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1. FlipCo, which uses the periodic method and weighted average costing, begins operations in 20X8. On...
. Pendulum Inc. uses moving-average costing. Its 20X8 ending inventory is 900 units that have an...
. Pendulum Inc. uses moving-average costing. Its 20X8 ending inventory is 900 units that have an average cost of $12.20 each. Transactions during 20X9 are: Purchases Sales February 23, 20X9 1,200 @ $13 March 1, 20X9 1,500 @ $22 May 15, 20X9 300 @ $14 June 23, 20X9 400 @ $25 November 21, 20X9 500 @ $11 December 24, 20X9 600 @ $35 Prepare the journal entries that should be recorded for the three sales. What does Pendulum...
WEIGHTED AVERAGE METHOD: Hurst Company's beginning inventory and purchases during the fiscal year ended December 31,...
WEIGHTED AVERAGE METHOD:
Hurst Company's beginning inventory and purchases during the fiscal year ended December 31, 20X2 were as follows Date Event Units Unit Price Total Cost January 1, 20X2 January 12 February 28 June 29 August 31 October 29 November 30 December 21 bea. Invento 1st purchase 2nd purchase 3rd purchase 4th purhcase 5th purchase 6th purchase 7th purchase 1,50010.00$ 15,000.00 500$ 11.50 5,750.00 600 14.50$ 8,700.00 1,200$15.00 18,000.00 800$16.50$ 13,200.00 300$18.00$ 5,400.00 700$ 18.50 S12,950.00 400 20.00 8,000.00...
__________ ____________ __________ ______________ Inventory Costing Methods - Periodic Method The Kali Company uses...
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Inventory Costing Methods - Periodic Method The Kali Company uses the periodic inventory system for its merchandise inventory. The June 1 inventory for one of the items in the merchandise inventory consisted of 60 units with a unit cost of $45. Transactions for this item during June were as follows: June 5 Purchased 40 units @ $50 per unit 13 Sold 50 units @ $95 per unit 25 Purchased 40 units @ $53 per unit 29...
FIFO, LIFO, and WEIGHTED AVERAGE METHOD: Hurst Company's beginning inventory and purchases during the fiscal year...
FIFO, LIFO, and WEIGHTED AVERAGE METHOD:
Hurst Company's beginning inventory and purchases during the fiscal year ended December 31, 20X2 were as follows Date Event Units Unit Price Total Cost January 1,20X2 January 12 February 28 June 29 August 31 October 29 November 30 December 21 g. Invento 1st purchase 2nd purchase 3rd purchase 4th purhcase 5th purchase 6th purchase 7th purchase 1,500 10.00$ 15,000.00 500 11.50$ 5,750.00 600 S14.50$ 8,700.00 1,200 15.00 18,000.00 800 $ 16.50$ 13,200.00 300 $...
1) 2) 3) Mccabe Corporation uses the weighted average method in its process costing. The following...
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Mccabe Corporation uses the weighted average method in its process costing. The following data pertain to its Assembly Department for September Percent Complete Units Materials Conversion 2,400 55% 10% 9.800 Work in process, September 1 Units started into production during September Units completed during September and transferred to the next department Work in process, September 30 8,900 3,300 75% 25% Required: Compute the equivalent units of production for both materials and conversion costs for the Assembly Department...
Inventory Costing Methods-Periodic Method The Gleem Sales Corporation uses the periodic inventory system. On January 1.2015....
Inventory Costing Methods-Periodic Method The Gleem Sales Corporation uses the periodic inventory system. On January 1.2015. Gleem had 2,600 units of product B with a unit cost of s40 per unit. A summary of purchases and sales during 2015 follows: Unit Units Units Cost Purchased Sold Jan.3 Mar.8 $44 3,000 June 13 Sept.19 46 Nov.23 Dec.28 1,600 2,000 800 48 1,200 1,800 Required a. Assume that Gleem uses the first-in, first-out method Compute the cost of goods sold for 2015...
cases of tennis balls listed at $130 per case and for which To 18 given a...
cases of tennis balls listed at $130 per case and for which To 18 given a 15% volume discount. YiCo sells 70% of the cases for cash. The cost of the unsold merchandise is... a. $15,600 b. $31,200 c. $26,520 d. $77,350 11. JaCo uses the periodic method and records merchandise purchases at net. Its 20X4 ending inventory is $69,000. During 20X5, JaCo purchases merchandise for $878,000, with freight-in of $11,000. Purchase returns are $17,000, purchase discounts lost are $4,000,...
5-6 Perpetual: Inventory costing with weighted average LO P1 A company reports the following beginning inventory...
5-6 Perpetual: Inventory costing with weighted average LO P1 A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 440 units. Ending inventory at January 31 totals 170 units. Units Unit Cost Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 480 $ 3.90 90 4.1e 242 120 4.2e Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when...
