Homework Answers
FIFO Method = Inventory 3540, COGS 5385
LIFO Method = Inventory 3390, COGS 5535
Weighted average= Inventory 3478.911, COGS 5446.29
In case of question 4, There is a direct formula which can be applied for calculation of balancing amount.
Please go through the following attachment for solution.
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1. Calculate the ending inventory and cost of goods sold for January using the FIFO and...
1. Calculate January's ending inventory and cost of goods sold for the month using FIFO, periodic...
1. Calculate January's
ending inventory and cost of goods sold for the month using FIFO,
periodic system.
2. Calculate January's ending inventory and
cost of goods sold for the month using LIFO, periodic system.
3. Calculate January's ending inventory and
cost of goods sold for the month using FIFO, perpetual system.
4. Calculate January's ending inventory and
cost of goods sold for the month using Average cost, periodic
system
5. Calculate January's ending inventory and
cost of goods sold for...
1. Calculate cost of ending inventory and cost of goods sold using periodic FIFO, LIFO, and...
1. Calculate cost of ending inventory and cost of goods sold using periodic FIFO, LIFO, and Weighted Average Cost methods X FILE 5.a. HOME % Calibri INSERT PAGE LAYOUT Inventory costing methods - Excel FORMULAS DATA REVIEW ? x VIEW - 6 Sign In Paste B IU - -A- Alignment Number Conditional Format as Cell Formatting Table Styles Styles Cells Editing Clipboard D66 1 Better Bottles, Inc., uses a periodic inventory system and has the following information available: of Units...
1. Complete the table to determine the cost assigned to ending inventory and cost of goods...
1. Complete the table to determine the cost
assigned to ending inventory and cost of goods sold using specific
identification.
2. Determine the cost assigned to ending inventory
and to cost of goods sold using weighted average.
3. Determine the cost assigned to ending inventory
and to cost of goods sold using FIFO.
4. Determine the cost assigned to ending inventory
and to cost of goods sold using LIFO.
Laker Company reported the following January purchases and sales data for...
Calculate cost of goods sold and ending inventory for Emergicare’s bandages orders using FIFO, LIFO and...
Calculate cost of goods sold and ending inventory for Emergicare’s bandages orders using FIFO, LIFO and average cost. There are 34 units in ending inventory. (Do not round intermediate calculations, such as average cost per unit values. Round your answers to the nearest cent.) Date Units purchased Cost per unit Total cost January 1 51 $ 7.10 $ 362.10 April 1 46 6.35 292.10 June 1 61 6.10 372.10 September 1 56 6.60 369.60 Total 214 $ 1,395.90 Cost of...
Calculate the cost of ending inventory and the cost of goods sold under the (a) FIFO...
Calculate the cost of ending inventory and the cost of goods sold
under the (a) FIFO b) LIFO, and (c) weighted average cost methods.
(Do not round your intermediate calculations. Round "Weighted
Average Cost" to 2 decimal places.)
Spotter Corporation reporteu le IUIUWING TUI JUIC E Date Description Units Unit Cost June 1 Beginning 24 $11.20 11 Purchase 40 12.20 24 Purchase 36 14.20 30 Ending Total Cost $268.80 488.00 511.20 Required: 1. Calculate the cost of ending inventory and...
From the following, calculate the cost of ending inventory and cost of goods sold for the FIFO method, ending inventory...
From the following, calculate the cost of ending inventory and cost of goods sold for the FIFO method, ending inventory is 54 units. (Round your answers to the nearest cent.) Beginning inventory and purchases Units Unit cost January 1 5 $ 3.50 April 10 10 4.00 May 15 12 4.50 July 22 15 4.75 August 19 18 5.50 September 30 20 5.70 November 10 32 5.90 December 15 16 6.30 Cost of ending inventory $ Cost of goods sold $
Find cost goods sold & ending inventory for FIFO, LIFO, Average Cost DATE ACTIVITY es and...
Find cost goods sold & ending inventory for FIFO, LIFO, Average
Cost
DATE ACTIVITY es and sale s Aibor Red is one of its most popular les of Arbor Red for the month of January, Redwyne Jan. 01 Beginning Inventory UNS ACOUIREDCOSTUNITS SOLD RETAIL UNITS ACOL 56.00 Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase 60 55.00 100 $15.00 Instructions: 180 @ $4.50 80 @ $15.00
Calculate the cost of goods sold and ending inventory using the FIFO cost method. Calculate the...
Calculate the cost of goods sold and ending inventory using the
FIFO cost method.
Calculate the cost of goods sold and ending inventory using the
average cost method.
