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Excercise 9-12 Converting LIFO to FIFO (LO9-5) KW Steel Corp. uses the LIFO method of inventory...
EVERYTHING WAS CORRECT EXCEPT THE BLANK ABOVE. I TRIED 900.1 FOR KW STEEL & 860.2 FOR...
EVERYTHING WAS CORRECT EXCEPT THE BLANK
ABOVE.
I TRIED 900.1 FOR KW STEEL & 860.2 FOR WARETOWN STEEL BUT
THAT WAS INCORRECT AND I HAVE TRIED 3384.7 FOR KW AND 2724 FOR
WATERTOWN STEEL WHICH WAS ALSO INCORRECT.
PLEASE HELP AND SHOW WORK FOR ONLY THAT PART!
Excercise 9-12 Converting LIFO to FIFO (LO9-5) KW Steel Corp. uses the LIFO method of inventory valuation. Waretown Steel, KW's major competitor, instead uses the FIFO method. The following are excerpts from each...
Exercise 5-7 Perpetual: Inventory costing methods-FIFO and LIFO LO P1
Exercise 5-7 Perpetual: Inventory costing methods-FIFO and LIFO LO P1 Required: Hemming uses a perpetual inventory system. 1. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. 2. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. 3. Compute the gross margin for FIFO method and LIFO method.
fifo method using the chart ? Exercise 5-7 Perpetual Inventory costing methods FIFO and LIFO Pue...
fifo method using the chart ?
Exercise 5-7 Perpetual Inventory costing methods FIFO and LIFO Pue Henning Co reported the following current year p hases and sales for its only product Units Sold at Retail 150 units Date Activities Units Acquired at Coat In Beginning inventory200 units SIOS 2.000 la 10 Sales Mar 1 Purchase 350 un 515 5.250 Mar is Sales July 0 Pundide 150 unts $20 = 9.000 Oct Oct 26 Purchase um $25 .900 1.100 $18.750 300...
FIFO, LIFO and average cost method in periodic inventory system. Angelo Plc uses a periodic inventory...
FIFO, LIFO and average cost method in periodic inventory system. Angelo Plc uses a periodic inventory system. The beginning balance of inventory and purchases made by the company during the month of July, 2016 are given below: July 1: Beginning inventory, 500 units @ $20 per unit. July 18: Inventory purchased, 800 units @ $24 per unit. July 25: Inventory purchased, 700 units @ $26 per unit. The company sold 1,400 units during the month of July. Required: Compute inventory...
Exercise 6-7 Perpetual: Inventory costing methods-FIFO and LIFO LO P1 Required: Hemming uses a perpetual inventory...
Exercise 6-7 Perpetual: Inventory costing methods-FIFO and LIFO
LO P1
Required:
Hemming uses a perpetual inventory system.
1. Determine the costs assigned to ending
inventory and to cost of goods sold using FIFO.
2. Determine the costs assigned to ending
inventory and to cost of goods sold using LIFO.
3. Compute the gross margin for FIFO method and
LIFO method.
Units Sold at Retail Units Acquired at Cost 245 units @ $11.80 = $ 2,891 190 units @ $41.80...
AmerisourceBergen is an American drug wholesale company. The company uses the LIFO inventory method for external...
AmerisourceBergen is an American drug wholesale company. The company uses the LIFO inventory method for external reporting but maintains its internal records using FIFO. The following disclosure note was included in a recent quarterly report: 5. Inventories (in part) Inventories are comprised of the following ($ in millions): Inventories (under FIFO) Less: LIFO reserve Inventories (under LIFO) September 30, 2017 $14,628 (1,710) $ 12,918 September 30, 2016 $ 29, 256 (1,918) $ 27,338 The company's income statements reported cost of...
In 2018, Hopyard Lumber changed its inventory method from LIFO to FIFO. Inventory at the end...
In 2018, Hopyard Lumber changed its inventory method from LIFO to FIFO. Inventory at the end of 2017 of $106,000 would have been $124,000 if FIFO had been used. Inventory at the end of 2018 is $138,000 using the new FIFO method but would have been $130,000 if the company had continued to use LIFO What is the effect of the change on 2018 cost of goods sold? higher 2018 cost of goods sold is
The Green Gator Shop had the following inventory data: (Click the icon to view the inventory...
The Green Gator Shop had the following inventory data: (Click the icon to view the inventory data.) Read the requirements. Requirement 1. Green Gator need to know the company's gross profit percentage and rate of inventory turnover for 2018 under (1) FIFO, and (2) LIFO. Begin by calculating the gross profit percentage. (Enter the percentage to the nearest tenth of a percent, X.X%.) a. FIFO b. LIFO Gross profit percentage * Data Table Requirements - X 2017 2018 1. Company...
Swifty Co. decides at the beginning of 2017 to adopt the FIFO method of inventory valuation. Swifty had used the LIFO method for financial reporting since its inception on January 1, 2015, and had mai...
