost per Ending # of units Cost...
Inventory Date Activity Units  
Inventory Date Activity Units Unit Cost Balance 1-Mar Beginning Balance 250 $14 $3,500 3-Mar Sale (200) - - 0 10-Mar Purchase 200 15 ...
36. Inventory records for DAD Incorporated revealed the following: Date Apr. 1 Transaction Beginning inventory Purchase...
36. Inventory records for DAD Incorporated revealed the following: Date Apr. 1 Transaction Beginning inventory Purchase Number of Units 50 450 Unit Cost $123.00 $130.00 Apr. 4 DAD sold 490 units of inventory during the month. Ending Inventory assuming LIFO would be $_ Chapter 6 Page 6-4 37. Inventory records for MOM Company revealed the following: Date Mar. 1 Mar. 6 Mar. 16 Mar 22 Transaction Beginning inventory Purchase Purchase Purba Purchase Number of Units 400 1,000 1,000 1,000 Unit...
Date Description Units Unit Cost or Selling Price Oct. 1 Beginning inventory 54 Oct. 9 Purchase...
Date Description Units Unit Cost or Selling Price Oct. 1 Beginning inventory 54 Oct. 9 Purchase 128 Oct. 11 Sale 104 Oct. 17 Purchase 108 Oct. 22 Sale 64 Oct. 25 Purchase 75 Oct. 29 Sale 103 Calculate ending inventory, cost of goods sold, gross profit under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost. (Round answers to decimal place, e.g. 125.) LIFO FIFO AVERAGE-COST $ The ending inventory The cost of goods sold $ Gross profit
Jun. 1 Beginning merchandise inventory 12 Purchase 20 Sale 24 Purchase 29 Sale 17 units @...
Jun. 1 Beginning merchandise inventory 12 Purchase 20 Sale 24 Purchase 29 Sale 17 units @ 5 units @ 14 units @ 11 units @ 13 units @ $ $ $ $ $ 15 each 19 each 37 each 23 each 37 each 1. Compute ending merchandise inventory, cost of goods sold, and gross profit using the FIFO inventory costing method. 2. Compute ending merchandise inventory, cost of goods sold, and gross profit using the LIFO inventory costing method. 3....
$85 Date Action Units Unit Cost Unit Sale Price 8/1 Inventory 50 $35 8/3 Sale 45 8/8 Purchase 8/21 Sale $88 8/30 Purchase 15 58 Prepare and inventory control record using each of the following methods: FIFO, LIFO and Weighted average costing. Afterwards, answer the following questions: 1. What is the total cost of goods sold under the FIFO method? a. $6,070 b. $5,730 C. $1,410 d. $4,860 e. $4,495 2. What is the total cost of goods sold under...
During the year, Trombley Incorporated has the following inventory transactions. Number of Units 27 Date Transaction Jan. 1 Beginning inventory Mar. 4 Purchase Jun. 9 Purchase Nov.11 Purchase Unit Cost $ 29 28 27 32 37 Total Cost $ 783 896 999 925 $3,603 37 25 133 For the entire year, the company sells 100 units of inventory for $37 each. 1. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. FIFO Cost of Goods...
Number of Units Unit Cost Date Transaction Jan. 1 Beginning inventory Apr. 7 Purchase Jul.16 Purchase Oct. 6 Purchase Total Cost $ 2,484 6,432 10,404 5,928 $25,248 SOG For the entire year, the company sells 440 units of inventory for $64 each. 2. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit Cost of Goods Available for Sale LIFO Ending Inventory Cost of Goods Sold Cost per Cost per unit # of units Cost of...
Units Unit Cost or Selling Price Date Description Oct. 1 Beginning inventory Oct. 9 Purchase Oct 11 Sale Oct. 17 Purchase Oct. 22 Sale Oct. 25 Purchase Oct. 29 Sale Calculate the weighted-average cost. (Round answer to 3 decimal places, e.g. 5.125.) Weighted average cost per unit $ 89.753 e Textbook and Media List of Accounts Calculate ending inventory, cost of goods sold, gross profit under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost. (Round answers to...
units sold is 290
Date Units Unit Cost Total Cost Beginning Inventory Purchase January 1 January 15 January 24 $ 80 140 $11,200 29,700 27,500 330 90 Purchase 250 110 Required: 1. Calculate the number and cost of goods available for sale. 2. Calculate the number of units in ending inventory. 3. Calculate the cost of ending inventory and cost of goods sold using the (a) FIFO, (b) LIFO, Complete this question by entering your answers in the tabs below....
ork Chapter #6 Help Save & Number of Units Cost Total Cont Date Transaction Jan. 1 Beginning inventory Mar. 14 Purchase Jun. 9 Purchase Nov.11 Purchase 1,020 1.053 $4,103 For the entire year, the company sells 110 units of inventory for $39 each. 12:37 Required: 1. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost cost per Ending # of units Cost...
36. Inventory records for DAD Incorporated revealed the following: Date Apr. 1 Transaction Beginning inventory Purchase Number of Units 50 450 Unit Cost $123.00 $130.00 Apr. 4 DAD sold 490 units of inventory during the month. Ending Inventory assuming LIFO would be $_ Chapter 6 Page 6-4 37. Inventory records for MOM Company revealed the following: Date Mar. 1 Mar. 6 Mar. 16 Mar 22 Transaction Beginning inventory Purchase Purchase Purba Purchase Number of Units 400 1,000 1,000 1,000 Unit...
Date Description Units Unit Cost or Selling Price Oct. 1 Beginning inventory 54 Oct. 9 Purchase 128 Oct. 11 Sale 104 Oct. 17 Purchase 108 Oct. 22 Sale 64 Oct. 25 Purchase 75 Oct. 29 Sale 103 Calculate ending inventory, cost of goods sold, gross profit under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost. (Round answers to decimal place, e.g. 125.) LIFO FIFO AVERAGE-COST $ The ending inventory The cost of goods sold $ Gross profit
Jun. 1 Beginning merchandise inventory 12 Purchase 20 Sale 24 Purchase 29 Sale 17 units @ 5 units @ 14 units @ 11 units @ 13 units @ $ $ $ $ $ 15 each 19 each 37 each 23 each 37 each 1. Compute ending merchandise inventory, cost of goods sold, and gross profit using the FIFO inventory costing method. 2. Compute ending merchandise inventory, cost of goods sold, and gross profit using the LIFO inventory costing method. 3....
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