Blue Limited uses a perpetual inventory system. The inventory records show the following data for its first month of operations: Date Explanation Units Unit Cost Total Cost Balance in Units Aug. 2 Purchases 249 $69 $17,181 249 3 Purchases 506 96 48,576 755 Sales (275) 480 15 Purchases 926 121 112,046 1,406...
1. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO....
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.
h apter 05 Pre But Problems Hemming uses a perpetual inven X C 1: Laker Company Reported The X OX Sign out 6 sources - Google Docs W newconnect.mheducation.com/flow/connect.html Chapter 05 Pre-Built Problems Help Save & Exit...
Brief Exercise 6-5 Calculate ending Inventory and cost of goods sold using FIFO (L06-3) During the...
Brief Exercise 6-5 Calculate ending Inventory and cost of goods sold using FIFO (L06-3) During the year, Wright Company sells 490 remote-control airplanes for $120 each. The company has the following inventory purchase transactions for the year Jan. 1 May. 5 Nov 3 Transaction Beginning inventory Purchase Purchase Number of U nits 4 0 270 220 Unit Cost $68 71 7 6 Total Cost $ 2,720 19,170 16, 720 $38, 610 Calculate ending inventory and cost of goods sold for...
1. Calculate January's
ending inventory and cost of goods sold for the month using FIFO,
periodic system.
2. Calculate January's ending inventory and
cost of goods sold for the month using LIFO, periodic system.
3. Calculate January's ending inventory and
cost of goods sold for the month using FIFO, perpetual system.
4. Calculate January's ending inventory and
cost of goods sold for the month using Average cost, periodic
system
5. Calculate January's ending inventory and
cost of goods sold for...
1. Calculate cost of ending inventory and cost of goods sold using periodic FIFO, LIFO, and Weighted Average Cost methods X FILE 5.a. HOME % Calibri INSERT PAGE LAYOUT Inventory costing methods - Excel FORMULAS DATA REVIEW ? x VIEW - 6 Sign In Paste B IU - -A- Alignment Number Conditional Format as Cell Formatting Table Styles Styles Cells Editing Clipboard D66 1 Better Bottles, Inc., uses a periodic inventory system and has the following information available: of Units...
1. Complete the table to determine the cost
assigned to ending inventory and cost of goods sold using specific
identification.
2. Determine the cost assigned to ending inventory
and to cost of goods sold using weighted average.
3. Determine the cost assigned to ending inventory
and to cost of goods sold using FIFO.
4. Determine the cost assigned to ending inventory
and to cost of goods sold using LIFO.
Laker Company reported the following January purchases and sales data for...
Calculate the cost of ending inventory and the cost of goods sold
under the (a) FIFO b) LIFO, and (c) weighted average cost methods.
(Do not round your intermediate calculations. Round "Weighted
Average Cost" to 2 decimal places.)
Spotter Corporation reporteu le IUIUWING TUI JUIC E Date Description Units Unit Cost June 1 Beginning 24 $11.20 11 Purchase 40 12.20 24 Purchase 36 14.20 30 Ending Total Cost $268.80 488.00 511.20 Required: 1. Calculate the cost of ending inventory and...
Find cost goods sold & ending inventory for FIFO, LIFO, Average
Cost
DATE ACTIVITY es and sale s Aibor Red is one of its most popular les of Arbor Red for the month of January, Redwyne Jan. 01 Beginning Inventory UNS ACOUIREDCOSTUNITS SOLD RETAIL UNITS ACOL 56.00 Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase 60 55.00 100 $15.00 Instructions: 180 @ $4.50 80 @ $15.00
Calculate the cost of goods sold and ending inventory using the
FIFO cost method.
Calculate the cost of goods sold and ending inventory using the
average cost method.
Blue Limited uses a perpetual inventory system. The inventory records show the following data for its first month of operations: Date Explanation Units Unit Cost Total Cost Balance in Units Aug. 2 Purchases 249 $69 $17,181 249 3 Purchases 506 96 48,576 755 Sales (275) 480 15 Purchases 926 121 112,046 1,406...
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.
h apter 05 Pre But Problems Hemming uses a perpetual inven X C 1: Laker Company Reported The X OX Sign out 6 sources - Google Docs W newconnect.mheducation.com/flow/connect.html Chapter 05 Pre-Built Problems Help Save & Exit...
Brief Exercise 6-5 Calculate ending Inventory and cost of goods sold using FIFO (L06-3) During the year, Wright Company sells 490 remote-control airplanes for $120 each. The company has the following inventory purchase transactions for the year Jan. 1 May. 5 Nov 3 Transaction Beginning inventory Purchase Purchase Number of U nits 4 0 270 220 Unit Cost $68 71 7 6 Total Cost $ 2,720 19,170 16, 720 $38, 610 Calculate ending inventory and cost of goods sold for...
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