Homework Answers
| Number of units in ending inventory | 30,000 units |
| Unit cost of ending inventory at FIFO | $ 0.7 |
| FIFO cost of ending inventory | $ 21,000 |
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Data Table $ Purchase 1 Purchase 2 Purchase 3 140,000 units costing 290,000 units costing 130,000...
1. January 30th Purchase (cash) 130 units @ $124 2. March 12th Purchase (cash) 220 units @$128...
1. January 30th Purchase (cash) 130 units @ $124 2. March 12th Purchase (cash) 220 units @$128 3. June 3rd Sale (cash) 350 units @$320 Paid $24,000 of operating expenses. 4. Paid cash for income tax at the rate of 40 percent of income before tax. Compute the cost of goods sold, ending inventory, gross profit, income tax expense and net profit assuming: FIFO cost flow LIFO cost flow Weighted-average cost flow. Using the following layout. FIFO Ending Inventory Goods Available...
Marigold Industries had the following inventory transactions occur during 2018: Units 2/1/18 Purchase 50 3/14/18 Purchase...
Marigold Industries had the following inventory transactions occur during 2018: Units 2/1/18 Purchase 50 3/14/18 Purchase 95 5/1/18 Purchase 61 Cost/unit $40 $50 $54 The company sold 160 units at $80 each and has a tax rate of 40%. Assuming that a periodic inventory system is used, what is the company's after-tax income using FIFO?(rounded to whole dollars) O $4556 O $2980 O $3144 O $5240
During 2018, Noval Company sells 252 units of inventory for $100 each. The company has the...
During 2018, Noval Company sells 252 units of inventory for $100 each. The company has the following inventory purchase transactions for 2018 Date Jan. 1 Beginning inventory Apr. 7 Purchase Oct. 9 Purchase Transaction Number of Units Unit Cost Total Cost $74$4,514 13,756 6,318 61 181 81 76 78 323 $ 24,588 value 1.00 points Required 1. Calculate ending inventory, cost of goods sold, and gross profit for 2018, assuming the company uses LIFO with a periodic inventory system LIFO...
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....
Exercise 6-49 Effects of Inventory Costing Methods Borgia Enterprises has the following statement of earnings data...
Exercise 6-49 Effects of Inventory Costing Methods Borgia Enterprises has the following statement of earnings data available for 2018: Sales revenue Operating expenses Interest expense $737,200 243,700 39,500 34% Income tax rate Borgia uses a perpetual inventory accounting system and the weighted average cost method. Borgia is considering adopting the FIFO method for costing inventory. Borgia's accountant prepared the following data: If Weighted Average Cost Used $ 61,850 403,150 If FIFO Used $ 80,200 384,800 Ending inventory Cost of goods...
Please answer the following question TOTAL 5 Problem 8-5 Various inventory costing methods [LO8-1, 8-4] Ferris...
Please answer the following question TOTAL 5
Problem 8-5 Various inventory costing methods [LO8-1, 8-4] Ferris Company began 2018 with 9,000 units of its principal product. The cost of each unit is $8. Merchandise transactions for the month of January 2018 are as follows: Units Purchases Date of Purchase Unit Cost Jan. 10 6,000 $ 9 Jan. 18 9.000 Totals 15,000 *Includes purchase price and cost of freight. 10 Total Cost $ 54,000 90,000 144,000 Sales Date of Sale Jan....
the data below are for Parrett Enterprises beggining inventory 150 units at $2 purchase aug- 375...
the
data below are for Parrett Enterprises
beggining inventory 150 units at $2
purchase aug- 375 units at $1.50
purchase oct- 150 units at 3.00
a periodis inventory system is used: ending inventory 330
units. What is the inventory under FIFO
show working!!
Beginning inventory Purchase-August Purchase-October A periodic inventory syste inventory under FIFO? Do $570 b. $743 C. $593 d. $720 Double-counting an invent a. understated tax liabili b. overstated cost of goc overstated net incom derctatod borinnin
pplying and Analyzing Inventory Costing Methods At the beginning of the current period, Chen carried 1,000...
pplying and Analyzing Inventory Costing Methods At the beginning of the current period, Chen carried 1,000 units of its product with a unit cost of $15. A summary of purchases during the current period follows. During the period, Chen sold 2,800 units. Units Unit Cost Cost Beginning Inventory 1,000 $ 15 $ 15,000 Purchase #1 1,800 14 25,200 Purchase #2 800 16 12,800 Purchase #3 1,200 19 22,800 (a) Assume that Chen uses the first-in, first-out method. Compute both cost...