Hutchcroft Corporation uses the weighted average method in its process costing
Hutchcroft Corporation uses the weighted-average method in its process costing. The following data concern the company's Assembly Department for the month of June.MaterialsConversionCost per equivalent unit$27.30$30.10Equivalent units in ending work in process930375During the month, 6,800 units were completed and transferred from the Assembly Department to the next department.Required:Determine the cost of ending work in process inventory and the cost of units transferred out of the department during June using th. weighted-average method. (Round your answers to 2 decimal places.)MaterialsConversionCost of...
hapter 610) Consider the following information for Maynor Company, which uses a periodic inventory system Total...
hapter 610) Consider the following information for Maynor Company, which uses a periodic inventory system Total Cost Unit Cost $ 60 January 1 March 28 August 22 October 14 Goods Available for Sale Transaction Beginning Inventory Purchase Purchase Purchase 1,320 1.400 $5,220 The company sold 25 units on May 1 and 20 units on October 28 Required: Calculate the company's ending inventory and cost of goods sold using the each of following inventory costing methods. (Round the per unit cost...
WEIGHTED AVERAGE METHOD:
Hurst Company's beginning inventory and purchases during the fiscal year ended December 31, 20X2 were as follows Date Event Units Unit Price Total Cost January 1, 20X2 January 12 February 28 June 29 August 31 October 29 November 30 December 21 bea. Invento 1st purchase 2nd purchase 3rd purchase 4th purhcase 5th purchase 6th purchase 7th purchase 1,50010.00$ 15,000.00 500$ 11.50 5,750.00 600 14.50$ 8,700.00 1,200$15.00 18,000.00 800$16.50$ 13,200.00 300$18.00$ 5,400.00 700$ 18.50 S12,950.00 400 20.00 8,000.00...
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Inventory Costing Methods - Periodic Method The Kali Company uses the periodic inventory system for its merchandise inventory. The June 1 inventory for one of the items in the merchandise inventory consisted of 60 units with a unit cost of $45. Transactions for this item during June were as follows: June 5 Purchased 40 units @ $50 per unit 13 Sold 50 units @ $95 per unit 25 Purchased 40 units @ $53 per unit 29...
FIFO, LIFO, and WEIGHTED AVERAGE METHOD:
Hurst Company's beginning inventory and purchases during the fiscal year ended December 31, 20X2 were as follows Date Event Units Unit Price Total Cost January 1,20X2 January 12 February 28 June 29 August 31 October 29 November 30 December 21 g. Invento 1st purchase 2nd purchase 3rd purchase 4th purhcase 5th purchase 6th purchase 7th purchase 1,500 10.00$ 15,000.00 500 11.50$ 5,750.00 600 S14.50$ 8,700.00 1,200 15.00 18,000.00 800 $ 16.50$ 13,200.00 300 $...
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2)
3)
Mccabe Corporation uses the weighted average method in its process costing. The following data pertain to its Assembly Department for September Percent Complete Units Materials Conversion 2,400 55% 10% 9.800 Work in process, September 1 Units started into production during September Units completed during September and transferred to the next department Work in process, September 30 8,900 3,300 75% 25% Required: Compute the equivalent units of production for both materials and conversion costs for the Assembly Department...
Inventory Costing Methods-Periodic Method The Gleem Sales Corporation uses the periodic inventory system. On January 1.2015. Gleem had 2,600 units of product B with a unit cost of s40 per unit. A summary of purchases and sales during 2015 follows: Unit Units Units Cost Purchased Sold Jan.3 Mar.8 $44 3,000 June 13 Sept.19 46 Nov.23 Dec.28 1,600 2,000 800 48 1,200 1,800 Required a. Assume that Gleem uses the first-in, first-out method Compute the cost of goods sold for 2015...
cases of tennis balls listed at $130 per case and for which To 18 given a 15% volume discount. YiCo sells 70% of the cases for cash. The cost of the unsold merchandise is... a. $15,600 b. $31,200 c. $26,520 d. $77,350 11. JaCo uses the periodic method and records merchandise purchases at net. Its 20X4 ending inventory is $69,000. During 20X5, JaCo purchases merchandise for $878,000, with freight-in of $11,000. Purchase returns are $17,000, purchase discounts lost are $4,000,...
5-6 Perpetual: Inventory costing with weighted average LO P1 A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 440 units. Ending inventory at January 31 totals 170 units. Units Unit Cost Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 480 $ 3.90 90 4.1e 242 120 4.2e Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when...
hapter 610) Consider the following information for Maynor Company, which uses a periodic inventory system Total Cost Unit Cost $ 60 January 1 March 28 August 22 October 14 Goods Available for Sale Transaction Beginning Inventory Purchase Purchase Purchase 1,320 1.400 $5,220 The company sold 25 units on May 1 and 20 units on October 28 Required: Calculate the company's ending inventory and cost of goods sold using the each of following inventory costing methods. (Round the per unit cost...
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