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QUESTION 13 Under the weighted-average cost flow method, the average cost per unit equals the cost...
Assume that net income using the weighted-average cost flow assumption is $232,000. Calculate net income under...
Assume that net income using the weighted-average cost flow
assumption is $232,000. Calculate net income under FIFO and
LIFO
The following data are available for Sellco for the fiscal year ended on January 31, 2017: Sales Beginning inventory Purchases, in chronological order 3,200 units 1,000 units 8 1,200 units10 1,600 units12 800 units 16 Required: a. Calculate cost of goods sold and ending inventory under the cost flow assumptions FIFO, LIFO and weighted average (using a periodic inventory system): (Round...
E7-7 Analyzing and Interpreting the Financial Statement Effects of FIFO, LIFO, and Weighted Average Cost [LO...
E7-7 Analyzing and Interpreting the Financial Statement Effects of FIFO, LIFO, and Weighted Average Cost [LO 7-3) Scoresby Inc. tracks the number of units purchased and sold throughout each year but applies its inventory costing method at the end of the year, as it uses a periodic Inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31 Unit Units Cost 1,500 $24 Transactions a. Inventory. Beginning For the years b....
E7.7 Analyzing and Interpreting the Financial Statement Effects of FIFO, LIFO, and Weighted Average Cost [LO...
E7.7 Analyzing and Interpreting the Financial Statement Effects of FIFO, LIFO, and Weighted Average Cost [LO 7-3) Scoresby Inc. tracks the number of units purchased and sold throughout each year but applies its inventory costing method at the end of the year, as it uses a periodic inventory system. Assume its accounting records provided the Following information at the end of the annual accounting period. December 31 Unit Units Cost 1,500 $24 Transactions a. Inventory. Beginning for the years b....
Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Method. The units of an item available...
Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Method. The units of an item available for sale during the year were as follows: Jan. 1 Inventory 11 units at $45 Aug. 13 Purchase 18 units at $46 Nov. 30 Purchase Available for sale There are 16 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using (a) the first-in, first-out (FIFO) method; (b) the last-in, first-out (LIFO)...
Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Method. The units of an item available...
Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Method. The units of an item available for sale during the year were as follows: Jan. 1 Inventory 10 units at $35 $350 Aug. 13 Purchase 18 units at $36 648 Nov. 30 Purchase 13 units at $38 494 Available for sale 41 units $1,492 There are 20 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using (a)...
Aug. 13 Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an...
Aug. 13 Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 7 units at $29 $203 Purchase 13 units at $30 390 Nov. 30 Purchase 13 units at $32 416 Available for sale 33 units $1,009 There are 20 units of the item in the physical inventory at December 31. The periodic Inventory system is used. Determine the inventory cost using the...
EX 7-9 Weighted average cost flow method under perpetual Inventory system 08.3 The following units of a particular...
EX 7-9 Weighted average cost flow method under perpetual Inventory system 08.3 The following units of a particular item were available for sale during the calendar year ✓ Total Cost of Merchandise Sold, $154,400 Jan. 1 Apr. 19 June 30 Sept. 2 Nov. 15 Inventory Sale Purchase Sale Purchase 4,000 units at $20 2,500 units 6,000 units at $24 4.500 units 1,000 units at $25 The firm uses the weighted average cost method with a perpetual inventory system Determine the...
EX 7-9 Weighted average cost flow method under perpetual inventory system OBJ3 The following units of...
EX 7-9 Weighted average cost flow method under perpetual inventory system OBJ3 The following units of a particular item were available for sale during the calendar year ✓ Total Cost of Merchandise Sold, $154,400 Jan. 1 Apr. 19 June 30 Sept. 2 Nov. 15 Inventory Sale Purchase Sale Purchase 4,000 units at $20 2,500 units 6,000 units at $24 4,500 units 1,000 units at $25 The firm uses the weighted average cost method with a perpetual inventory system Determine the...
E7-7 Analyzing and interpreting the Financial Statement Effects of FIFO, LIFO, and Weighted Average Cost [LO...
E7-7 Analyzing and interpreting the Financial Statement Effects of FIFO, LIFO, and Weighted Average Cost [LO 7-3) Scoresby Inc. tracks the number of units purchased and sold throughout each year but applies its inventory costing method at the end of the year, as it uses a periodic Inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31 Units Cost 1,500 $24 Transactions a. Inventory. Beginning For the year: b. Purchase,...
