Question 3 Table 7-3 Alton Company had the following activity in its inventory account during April...
Question 3
-
Table 7-3
Alton Company had the following activity in its inventory account during April 20X9.
Cost per
Date Activity Units Unit Cost Total
April 1 Beginning inventory 100 $3.00 $300
April 3 Purchase 40 3.10 124
April 7 Sale 50
April 12 Purchase 50 3.20 160
April 16 Sale 70
April 23 Sale 40
April 30 Purchase 60 3.30 198
Units in beginning inventory 100 units
Units purchased 150 units
Units sold 160 units
Referring to Table 7-3, what is the ending inventory at April 30, 20X9, for Alton Company if the company uses periodic weighted average as its inventory valuation method (round all calculations to the nearest penny)?$281.70
$294.00
$290.22
$290.70
$285.60
Homework Answers
Add Answer to:
Question 3
Table 7-3
Alton Company had the following activity in its inventory account
during April...
Table 7-3 Alton Company had the following activity in its inventory account during April 20X9. Cost...
Table 7-3 Alton Company had the following activity in its inventory account during April 20X9. Cost per Date Activity Units Unit Cost Total April 1 Beginning inventory 100 $3.00 $300 April 3 Purchase 40 3.10 124 April 7 Sale 50 April 12 Purchase 50 3.20 160 April 16 Sale 70 April 23 Sale 40 April 30 Purchase 60 3.30 198 Units in beginning inventory 100 units Units purchased 150 units Units sold 160 units Referring to Table 7-3, what is...
Bryer Company has used the FIFO method of valuing its inventory for the prior 12 years....
Bryer Company has used the FIFO method of valuing its inventory for the prior 12 years. The accountants at Bryer Company would like to switch to LIFO since the economy is suffering from severe inflation. For the switch to occur Bryer Company must have its auditor's approval and place a note in its financial statements, also, the auditor must refer to the change in its audit opinion. Bryer Company cannot make a change to its inventory valuation method once a...
2) The Bata Company had the following activity involving inventory during June: Price Units 100 $...
2) The Bata Company had the following activity involving inventory during June: Price Units 100 $ Amount 4,000 40 200 8,400 20 Beginning Inventory June 2 sale June 5 purchase June 10 sale June 15 sale June 20 purchase June 25 sale June 28 purchase June 29 sale 100 4,400 9,000 100 Complete the following table (15 points) We were unable to transcribe this image
26. A company's inventory records indicate the following data for the month of April. April 1...
26. A company's inventory records indicate the following data for the month of April. April 1 April 5 April 9 April 14 April 20 April 30 Beginning Purchase Sale Purchase Sale Purchase 100 units at $ 10 each 100 units at $ 11 each 150 units at $ 10 each 50 units at $ 12 each 60 units at $ 10 each 100 units at $ 13 each 1. If the company uses the first-in, first-out (FIFO) method and the...
Soft Touch Company sells leather furniture. The following schedule relates to the company's inventory for the month of April:
CostSalesApril 1Beginning inventory75 units$45,0003Purchase50 units31,2505Sale30 units$33,00011Purchase25 units16,25015Sale55 units68,75022Sale40 units48,00028Purchase50 units33,750Soft Touch uses the perpetual inventory system.a. Calculate Soft Touch Company's cost of goods sold, gross margin, and ending inventory using:i. FIFO
Glasgow Enterprises started the period with 70 units in beginning inventory that cost $2.70 each. During...
Glasgow Enterprises started the period with 70 units in beginning inventory that cost $2.70 each. During the period, the company purchased inventory items as follows, Glasgow sold 240 units after purchase 3 for $10.80 each. Purchase No. of Items 220 160 60 Cost $3.20 $3.30 $3.70 1 Glasgow's ending inventory under LIFO would be Multiple Choice $891
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 360 units. Ending inventory at January 31 totals 130
units.
Units
Unit Cost
Beginning inventory on January 1
320
$
3.10
Purchase on January 9
70
3.30
Purchase on January 25
100
3.40
Required:
Assume the perpetual inventory system is used. Determine the costs
assigned to ending inventory when costs are assigned based on the
weighted average method. (Round...
The Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales...
The Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March 2019. For specific identification: • The March 9 sale consisted of 80 units from beginning inventory and 340 units from the March 5 purchase; • The March 29 sale consisted of 40 units from the March 18 purchase and 120 units from the March 25 purchase. Date Activities Units Acquired at Cost Units Sold at Retail Mar.1 100 units @ $50.00...
Chris Company uses the perpetual inventory system and had the following activity during the current monthly...
Chris Company uses the perpetual inventory system and had the following activity during the current monthly period. November 1: Beginning Inventory of 100 units @$20 November 5: Purchased 100 units @ $22 November 8: Purchased 50 units @$23 November 16: Sold 200 units @ $45 November 19: Purchased 50 units @ $25 Using the weighted-average inventory method, the company's ending inventory would be reported at: A) $2,200. B) $2,320. C) $2,250. D) $2,400. E) $2,270.
