Question

Question 7 Bramble Bookstore had 550 units on hand at January 1, costing $9 each. Purchases and sales during the month of January were as follows: Purchases Date Jan. Sales 350 @ $14 14 250 @ $12 250 $10 270 $17 Bramble does not maintain perpetual inventory records. According to a physical count, 430 units were on hand at January 31. The cost of the inventory at January 31, under the LIFO method is: $5560. O $3870. $4300. $3440. Click if you would like to show Work for this question: Open Show Work Question 8 At May 1, 2020, Sheridan Company had beginning inventory consisting of 240 units with a unit cost of $5.40. During May, the company purchased inventory as follows: 740 units at $5.40 620 units at $7.00 The company sold 900 units during the month for $14 per unit. Sheridan uses the average cost method. The value of Sheridan's inventory at May 31, 2020 is $3010. $4214. $5177. $8187. Question 9 Marigold Company uses a periodic inventory system. Details for the inventory account for the month of January, 2020 are as follows: Units Per Unit Price Balance, 1/1/20 2 30 $6 Purchase, 1/15/20170 5.3 Purchase, 1/28/20 170 5.5 Total $1380 901 935 An end of the month (1/31/20) inventory showed that 200 units were on hand. If the company uses LIFO, what is the value of the ending inventory? O $1200 $1234 $1060 O $1094

Answer 1

Answe There are valloys (first in fist out Cost method, etc to helpful to cqluqle quentary valuation methors like EIRO lifo ciast in first out , weighted Aveagge uglue the ending inventory There are the cost of ending inventory FIFO repist in first but --Infit2 melhod, the punclple of which iques bary comes first in stone will be told firs by the owner, In Filo methal, gools are sold first from first unit comes. II f0 (1 937: 1o Fist oyt)_ In liro Methed, the placiple of which inventay umes let in store should be sold first hom slove by owner. In (Ifo methed goods which comes last que sold first Weighted Average Method - In weighted Average method, first the organisation Ans weighted price by formula of total cost of Gools quailable for syle dulled by the total nymber of waits quailable for sple Then such weighted price multirlies of the number of units in ending inventory Company has been 7pply og defferent principle systems of determining physical quantities and monetary uglue of of inventory. They are periodic and perpetual inventory system. In periuli i quegbry system, there is physical count of inventory then in perpetual inventory system proper maintainance of inward qol oftwart of inventory maintained

I nuwer --- (6) $_38-70_ Drumble book store using lito Method which shows last in first out and are physical periode system. Therefore, it has physical count of 430 units which is in the book of opening gools in January 1 as the inventory last on Jan 25 17 qit sold. - X $ 9) Enjong Inventory __yadev(LIS) : : $ (430 491ts $3870 Aoslow (6) & 4214 Sheridan Company uses quesage cast method. As provider above or will have to first calculghe weighted querage Pric and they multiplicl It by ending inventory yalt COM|197_hys (240 + 740 7 60 - O g00) 49jl3 = 700 49113 in hand inling Inventory = Ending x weighted Average Under Average lot Enventory prjoc of unio Goods : x 700 unts 1 Total cost of Goods guajighle for sale I Total No. of Units quallite for sple - = 700 x yil - [ (240 units X $5.40) + (740 units X 5.4) 1 + (620 units X $7) (240 +220 + 620) units = 700 x 40js $1290 + 3996 + 4390) | Goo чojts L 1 - 700 y lo x $ 6.02 = $4214

9. Answer (9)$ 1200 Maj gold company uses the LIFO method with peopolie Inventory system. It has no units in hand. Therefore qs piletple of LIfo method applict company will sold first purchase of Jan. 28, is and Iglane of Tan I The eating inventory will in block of opening balance of Jqg. Le $ 6 .. Ending Inventory White LIPO) - 200 units X _1200 ynits