Applying and Analyzing Inventory Costing Methods At the beginning of the current period, Chen carried 1,000...
Applying and Analyzing Inventory Costing Methods At the beginning of the current period, Chen carried 1,000 units of its product with a unit cost of $10. A summary of purchases during the current period follows. During the period. Chen sold 2,800 units. Units Unit Cost Cost Beginning Inventory 1,000 $ 10 $10,000 Purchase # 1 1 ,800 11 19,800 Purchase # 2 0 0 13 10,400 Purchase 3 1,200 15 18,000 la) Assume that Chen uses the first-in, first-out method....
Brian's Frozen Pizzas uses FIFO process costing. Selected production and cost data follow for April 2018...
Brian's Frozen Pizzas uses FIFO process costing. Selected production and cost data follow for April 2018 (Click the icon to view the production and cost data) Read the requirements Prepping Department Units to account for Requirement la 20,000 On March 31, the Prepping Department beginning Work in Process Inventory was 75% complete for materials and 50% complete for conversion costs. This means that for the beginning inventory of the materials and of conversion costs were added during April Beginning work-in-process,...
Marigold Industries had the following inventory transactions occur during 2018: Units 2/1/18 Purchase 50 3/14/18 Purchase 95 5/1/18 Purchase 61 Cost/unit $40 $50 $54 The company sold 160 units at $80 each and has a tax rate of 40%. Assuming that a periodic inventory system is used, what is the company's after-tax income using FIFO?(rounded to whole dollars) O $4556 O $2980 O $3144 O $5240
During 2018, Noval Company sells 252 units of inventory for $100 each. The company has the following inventory purchase transactions for 2018 Date Jan. 1 Beginning inventory Apr. 7 Purchase Oct. 9 Purchase Transaction Number of Units Unit Cost Total Cost $74$4,514 13,756 6,318 61 181 81 76 78 323 $ 24,588 value 1.00 points Required 1. Calculate ending inventory, cost of goods sold, and gross profit for 2018, assuming the company uses LIFO with a periodic inventory system LIFO...
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....
Exercise 6-49 Effects of Inventory Costing Methods Borgia Enterprises has the following statement of earnings data available for 2018: Sales revenue Operating expenses Interest expense $737,200 243,700 39,500 34% Income tax rate Borgia uses a perpetual inventory accounting system and the weighted average cost method. Borgia is considering adopting the FIFO method for costing inventory. Borgia's accountant prepared the following data: If Weighted Average Cost Used $ 61,850 403,150 If FIFO Used $ 80,200 384,800 Ending inventory Cost of goods...
Please answer the following question TOTAL 5
Problem 8-5 Various inventory costing methods [LO8-1, 8-4] Ferris Company began 2018 with 9,000 units of its principal product. The cost of each unit is $8. Merchandise transactions for the month of January 2018 are as follows: Units Purchases Date of Purchase Unit Cost Jan. 10 6,000 $ 9 Jan. 18 9.000 Totals 15,000 *Includes purchase price and cost of freight. 10 Total Cost $ 54,000 90,000 144,000 Sales Date of Sale Jan....
the
data below are for Parrett Enterprises
beggining inventory 150 units at $2
purchase aug- 375 units at $1.50
purchase oct- 150 units at 3.00
a periodis inventory system is used: ending inventory 330
units. What is the inventory under FIFO
show working!!
Beginning inventory Purchase-August Purchase-October A periodic inventory syste inventory under FIFO? Do $570 b. $743 C. $593 d. $720 Double-counting an invent a. understated tax liabili b. overstated cost of goc overstated net incom derctatod borinnin
Applying and Analyzing Inventory Costing Methods At the beginning of the current period, Chen carried 1,000 units of its product with a unit cost of $10. A summary of purchases during the current period follows. During the period. Chen sold 2,800 units. Units Unit Cost Cost Beginning Inventory 1,000 $ 10 $10,000 Purchase # 1 1 ,800 11 19,800 Purchase # 2 0 0 13 10,400 Purchase 3 1,200 15 18,000 la) Assume that Chen uses the first-in, first-out method....
Brian's Frozen Pizzas uses FIFO process costing. Selected production and cost data follow for April 2018 (Click the icon to view the production and cost data) Read the requirements Prepping Department Units to account for Requirement la 20,000 On March 31, the Prepping Department beginning Work in Process Inventory was 75% complete for materials and 50% complete for conversion costs. This means that for the beginning inventory of the materials and of conversion costs were added during April Beginning work-in-process,...
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