4. Kiwi Ltd., which uses a perpetual inventory system, recorded the following inventory transactions for this...
4. Kiwi Ltd., which uses a perpetual inventory system, recorded the following inventory transactions for this year :
Purchases Sales
Units Unit Cost Units Selling Price/Unit
Apr 1 Beginning inventory 90 $ 16
25 Purchase 300 18
May 4 Purchase 130 20
16 Sale 240 $32
Jun 4 Purchase 100 24
Instructions
show calculations Using the FIFO cost formula, calculate the cost of goods sold for the quarter ended June 30.
Homework Answers
Under FIFO costs of goods sold consists of units from earliest purchases.
240 units sold May 16 consists of 90 units from beginning inventory and 150 units from April 25 purchases.
Cost of goods sold = (90 * $16) + (150 * $18)
= $1,440 + $2,700
= $4,140
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4. Kiwi Ltd., which uses a perpetual inventory system,
recorded the following inventory transactions for this...
4. Kiwi Ltd., which uses a perpetual inventory system, recorded the following inventory transactions for this...
4. Kiwi Ltd., which uses a perpetual inventory system, recorded the following inventory transactions for this year (20 marks): Purchases Sales Units Unit Cost Units Selling Price/Unit Apr 1 Beginning inventory 90 $ 16 25 Purchase 300 18 May 4 Purchase 130 20 16 Sale 240 $32 Jun 4 Purchase 100 24 Instructions (a) Using the FIFO cost formula, calculate the cost of goods sold for...
. Kiwi Ltd., which uses a perpetual inventory system, recorded the following inventory transactions for this...
. Kiwi Ltd., which uses a perpetual inventory system, recorded the following inventory transactions for this year (20 marks): Purchases Sales Units Unit Cost Units Selling Price/Unit Apr 1 Beginning inventory 90 $ 16 25 Purchase 300 18 May 4 Purchase 130 20 16 Sale 240 $32 Jun 4 Purchase 100 24 Instructions (a) Using the FIFO cost formula, calculate the cost of goods sold for...
Novak Ltd. uses the perpetual inventory system and reports the following inventory transactions for the month...
Novak Ltd. uses the perpetual inventory system and reports the following inventory transactions for the month of June: Date Unit Cost $5 6 Total Cost $6,850.00 14,280 Explanation June 1 Beginning inventory 12 Purchases 15 Sale 16 Purchases 23 Purchases 27 Sales Units 1.370 2,380 (2,610) 4,480 1,600 (5,520) 31,360 12.800 8 (a) Determine the cost of goods sold and the cost of the ending inventory using (1) FIFO and (2) Average cost. (Round average final answers to 2 decimal...
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..................
FIFO Perpetual Inventory The beginning inventory at Dunne Co. and data on purchases and sales for a three-month period ending June 30 are as follows: Number Date Transaction of Units Per Unit Total Apr. 3 Inventory 78 $600 $46,800 Purchase 156 720 112,320 104 208,000 11 30 May 8 Sale Sale Purchase 65 130,000 130 2,000 2,000 800 2,000 2,000 104,000 10 Sale 78 156,000 39 78,000 130 880 114,400 19 28 June 5 16 21 Sale Purchase Sale...
Martinez Ltd. uses the perpetual inventory system and reports the following inventory transactions for the month...
Martinez Ltd. uses the perpetual inventory system and reports
the following inventory transactions for the month of June:
Date
Explanation
Units
Unit
Cost
Total
Cost
June
1
Beginning inventory
1,500
$6
$9,000.00
12
Purchases
2,480
7
17,360
15
Sale
(2,610
)
16
Purchases
4,560
8
36,480
23
Purchases
1,380
9
12,420
27
Sales
(5,830
)
(a)
Determine the cost of goods sold and the cost of the ending
inventory using (1) FIFO and (2) Average cost. (Round
average
final answers...
Bramble Ltd. uses the perpetual inventory system and reports the following inventory transactions for the month...
Bramble Ltd. uses the perpetual inventory system and reports the following inventory transactions for the month of June: Explanation 1 Beginning inventory 2 Purchases 5 Sale 5 Purchases 3 Purchases 7 Sales Units Unit Cost Total Cost 1,510 $6 $9,060.00 2,520 7 17,640 (2,540) 4,320 8 34,560 1,490 13,410 (5,710) Na (a) Determine the cost of goods sold and the cost of the ending inventory using (1) FIFO and (2) Average cost. (Round average final answers to 2 decimal places,...
D. INVENTORY COSTING METHODS (11 Marks) Mana Company uses the perpetual inventory system and the weighted...
D. INVENTORY COSTING METHODS (11 Marks) Mana Company uses the perpetual inventory system and the weighted average cost formula. The following information is available for the month of June: Date Explanation Units Unit Cost Jun 1 Beginning Inventory 200 S 10 Jun 15 Purchase 300 Jun 17 Sale 250 Jun 24 Purchase 400 12 11 Instructions Prepare a schedule to show cost of goods sold and the value of the ending inventory for the month of June. Scar ned with...
Sports Inc. uses the FIFO cost formula in a perpetual inventory system. (Use unrounded numbers in...
