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| Irving Inc. | Answer a | Periodic FIFO | |||||||
| Date | Cost of Goods available for sale | Cost of Goods sold | Inventory Balance | ||||||
| No. of Units | Cost per unit | Amount | No. of Units | Cost per unit | Cost of Goods sold | No. of Units | Cost per unit | Inventory Balance | |
| 1-Jan | 1,200.00 | 3.00 | 3,600.00 | 1,200.00 | 3.00 | 3,600.00 | - | 3.00 | - |
| 10-Jan | 600.00 | 3.20 | 1,920.00 | 600.00 | 3.20 | 1,920.00 | - | 3.20 | - |
| 18-Jan | 1,000.00 | 3.30 | 3,300.00 | 1,000.00 | 3.30 | 3,300.00 | - | 3.30 | - |
| 23-Jan | 1,300.00 | 3.40 | 4,420.00 | 1,300.00 | 3.40 | 4,420.00 | - | 3.40 | - |
| 28-Jan | 1,600.00 | 3.50 | 5,600.00 | 600.00 | 3.50 | 2,100.00 | 1,000.00 | 3.50 | 3,500.00 |
| Total | 5,700.00 | 18,840.00 | 4,700.00 | 15,340.00 | 1,000.00 | 3,500.00 | |||
| So ending Inventory Balance as per FIFO is $ 3,500. |
| So Cost of Goods sold as per FIFO is $ 15,340. |
| Answer b | Periodic LIFO | ||||||||
| Date | Cost of Goods available for sale | Cost of Goods sold | Inventory Balance | ||||||
| No. of Units | Cost per unit | Amount | No. of Units | Cost per unit | Cost of Goods sold | No. of Units | Cost per unit | Inventory Balance | |
| 1-Jan | 1,200.00 | 3.00 | 3,600.00 | 200.00 | 3.00 | 600.00 | 1,000.00 | 3.00 | 3,000.00 |
| 10-Jan | 600.00 | 3.20 | 1,920.00 | 600.00 | 3.20 | 1,920.00 | - | 3.20 | - |
| 18-Jan | 1,000.00 | 3.30 | 3,300.00 | 1,000.00 | 3.30 | 3,300.00 | - | 3.30 | - |
| 23-Jan | 1,300.00 | 3.40 | 4,420.00 | 1,300.00 | 3.40 | 4,420.00 | - | 3.40 | - |
| 28-Jan | 1,600.00 | 3.50 | 5,600.00 | 1,600.00 | 3.50 | 5,600.00 | - | 3.50 | - |
| Total | 5,700.00 | 18,840.00 | 4,700.00 | 15,840.00 | 1,000.00 | 3,000.00 | |||
| So ending Inventory Balance as per LIFO is $ 3,000. |
| So Cost of Goods sold as per LIFO is $ 15,840. |
| Answer c | Periodic Average cost | |||
| Date | No. of Units | Cost per unit | Amount | |
| 1-Jan | 1,200.00 | 3.00 | 3,600.00 | |
| 10-Jan | 600.00 | 3.20 | 1,920.00 | |
| 18-Jan | 1,000.00 | 3.30 | 3,300.00 | |
| 23-Jan | 1,300.00 | 3.40 | 4,420.00 | |
| 28-Jan | 1,600.00 | 3.50 | 5,600.00 | |
| Total | 5,700.00 | 18,840.00 | ||
| Average Cost per unit | 3.31 | This is Total cost/ Total Units | ||
| Units sold | 4,700.00 | 15,534.74 | This is 4,700 units * $ 3.31 | |
| Ending Inventory | 1,000.00 | 3,305.26 | This is 1,000 units * $ 3.31 | |
| So ending Inventory Balance as per Weighted Average is $ 3,305.26 | ||||
| So Cost of Goods sold as per Weighted Average is $ 15,534.64. | ||||
Add Answer to:
2. Irving, Inc. began operations on January 1, 2018. Relevant information about inventory purchases and sales...
A company reports the following beginning inventory and two purchases for the month of January. On...
