Belden started the year with 4,200 units of inventory with a unit cost of $18. During...
Homework Answers
| Computatio of Ending Inventory as per FIFO |
| 2100 Unit X $19=$39900 |
| Computatio of Ending Inventory as per LIFO |
| 2100 Unit X $18=$37800 |
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Belden started the year with 4,200 units of inventory with a unit
cost of $18. During...
Jones Co. started the year with no inventory. During the year, it purchased two identical inventory...
Jones Co. started the year with no inventory. During the year, it purchased two identical inventory items at different times. The first purchase cost $1,230 and the other, $1,460. Jones sold one of the items during the year. Required Based on this information, how much product cost would be allocated to cost of goods sold and ending inventory on the year-end financial statements, assuming use of a. FIFO? b. LIFO? c. Weighted average? FIFO LIFO Weighted Average Cost of goods...
Jones Co. started the year with no inventory. During the year, it purchased two identical inventory...
Jones Co. started the year with no inventory. During the year, it purchased two identical inventory items at different times. The first purchase cost $1,270 and the other, $1,480. Jones sold one of the items during the year. Required Based on this information, how much product cost would be allocated to cost of goods sold and ending inventory on the year-end financial statements, assuming use of a. FIFO? b. LIFO? c. Weighted average? FIFO LIFO Weighted Average Cost of goods...
Jones Co. started the year with no inventory. During the year, it purchased two identical inventory...
Jones Co. started the year with no inventory. During the year, it purchased two identical inventory items at different times. The first purchase cost $1,220 and the other, $1.590. Jones sold one of the items during the year. Required Based on this information, how much product cost would be allocated to cost of goods sold and ending inventory on the year-end financial statements, assuming use of a. FIFO? b. LIFO? c. Weighted average? FIFO LIFO Weighted Average Cost of goods...
Jones Co. started the year with no inventory. During the year, it purchased two identical inventory...
Jones Co. started the year with no inventory. During the year, it purchased two identical inventory items at different times. The first purchase cost $1,280 and the other, $1,420. Jones sold one of the items during the year. Required Based on this information, how much product cost would be allocated to cost of goods sold and ending inventory on the year-end financial statements, assuming use of a. FIFO? b. LIFO? c. Weighted average? FIFO LIFO Weighted Average Cost of goods...
Jones Co. started the year with no inventory. During the year, it purchased two identical inventory...
Jones Co. started the year with no inventory. During the year, it purchased two identical inventory items at different times. The first purchase cost $1,130 and the other, $1,470. Jones sold one of the items during the year. Required Based on this information, how much product cost would be allocated to cost of goods sold and ending inventory on the year-end financial statements, assuming use of a. FIFO? b. LIFO? c. Weighted average? FIFO LIFO Weighted Average Cost of goods...
Assume that a company started July with 60 units of merchandise inventory that cost S68 each....
Assume that a company started July with 60 units of merchandise inventory that cost S68 each. During Jly, the company made the following purchases: (Click the icon to view the purchases.) The company uses a periodic inventory system. Assume that a physical inventory count on July 31 indicates that 90 units are on hand. (For weighted-average calculations, round per unit costs to the nearest cent and all other amounts to the nearest dollar.) Data Table (A) Calculate the cost of...
2. During May, the following changes in inventory took place: SHOW ALL CALCULATIONS 1,100 units @...
2. During May, the following changes in inventory took place: SHOW ALL CALCULATIONS 1,100 units @ S25 S2 7,500 800 units@$3628,800 24 Purchases 700 units@$30 21,000 May 1 Balance 14 Purchases May 8 Sold 19 Sold 29 Sold 500 units@$50 300 units @ $49 600 units@ $54 A physical count indicates that 1,200 units are on hand on May 31. The company uses the PERPETUAL method. umin a. (1). LIFO (2). FIFO b. What is the moving average cost per...
Sales during the year were 860 units. Beginning inventory was 290 units at a cost of...
Sales during the year were 860 units. Beginning inventory was 290 units at a cost of $4 per unit. Purchase 1 was 430 units at $5 per unit. Purchase 2 was 670 units at $6 per unit. Required: a. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using FIFO method. b. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using LIFO method
Lisa Company had 115 units in beginning inventory at a total cost of $14,375. The company purchased 230 unit...