Question 1: Inventory Cost Flow [13 marks] Jupiter Ltd uses the periodic inventory method to record...
Question 1: Inventory Cost Flow [13 marks] Jupiter Ltd uses the periodic inventory method to record the cost of sales. The company had the following inventory information available for the month of May: May Units Unit cost 1 Explanation Beginning inventory Purchase 100 $4 10 500 $5 20 Purchase 100 $7 30 Purchase 300 $8 A physical count of inventory on 31 May revealed that there were 350 units on hand. Required: For the purpose of this question, please ignore...
Assume that net income using the weighted-average cost flow
assumption is $232,000. Calculate net income under FIFO and
LIFO
The following data are available for Sellco for the fiscal year ended on January 31, 2017: Sales Beginning inventory Purchases, in chronological order 3,200 units 1,000 units 8 1,200 units10 1,600 units12 800 units 16 Required: a. Calculate cost of goods sold and ending inventory under the cost flow assumptions FIFO, LIFO and weighted average (using a periodic inventory system): (Round...
E7-7 Analyzing and Interpreting the Financial Statement Effects of FIFO, LIFO, and Weighted Average Cost [LO 7-3) Scoresby Inc. tracks the number of units purchased and sold throughout each year but applies its inventory costing method at the end of the year, as it uses a periodic Inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31 Unit Units Cost 1,500 $24 Transactions a. Inventory. Beginning For the years b....
E7.7 Analyzing and Interpreting the Financial Statement Effects of FIFO, LIFO, and Weighted Average Cost [LO 7-3) Scoresby Inc. tracks the number of units purchased and sold throughout each year but applies its inventory costing method at the end of the year, as it uses a periodic inventory system. Assume its accounting records provided the Following information at the end of the annual accounting period. December 31 Unit Units Cost 1,500 $24 Transactions a. Inventory. Beginning for the years b....
Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Method. The units of an item available for sale during the year were as follows: Jan. 1 Inventory 11 units at $45 Aug. 13 Purchase 18 units at $46 Nov. 30 Purchase Available for sale There are 16 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using (a) the first-in, first-out (FIFO) method; (b) the last-in, first-out (LIFO)...
Aug. 13 Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 7 units at $29 $203 Purchase 13 units at $30 390 Nov. 30 Purchase 13 units at $32 416 Available for sale 33 units $1,009 There are 20 units of the item in the physical inventory at December 31. The periodic Inventory system is used. Determine the inventory cost using the...
EX 7-9 Weighted average cost flow method under perpetual Inventory system 08.3 The following units of a particular item were available for sale during the calendar year ✓ Total Cost of Merchandise Sold, $154,400 Jan. 1 Apr. 19 June 30 Sept. 2 Nov. 15 Inventory Sale Purchase Sale Purchase 4,000 units at $20 2,500 units 6,000 units at $24 4.500 units 1,000 units at $25 The firm uses the weighted average cost method with a perpetual inventory system Determine the...
EX 7-9 Weighted average cost flow method under perpetual inventory system OBJ3 The following units of a particular item were available for sale during the calendar year ✓ Total Cost of Merchandise Sold, $154,400 Jan. 1 Apr. 19 June 30 Sept. 2 Nov. 15 Inventory Sale Purchase Sale Purchase 4,000 units at $20 2,500 units 6,000 units at $24 4,500 units 1,000 units at $25 The firm uses the weighted average cost method with a perpetual inventory system Determine the...
E7-7 Analyzing and interpreting the Financial Statement Effects of FIFO, LIFO, and Weighted Average Cost [LO 7-3) Scoresby Inc. tracks the number of units purchased and sold throughout each year but applies its inventory costing method at the end of the year, as it uses a periodic Inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31 Units Cost 1,500 $24 Transactions a. Inventory. Beginning For the year: b. Purchase,...
Question 1: Inventory Cost Flow [13 marks] Jupiter Ltd uses the periodic inventory method to record the cost of sales. The company had the following inventory information available for the month of May: May Units Unit cost 1 Explanation Beginning inventory Purchase 100 $4 10 500 $5 20 Purchase 100 $7 30 Purchase 300 $8 A physical count of inventory on 31 May revealed that there were 350 units on hand. Required: For the purpose of this question, please ignore...
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