A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 370 units. Ending inventory at January 31 totals 150 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units 330 80 110 Unit Cost $ 3.20 3.40 3.50 Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. (Round...
A company reports the following beginning inventory and two purchases for the month of January. On...
A company reports the following beginning inventory and two
purchases for the month of January. On January 26, the company
sells 360 units. Ending inventory at January 31 totals 130
units.
Units
Unit Cost
Beginning inventory on January 1
320
$
3.10
Purchase on January 9
70
3.30
Purchase on January 25
100
3.40
Required:
Assume the perpetual inventory system is used. Determine the costs
assigned to ending inventory when costs are assigned based on the
weighted average method. (Round...
Moving-Average Inventory Question: Assuming that perpetual inventory records are kept in units only, the ending inventory...
Moving-Average Inventory Question: Assuming that perpetual
inventory records are kept in units only, the ending inventory on
an average-cost basis, rounded to the nearest dollar, is
The number I came up with was 1,300 @ $3.4 = $4,420, which the
closest answer to that would be D. Is the key off or did I miss a
step?
Transactions for the month of June were: Purchases June 1 (balance) 800 a $3.20 2,200 @ 3.10 1,200 @ 3.30 1,800 @ 3.40...
Ferris Company began 2018 with 5,000 units of its principal product. The cost of each unit...
Ferris Company began 2018 with 5,000 units of its principal
product. The cost of each unit is $9. Merchandise transactions for
the month of January 2018 are as follows:
Purchases
Date of Purchase
Units
Unit Cost*
Total Cost
Jan. 10
6,000
$
10
$
60,000
Jan. 18
5,000
11
55,000
Totals
11,000
115,000
*Includes purchase price and cost of freight.
Sales
Date of Sale
Units
Jan. 5
3,000
Jan. 12
3,000
Jan. 20
4,000
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6,000 units were on...
Alternative Inventory Methods Totman Company has the following transactions during the months of January and February:...
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A company reports the following beginning inventory and two purchases for the month of January. On...
A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 350 units. Ending inventory at January 31 totals 150 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units 320 80 100 Unit Cost $ 3.00 3.20 3.34 Required: Assume the perpetual inventory system LIFO. used. Determine the costs assigned to ending inventory when costs are assigned based on Perpetual LIFO: Goods purchased W...
ATV Co. began operations on March 1 and uses a perpetual inventory system. It entered into...
ATV Co. began operations on March 1 and uses a perpetual
inventory system. It entered into purchases and sales for March as
shown in the Tableau Dashboard.
Mar 01: Purchase, 100 units, 50 each.
Mar 05: Purchase, 400 units, 55 each.
Mar 09: Sales, 420 units, 85 each.
Mar 18: Purchase, 120 units, 60 each.
Mar 25: Purchase, 200 units, 62 each.
Mar 29: Sales, 160 units, 95 each.
1. Compute the cost assigned to ending
inventory using FIFO.
2....
Ferris Company began 2018 with 4,000 units of its principal product. The cost of each unit is $7. Merchandise transactio...
Ferris Company began 2018 with 4,000 units of its principal
product. The cost of each unit is $7. Merchandise transactions for
the month of January 2018 are as follows:
Purchases
Date of Purchase
Units
Unit Cost*
Total Cost
Jan. 10
3,000
$
8
$
24,000
Jan. 18
4,000
9
36,000
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7,000
60,000
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2,000
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1,000
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2. Shown below is activity for one of the products of Weasel: January 1 balance, 220 units at $50 for a total of $11,000 Purchases: January 10-200 units at $42 January 20-500 units at $55 Sales: January 12-350 units January 28-425 units a. Compute the ending inventory and cost of goods sold assuming Weasel uses FIFO. b. Compute the ending inventory and cost of goods sold assuming Weasel uses LIFO and perpetual inventory system. c. Compute the ending inventory...
help Alta Ski Company's inventory records contained the following information regarding its latest ski model. The...
help
Alta Ski Company's inventory records contained the following information regarding its latest ski model. The company uses a periodic inventory system. 750 units $85 each 1,600 units @ $100 each 1,400 units $105 each Beginning inventory, January 1, 2018 Purchases! January 15 January 21 Sales January 5 January 22 January 29 Ending inventory, January 31, 2018 700 units $125 each 1.100 units @ $135 each 550 units @ $140 each 1,400 units Required: 1a. Which method, FIFO or LIFO,...
