Homework Answers
a) Cost of ending Inventory using LIFO = 35*3+21*6 = 105 + 126 =
231
b) Items Sold = 185 - 56 = 129
Cost of Goods Sold = 50*8 + 45*7 + 34*6 = 919
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6.66 points Given the following Number purchasedper unitTotal Cost January 1 inventory April 1 June 1...
Given the following: Number purchased Cost per unit Total January 1 inventory 39 $ 5 $ 195 April 1 59 8 472...
Given the following: Number purchased Cost per unit Total January 1 inventory 39 $ 5 $ 195 April 1 59 8 472 June 1 49 9 441 November 1 54 10 540 201 $ 1,648 a. Calculate the cost of ending inventory using the LIFO (ending inventory shows 60 units). Cost of ending inventory $ b. Calculate the cost of goods sold using the LIFO (ending inventory shows 60 units). Cost of goods sold $
Given the following: Number purchased Cost per unit Total January 1 inventory 39 $ 5 $...
Given the following: Number purchased Cost per unit Total January 1 inventory 39 $ 5 $ 195 April 1 59 8 472 June 1 49 9 441 November 1 54 10 540 201 $ 1,648 a. Calculate the cost of ending inventory using the LIFO (ending inventory shows 60 units). Cost of ending inventory $ b. Calculate the cost of goods sold using the LIFO (ending inventory shows 60 units). Cost of goods sold $
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units sold is 290
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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...
Company reports the following for the month of June. Compute/ the cost of the ending inventory...
Company reports the following for the month of June.
Compute/ the cost of the ending inventory and /the cost of goods
sold under FIFO/ and LIFO.
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Date Explanation Units Unit Cost Total Cost June 1 Inventory 123 $ 615 Purchases 2,106 Purchases...
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A company just starting business made the following four inventory purchases in June June 1 150...
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Esquire Inc. uses the LIFO method to report its inventory. Inventory at January 1, 2021, was $500.000 (20,000 units at $25 each). During 2021, 80,000 units were purchased, all at the same price of $30 per unit. 85,000 units were sold during 2021. Calculate the December 31, 2021, ending inventory and cost of goods sold for 2021 based on a periodic inventory system. COGS - Periodic LIFO Cost of Goods Available for Sale Cost Cost of Goods # of units...
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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
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5. Calculate January's ending inventory and
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units sold is 290
Date Units Unit Cost Total Cost Beginning Inventory Purchase January 1 January 15 January 24 $ 80 140 $11,200 29,700 27,500 330 90 Purchase 250 110 Required: 1. Calculate the number and cost of goods available for sale. 2. Calculate the number of units in ending inventory. 3. Calculate the cost of ending inventory and cost of goods sold using the (a) FIFO, (b) LIFO, Complete this question by entering your answers in the tabs below....
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...
Company reports the following for the month of June.
Compute/ the cost of the ending inventory and /the cost of goods
sold under FIFO/ and LIFO.
Units 200 400 Unit Cost $3 June 1 Inventory 12 Purchase 23 Purchase 30 Inventory Total Cost $ 600 2,800 3,000 300 100 (a) Compute the cost of the ending inventory and the cost of goods sold under FIFO and LIFO. FIFO LIFO Cost of the ending inventory $ " Cost of goods sold...
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1. Calculate January's
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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
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