Swifty Co. decides at the beginning of 2017 to adopt the FIFO method of inventory valuation. Swifty had used the LIFO method for financial reporting since its inception on January 1, 2015, and had maintained records adequate to apply the FIFO method retrospectively. Swifty concluded that FIFO is the preferable inventory method because it reflects the current cost of inventory on the balance sheet. The following table presents the effects of the change in accounting principles on inventory and cost...
2 Exercise 5-7 Perpetual: Inventory costing methods-FIFO and LIFO LO P1 art 1 of 2 Required:...
2 Exercise 5-7 Perpetual: Inventory costing methods-FIFO and LIFO LO P1 art 1 of 2 Required: Hemming uses a perpetual Inventory system. 1. Determine the costs assigned to ending Inventory and to cost of goods sold using FIFO. 2. Determine the costs assigned to ending Inventory and to cost of goods sold using LIFO. 3. Compute the gross margin for FIFO method and LIFO method. ints eBook Complete this questions by entering your answers in the below tabs. Hint Required...
EVERYTHING WAS CORRECT EXCEPT THE BLANK
ABOVE.
I TRIED 900.1 FOR KW STEEL & 860.2 FOR WARETOWN STEEL BUT
THAT WAS INCORRECT AND I HAVE TRIED 3384.7 FOR KW AND 2724 FOR
WATERTOWN STEEL WHICH WAS ALSO INCORRECT.
PLEASE HELP AND SHOW WORK FOR ONLY THAT PART!
Excercise 9-12 Converting LIFO to FIFO (LO9-5) KW Steel Corp. uses the LIFO method of inventory valuation. Waretown Steel, KW's major competitor, instead uses the FIFO method. The following are excerpts from each...
Exercise 5-7 Perpetual: Inventory costing methods-FIFO and LIFO LO P1 Required: Hemming uses a perpetual inventory system. 1. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. 2. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. 3. Compute the gross margin for FIFO method and LIFO method.
fifo method using the chart ?
Exercise 5-7 Perpetual Inventory costing methods FIFO and LIFO Pue Henning Co reported the following current year p hases and sales for its only product Units Sold at Retail 150 units Date Activities Units Acquired at Coat In Beginning inventory200 units SIOS 2.000 la 10 Sales Mar 1 Purchase 350 un 515 5.250 Mar is Sales July 0 Pundide 150 unts $20 = 9.000 Oct Oct 26 Purchase um $25 .900 1.100 $18.750 300...
Exercise 6-7 Perpetual: Inventory costing methods-FIFO and LIFO
LO P1
Required:
Hemming uses a perpetual inventory system.
1. Determine the costs assigned to ending
inventory and to cost of goods sold using FIFO.
2. Determine the costs assigned to ending
inventory and to cost of goods sold using LIFO.
3. Compute the gross margin for FIFO method and
LIFO method.
Units Sold at Retail Units Acquired at Cost 245 units @ $11.80 = $ 2,891 190 units @ $41.80...
AmerisourceBergen is an American drug wholesale company. The company uses the LIFO inventory method for external reporting but maintains its internal records using FIFO. The following disclosure note was included in a recent quarterly report: 5. Inventories (in part) Inventories are comprised of the following ($ in millions): Inventories (under FIFO) Less: LIFO reserve Inventories (under LIFO) September 30, 2017 $14,628 (1,710) $ 12,918 September 30, 2016 $ 29, 256 (1,918) $ 27,338 The company's income statements reported cost of...
In 2018, Hopyard Lumber changed its inventory method from LIFO to FIFO. Inventory at the end of 2017 of $106,000 would have been $124,000 if FIFO had been used. Inventory at the end of 2018 is $138,000 using the new FIFO method but would have been $130,000 if the company had continued to use LIFO What is the effect of the change on 2018 cost of goods sold? higher 2018 cost of goods sold is
The Green Gator Shop had the following inventory data: (Click the icon to view the inventory data.) Read the requirements. Requirement 1. Green Gator need to know the company's gross profit percentage and rate of inventory turnover for 2018 under (1) FIFO, and (2) LIFO. Begin by calculating the gross profit percentage. (Enter the percentage to the nearest tenth of a percent, X.X%.) a. FIFO b. LIFO Gross profit percentage * Data Table Requirements - X 2017 2018 1. Company...
2 Exercise 5-7 Perpetual: Inventory costing methods-FIFO and LIFO LO P1 art 1 of 2 Required: Hemming uses a perpetual Inventory system. 1. Determine the costs assigned to ending Inventory and to cost of goods sold using FIFO. 2. Determine the costs assigned to ending Inventory and to cost of goods sold using LIFO. 3. Compute the gross margin for FIFO method and LIFO method. ints eBook Complete this questions by entering your answers in the below tabs. Hint Required...
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