A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 370 units. Ending inventory at January 31 totals 150 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units 330 80 110 Unit Cost $ 3.20 3.40 3.50 Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. (Round...
A company reports the following beginning inventory and two
purchases for the month of January. On January 26, the company
sells 360 units. Ending inventory at January 31 totals 130
units.
Units
Unit Cost
Beginning inventory on January 1
320
$
3.10
Purchase on January 9
70
3.30
Purchase on January 25
100
3.40
Required:
Assume the perpetual inventory system is used. Determine the costs
assigned to ending inventory when costs are assigned based on the
weighted average method. (Round...
Moving-Average Inventory Question: Assuming that perpetual
inventory records are kept in units only, the ending inventory on
an average-cost basis, rounded to the nearest dollar, is
The number I came up with was 1,300 @ $3.4 = $4,420, which the
closest answer to that would be D. Is the key off or did I miss a
step?
Transactions for the month of June were: Purchases June 1 (balance) 800 a $3.20 2,200 @ 3.10 1,200 @ 3.30 1,800 @ 3.40...
Ferris Company began 2018 with 5,000 units of its principal
product. The cost of each unit is $9. Merchandise transactions for
the month of January 2018 are as follows:
Purchases
Date of Purchase
Units
Unit Cost*
Total Cost
Jan. 10
6,000
$
10
$
60,000
Jan. 18
5,000
11
55,000
Totals
11,000
115,000
*Includes purchase price and cost of freight.
Sales
Date of Sale
Units
Jan. 5
3,000
Jan. 12
3,000
Jan. 20
4,000
Total
10,000
6,000 units were on...
A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 350 units. Ending inventory at January 31 totals 150 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units 320 80 100 Unit Cost $ 3.00 3.20 3.34 Required: Assume the perpetual inventory system LIFO. used. Determine the costs assigned to ending inventory when costs are assigned based on Perpetual LIFO: Goods purchased W...
ATV Co. began operations on March 1 and uses a perpetual
inventory system. It entered into purchases and sales for March as
shown in the Tableau Dashboard.
Mar 01: Purchase, 100 units, 50 each.
Mar 05: Purchase, 400 units, 55 each.
Mar 09: Sales, 420 units, 85 each.
Mar 18: Purchase, 120 units, 60 each.
Mar 25: Purchase, 200 units, 62 each.
Mar 29: Sales, 160 units, 95 each.
1. Compute the cost assigned to ending
inventory using FIFO.
2....
Ferris Company began 2018 with 4,000 units of its principal
product. The cost of each unit is $7. Merchandise transactions for
the month of January 2018 are as follows:
Purchases
Date of Purchase
Units
Unit Cost*
Total Cost
Jan. 10
3,000
$
8
$
24,000
Jan. 18
4,000
9
36,000
Totals
7,000
60,000
*Includes purchase price and cost of freight.
Sales
Date of Sale
Units
Jan. 5
2,000
Jan. 12
1,000
Jan. 20
3,000
Total
6,000
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help
Alta Ski Company's inventory records contained the following information regarding its latest ski model. The company uses a periodic inventory system. 750 units $85 each 1,600 units @ $100 each 1,400 units $105 each Beginning inventory, January 1, 2018 Purchases! January 15 January 21 Sales January 5 January 22 January 29 Ending inventory, January 31, 2018 700 units $125 each 1.100 units @ $135 each 550 units @ $140 each 1,400 units Required: 1a. Which method, FIFO or LIFO,...
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