Sports Inc. uses the FIFO cost formula in a perpetual inventory system. (Use unrounded numbers in your calculations but round your final answer to the nearest cent) Jun 1 Jun 5 Jun 8 Jun 9 Jun 10 Jun 22 Beginning inventory Purchase Sale Purchase Sale Sale 20 units @ $19.00 per unit 100 units @ $22.00 per unit 70 units 80 units @ 22.31 per unit 25 units 40 units If Sports Inc. was using the average cost formula instead...
Warnerwoods Company uses a perpetual Inventory system. It entered into the following purchases and sales transactions...
Warnerwoods Company uses a perpetual Inventory system. It entered into the following purchases and sales transactions for March Units Sold at Retail Mar Mar 1 Beginning inventory 5 Purchase Units Acquired at Cost 240 units 553.80 per unit 205 units 558e per unit 600 units 588. Be per unit 155 units 290 units Mar. 18 Purchase Mar 25 Purchase Mar. 2 Sales Totals 563.80 per unit 565.8 per unit $98.8e per unit 278 units 670 units 3. Compute the cost...
FIFO Perpetual Inventory The beginning inventory of merchandise at Dunne Co. and data on purchases and...
FIFO Perpetual Inventory The beginning inventory of merchandise at Dunne Co. and data on purchases and sales for a three-month period ending June 30 are as follows: Date Transaction Number of Units Per Unit Total Apr. 3 Inventory 36 $300 $10,800 8 Purchase 72 360 25,920 11 Sale 48 1,000 48,000 30 Sale 30 1,000 30,000 May 8 Purchase 60 400 24,000 10 Sale 36 1,000 36,000 19 Sale 18 1,000 18,000 28 Purchase 60 440 26,400 June 5 Sale...
Novak Ltd. uses the perpetual inventory system and reports the following inventory transactions for the month of June: Date Unit Cost $5 6 Total Cost $6,850.00 14,280 Explanation June 1 Beginning inventory 12 Purchases 15 Sale 16 Purchases 23 Purchases 27 Sales Units 1.370 2,380 (2,610) 4,480 1,600 (5,520) 31,360 12.800 8 (a) Determine the cost of goods sold and the cost of the ending inventory using (1) FIFO and (2) Average cost. (Round average final answers to 2 decimal...
..................
FIFO Perpetual Inventory The beginning inventory at Dunne Co. and data on purchases and sales for a three-month period ending June 30 are as follows: Number Date Transaction of Units Per Unit Total Apr. 3 Inventory 78 $600 $46,800 Purchase 156 720 112,320 104 208,000 11 30 May 8 Sale Sale Purchase 65 130,000 130 2,000 2,000 800 2,000 2,000 104,000 10 Sale 78 156,000 39 78,000 130 880 114,400 19 28 June 5 16 21 Sale Purchase Sale...
Martinez Ltd. uses the perpetual inventory system and reports
the following inventory transactions for the month of June:
Date
Explanation
Units
Unit
Cost
Total
Cost
June
1
Beginning inventory
1,500
$6
$9,000.00
12
Purchases
2,480
7
17,360
15
Sale
(2,610
)
16
Purchases
4,560
8
36,480
23
Purchases
1,380
9
12,420
27
Sales
(5,830
)
(a)
Determine the cost of goods sold and the cost of the ending
inventory using (1) FIFO and (2) Average cost. (Round
average
final answers...
Bramble Ltd. uses the perpetual inventory system and reports the following inventory transactions for the month of June: Explanation 1 Beginning inventory 2 Purchases 5 Sale 5 Purchases 3 Purchases 7 Sales Units Unit Cost Total Cost 1,510 $6 $9,060.00 2,520 7 17,640 (2,540) 4,320 8 34,560 1,490 13,410 (5,710) Na (a) Determine the cost of goods sold and the cost of the ending inventory using (1) FIFO and (2) Average cost. (Round average final answers to 2 decimal places,...
D. INVENTORY COSTING METHODS (11 Marks) Mana Company uses the perpetual inventory system and the weighted average cost formula. The following information is available for the month of June: Date Explanation Units Unit Cost Jun 1 Beginning Inventory 200 S 10 Jun 15 Purchase 300 Jun 17 Sale 250 Jun 24 Purchase 400 12 11 Instructions Prepare a schedule to show cost of goods sold and the value of the ending inventory for the month of June. Scar ned with...
Sports Inc. uses the FIFO cost formula in a perpetual inventory system. (Use unrounded numbers in your calculations but round your final answer to the nearest cent) Jun 1 Jun 5 Jun 8 Jun 9 Jun 10 Jun 22 Beginning inventory Purchase Sale Purchase Sale Sale 20 units @ $19.00 per unit 100 units @ $22.00 per unit 70 units 80 units @ 22.31 per unit 25 units 40 units If Sports Inc. was using the average cost formula instead...
Warnerwoods Company uses a perpetual Inventory system. It entered into the following purchases and sales transactions for March Units Sold at Retail Mar Mar 1 Beginning inventory 5 Purchase Units Acquired at Cost 240 units 553.80 per unit 205 units 558e per unit 600 units 588. Be per unit 155 units 290 units Mar. 18 Purchase Mar 25 Purchase Mar. 2 Sales Totals 563.80 per unit 565.8 per unit $98.8e per unit 278 units 670 units 3. Compute the cost...
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