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January 1 inventory balance 15 units at $350 per unit...
Table 6-2 0 January 1 inventory balance 100 units at $10 per unit March 2 purchase...
Table 6-2 0 January 1 inventory balance 100 units at $10 per unit March 2 purchase 50 units at $11 per unit April 10 sale 100 units July 8 purchase 80 units at $10 per unit October 12 sale 80 units November 15 purchase 30 units at $12 per unit December 31 inventory balance 80 units Referring to Table 6-2, assuming all goods are sold throughout the year for $19 per unit, gross profit calculated under the periodic LIFO method...
Alternative Inventory Methods Totman Company has the following transactions during the months of January and February:...
Alternative Inventory Methods Totman Company has the following transactions during the months of January and February: Date Transaction Units Cost/Unit January 1 Balance 200 10 Purchase 50 $25 22 Sale 40 28 Purchase 60 27 February 4 Purchase 40 28 14 Sale 50 23 Sale 20 The cost of the inventory at January 1 is $24, $23, and $15 per unit, respectively, under the FIFO, average, and LIFO cost flow assumptions. Required: Compute the cost of goods sold for each...
Skysong, Inc. reports the following for the month of June. Date Explanation Units Unit Cost Total...
Skysong, Inc. reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 250 $8 $2,000 12 Purchase 500 9 4,500 23 Purchase 375 10 3,750 30 Inventory 125 Assume a sale of 550 units occurred on June 15 for a selling price of $11 and a sale of 450 units on June 27 for $12. Calculate the cost of the ending inventory and the cost of goods sold for each cost flow...
Montoure Company uses a perpetual Inventory system. It entered into the following calendar-year purchases and sales...
Montoure Company uses a perpetual Inventory system. It entered into the following calendar-year purchases and sales transactions Units sold at Retail Unite Aequired at Cost 680 units 540 per unit 320 units @ $35 per unit 100 units $23 per unit Date Activities Jan. Beginning inventory Feb. 10 Purchase Mar. 13 Purchase Mar. 15 Sales Aug. 21 Purchase Sept. 5 Purchase Sept. 10 Sales Totals 720 unitse $75 per unit 130 units 490 units $45 per unit $41 per unit...
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....
Activities Units Acquired at Cost 600 units $35 per unit 300 units $32 per unit 150...
Activities Units Acquired at Cost 600 units $35 per unit 300 units $32 per unit 150 units $20 per unit Units Sold at Retail Date Jan Beginning inventory Feb. 10 Purchase Mar. 13 Purchase Mar. 15 Sales Aug. 21 Purchase Sept. 5 Purchase Sept. 10 Sales 725 units $80 per unit 190 units $40 per unit 540 units $37 per unit 730 units $80 per unit 1,455 units Totals 1,780 units Required: 1. Compute cost of goods available for sale...
A company reports the following beginning inventory and two purchases for the month of January. On...
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.
Units
Unit Cost
Beginning inventory on January 1
320
$
3.00
Purchase on January 9
80
3.20
Purchase on January 25
100
3.34
Required:
Assume the perpetual inventory system is used. Determine the costs
assigned to ending inventory when costs are assigned based on the
FIFO method.
* Answer...
A company reports the following beginning inventory and two purchases for the month of January. On...
A company reports the following
beginning inventory and two purchases for the month of January. On
January 26, the company sells 390 units. Ending inventory at
January 31 totals 150 units.
A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 390 units. Ending inventory at January 31 totals 150 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units 350 80 110 Unit...
A company reports the following beginning inventory and two purchases for the month of January. On...
A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 300 units. Ending inventory at January 31 totals 130 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units 270 60 100 Unit Cost $ 2.50 2.70 2.84 Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method. Perpetual FIFO:...
Ferris Company began January with 4,000 units of its principal product. The cost of each unit...
Ferris Company began January with 4,000 units of its principal
product. The cost of each unit is $7. Merchandise transactions for
the month of January are as follows:
Purchases
Date of Purchase
Units
Unit Cost*
Total Cost
Jan. 10
3,000
$
8
$
24,000
Jan. 18
4,000
9
36,000
Totals
7,000
60,000
* Includes purchase price and cost of freight.
Sales
Date of Sale
Units
Jan. 5
2,000
Jan. 12
1,000
Jan. 20
3,000
Total
6,000
5,000 units were on...
Table 6-2 0 January 1 inventory balance 100 units at $10 per unit March 2 purchase 50 units at $11 per unit April 10 sale 100 units July 8 purchase 80 units at $10 per unit October 12 sale 80 units November 15 purchase 30 units at $12 per unit December 31 inventory balance 80 units Referring to Table 6-2, assuming all goods are sold throughout the year for $19 per unit, gross profit calculated under the periodic LIFO method...
Montoure Company uses a perpetual Inventory system. It entered into the following calendar-year purchases and sales transactions Units sold at Retail Unite Aequired at Cost 680 units 540 per unit 320 units @ $35 per unit 100 units $23 per unit Date Activities Jan. Beginning inventory Feb. 10 Purchase Mar. 13 Purchase Mar. 15 Sales Aug. 21 Purchase Sept. 5 Purchase Sept. 10 Sales Totals 720 unitse $75 per unit 130 units 490 units $45 per unit $41 per unit...
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....
Activities Units Acquired at Cost 600 units $35 per unit 300 units $32 per unit 150 units $20 per unit Units Sold at Retail Date Jan Beginning inventory Feb. 10 Purchase Mar. 13 Purchase Mar. 15 Sales Aug. 21 Purchase Sept. 5 Purchase Sept. 10 Sales 725 units $80 per unit 190 units $40 per unit 540 units $37 per unit 730 units $80 per unit 1,455 units Totals 1,780 units Required: 1. Compute cost of goods available for sale...
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.
Units
Unit Cost
Beginning inventory on January 1
320
$
3.00
Purchase on January 9
80
3.20
Purchase on January 25
100
3.34
Required:
Assume the perpetual inventory system is used. Determine the costs
assigned to ending inventory when costs are assigned based on the
FIFO method.
* Answer...
A company reports the following
beginning inventory and two purchases for the month of January. On
January 26, the company sells 390 units. Ending inventory at
January 31 totals 150 units.
A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 390 units. Ending inventory at January 31 totals 150 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units 350 80 110 Unit...
A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 300 units. Ending inventory at January 31 totals 130 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units 270 60 100 Unit Cost $ 2.50 2.70 2.84 Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method. Perpetual FIFO:...
Ferris Company began January with 4,000 units of its principal
product. The cost of each unit is $7. Merchandise transactions for
the month of January are as follows:
Purchases
Date of Purchase
Units
Unit Cost*
Total Cost
Jan. 10
3,000
$
8
$
24,000
Jan. 18
4,000
9
36,000
Totals
7,000
60,000
* Includes purchase price and cost of freight.
Sales
Date of Sale
Units
Jan. 5
2,000
Jan. 12
1,000
Jan. 20
3,000
Total
6,000
5,000 units were on...
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