Module II: Week 6: Chapter 7: Problem Solving Assignment Warnerwoods Company uses a perpetual inventory system....
Module II: Week 6: Chapter 7: Problem Solving Assignment Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. (For special identification, the March 9 sale consisted of 80 units from beginning inventory and 340 units from March 5 purchase; the March 29 sale consisted of 40 units from the March 18 purchase and 120 units from the March 25 purchase.) Date Activities March 1 March 5 March 9 March 18 March...
Bryer Company has used the FIFO method of valuing its inventory for the prior 12 years. The accountants at Bryer Company would like to switch to LIFO since the economy is suffering from severe inflation. For the switch to occur Bryer Company must have its auditor's approval and place a note in its financial statements, also, the auditor must refer to the change in its audit opinion. Bryer Company cannot make a change to its inventory valuation method once a...
2) The Bata Company had the following activity involving inventory during June: Price Units 100 $ Amount 4,000 40 200 8,400 20 Beginning Inventory June 2 sale June 5 purchase June 10 sale June 15 sale June 20 purchase June 25 sale June 28 purchase June 29 sale 100 4,400 9,000 100 Complete the following table (15 points) We were unable to transcribe this image
26. A company's inventory records indicate the following data for the month of April. April 1 April 5 April 9 April 14 April 20 April 30 Beginning Purchase Sale Purchase Sale Purchase 100 units at $ 10 each 100 units at $ 11 each 150 units at $ 10 each 50 units at $ 12 each 60 units at $ 10 each 100 units at $ 13 each 1. If the company uses the first-in, first-out (FIFO) method and the...
Glasgow Enterprises started the period with 70 units in beginning inventory that cost $2.70 each. During the period, the company purchased inventory items as follows, Glasgow sold 240 units after purchase 3 for $10.80 each. Purchase No. of Items 220 160 60 Cost $3.20 $3.30 $3.70 1 Glasgow's ending inventory under LIFO would be Multiple Choice $891
A company reports the following beginning inventory and two
purchases for the month of January. On January 26, the company
sells 360 units. Ending inventory at January 31 totals 130
units.
Units
Unit Cost
Beginning inventory on January 1
320
$
3.10
Purchase on January 9
70
3.30
Purchase on January 25
100
3.40
Required:
Assume the perpetual inventory system is used. Determine the costs
assigned to ending inventory when costs are assigned based on the
weighted average method. (Round...
The Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March 2019. For specific identification: • The March 9 sale consisted of 80 units from beginning inventory and 340 units from the March 5 purchase; • The March 29 sale consisted of 40 units from the March 18 purchase and 120 units from the March 25 purchase. Date Activities Units Acquired at Cost Units Sold at Retail Mar.1 100 units @ $50.00...
Module II: Week 6: Chapter 7: Problem Solving Assignment Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. (For special identification, the March 9 sale consisted of 80 units from beginning inventory and 340 units from March 5 purchase; the March 29 sale consisted of 40 units from the March 18 purchase and 120 units from the March 25 purchase.) Date Activities March 1 March 5 March 9 March 18 March...
Most questions answered within 3 hours.
-
Now that this course has taken you on a journey of introduction
to the world of...
asked 35 minutes ago -
Given a regression sum of squares equal to 2373.59 and a total
sum of squares equal...
asked 48 minutes ago -
The sandwich maker of the EE-Cole-Eye Sandwich Truck was just
fired (for a reason described below)...
asked 2 hours ago -
Name the following coordination compounds using systematic
nomenclature.
1. [Co(H2O)6]Cl2:
2. [Cr(NH3)6](NO3)3:
3. K4[Fe(CN)6]:
4. Na[Au(CN)4]:...
asked 2 hours ago -
Propose an efficient synthesis of 2-Bromo-5-nitrotoluene from
benzene. Hint: 3 steps. Consider directing effects of substituents....
asked 4 hours ago -
This assignment will explore the impact of corporate decisions
on a local versus a global perspective....
asked 3 hours ago -
Given the function below, F(w,x,y,z)= x’z+w’z’+w’y
a) draw a logic diagram for an implementation which uses...
asked 3 hours ago -
Most political philosophers believe we have a duty to obey laws,
even if the laws in...
asked 4 hours ago -
Which of the following are common negotiation outcome
mistakes?
a. Leave money on the table b....
asked 4 hours ago -
Convert the following quantities:
a) 0.819 atm to torr b) 512 mmHg to bar c) 11.2...
asked 4 hours ago -
C ++ Implement cat command
The purpose of this assignment is to provide practice using the...
asked 4 hours ago -
we
convert sugars into another form of stored potential energy. This
is called?
asked 5 hours ago