Lisa Company had 115 units in beginning inventory at a total
cost of $14,375. The company purchased 230 units at a total cost of
$31,050. At the end of the year, Lisa had 92 units in ending
inventory.
(a)
Compute the cost of the ending inventory and the cost of goods sold
under FIFO, LIFO, and average-cost. (Round average-cost
per unit and final answers to 0 decimal places, e.g.
1,250.)
FIFO
LIFO
Average-cost
The cost of the ending inventory
$...
2. 43.33 points Jones Co. started the year with no inventory. During the year, it purchased...
2. 43.33 points Jones Co. started the year with no inventory. During the year, it purchased two identical inventory items at different times. The first purchase cost $1,060 and the other, $1,380. Jones sold one of the items during the Required Based on this information, how much product cost would be allocated to cost of goods sold and ending inventory on the year-end financial statements, assuming use of a. FIFO? b. LIFO? c. Weighted average? Weighted LIFO Average Cost of...
Jones Co. started the year with no inventory. During the year, it purchased two identical inventory items at different times. The first purchase cost $1,230 and the other, $1,460. Jones sold one of the items during the year. Required Based on this information, how much product cost would be allocated to cost of goods sold and ending inventory on the year-end financial statements, assuming use of a. FIFO? b. LIFO? c. Weighted average? FIFO LIFO Weighted Average Cost of goods...
Jones Co. started the year with no inventory. During the year, it purchased two identical inventory items at different times. The first purchase cost $1,270 and the other, $1,480. Jones sold one of the items during the year. Required Based on this information, how much product cost would be allocated to cost of goods sold and ending inventory on the year-end financial statements, assuming use of a. FIFO? b. LIFO? c. Weighted average? FIFO LIFO Weighted Average Cost of goods...
Jones Co. started the year with no inventory. During the year, it purchased two identical inventory items at different times. The first purchase cost $1,220 and the other, $1.590. Jones sold one of the items during the year. Required Based on this information, how much product cost would be allocated to cost of goods sold and ending inventory on the year-end financial statements, assuming use of a. FIFO? b. LIFO? c. Weighted average? FIFO LIFO Weighted Average Cost of goods...
Jones Co. started the year with no inventory. During the year, it purchased two identical inventory items at different times. The first purchase cost $1,130 and the other, $1,470. Jones sold one of the items during the year. Required Based on this information, how much product cost would be allocated to cost of goods sold and ending inventory on the year-end financial statements, assuming use of a. FIFO? b. LIFO? c. Weighted average? FIFO LIFO Weighted Average Cost of goods...
Assume that a company started July with 60 units of merchandise inventory that cost S68 each. During Jly, the company made the following purchases: (Click the icon to view the purchases.) The company uses a periodic inventory system. Assume that a physical inventory count on July 31 indicates that 90 units are on hand. (For weighted-average calculations, round per unit costs to the nearest cent and all other amounts to the nearest dollar.) Data Table (A) Calculate the cost of...
2. During May, the following changes in inventory took place: SHOW ALL CALCULATIONS 1,100 units @ S25 S2 7,500 800 units@$3628,800 24 Purchases 700 units@$30 21,000 May 1 Balance 14 Purchases May 8 Sold 19 Sold 29 Sold 500 units@$50 300 units @ $49 600 units@ $54 A physical count indicates that 1,200 units are on hand on May 31. The company uses the PERPETUAL method. umin a. (1). LIFO (2). FIFO b. What is the moving average cost per...
Lisa Company had 115 units in beginning inventory at a total
cost of $14,375. The company purchased 230 units at a total cost of
$31,050. At the end of the year, Lisa had 92 units in ending
inventory.
(a)
Compute the cost of the ending inventory and the cost of goods sold
under FIFO, LIFO, and average-cost. (Round average-cost
per unit and final answers to 0 decimal places, e.g.
1,250.)
FIFO
LIFO
Average-cost
The cost of the ending inventory
$...
2. 43.33 points Jones Co. started the year with no inventory. During the year, it purchased two identical inventory items at different times. The first purchase cost $1,060 and the other, $1,380. Jones sold one of the items during the Required Based on this information, how much product cost would be allocated to cost of goods sold and ending inventory on the year-end financial statements, assuming use of a. FIFO? b. LIFO? c. Weighted average? Weighted LIFO Average Cost of...
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