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The following are the transactions for the month of July.
Units
Unit Cost
Unit Selling Price
July 1
Beginning Inventory
50
$
10
July 13
Purchase
250
13
July 25
Sold
(100
)
$
15
July 31
Ending Inventory
200
Calculate cost of goods available for sale and ending inventory,
then sales, cost of goods sold, and gross profit, under FIFO.
Assume a periodic inventory system is used.
FIFO (Periodic)
Units
Cost per Unit
Total
Beginning Inventory
50
$10.00
$500...
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Alternative Inventory Methods Garrett Company has the following transactions during the months of April and May: Date Transaction Units Cost/Unit April 1 Balance 17 Purchase $5.10 25 Sale 500 200 150 100 250 300 28 Purchase 5.90 5.10 May 5 Purchase 18 Sale 22 Sale 50 The cost of the inventory on April 1 is $5, $4, and $2 per unit, respectively, under the FIFO, average, and LIFO cost flow assumptions. Required: 1. Compute the costs of goods sold for...
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1. Botter Company had a beginning inventory of 200 units at a cost of $13 per unit on August 1. During the month, the following purchases and sales were made. Purchases 250 units at S14 350 units at S15 200 units at S16 Sales August August August 4 15 28 August August August August 7 150 units 11 100 units 17 300 units 24 200 units Botter uses a periodic inventory system Instructions Determine ending inventory and cost of goods...
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Inventory
Date Activity
Units Unit
Cost Balance
1-Mar Beginning Balance
250 $14
$3,500
3-Mar Sale
(200)
- - 0
10-Mar Purchase
200 15
...
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Hansen Company uses the per Units Jan 1 Jan 20 July 25 Oct 20 Beginning inventory Purchase Purchase Purchase Totals enodic inventory system and had the following inventory information able Unit Cost Total cos 100 $3.00 $300 500 $4.00 $2000 100 $5.00 $500 300 $6.00 $1800 S1600 1000 A physical count of inventory revealed 350 a count of inventory revealed 350 units on hand at the end of the 26. If the company uses the FIFO method, COGS for the...
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the
data below are for Parrett Enterprises
beggining inventory 150 units at $2
purchase aug- 375 units at $1.50
purchase oct- 150 units at 3.00
a periodis inventory system is used: ending inventory 330
units. What is the inventory under FIFO
show working!!
Beginning inventory Purchase-August Purchase-October A periodic inventory syste inventory under FIFO? Do $570 b. $743 C. $593 d. $720 Double-counting an invent a. understated tax liabili b. overstated cost of goc overstated net incom derctatod borinnin
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INVENTORY ITEM 621AB UNITS DATE COST Beginning Inventory $6 $7 Jan 1 120 Purchase 200 Jan 7 Sale Jan 10 250 Purchase $8 Jan 15 300 Jan 17 Purchase $9 200 Sale 325 Jan 20 Sale Jan 25 100 Jan 28 Purchase $10 175 Smith Corporation uses a perpetual inventory system. Determine the costs assigned to Cost of Goods Sold and Ending Inventory using both FIFO and LIFO methods. DATE ITEM RED16 UNITS COST Beginning Inventory $10 Jan 1 100...
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Required information [The following information applies to the questions displayed below.] The following are the transactions for the month of July. Unit Selling Price Units Beginning July 1 50 Inventory July 13 Purchase 250 July 25 Sold (100) July 31 Ending Inventory 200 Unit Cost $10 13 $15 Calculate cost of goods available for sale and ending inventory, then sales, cost of goods sold, and gross profit, under LIFO. Assume a periodic inventory system is used. (Round "Cost per Unit"...
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Required information [The following information applies to the questions displayed below.] The following are the transactions for the month of July. Unit Selling Price Unit Units Cost Beginning Inventory July 13 Purchase July 1 50 $10 250 13 (100) July 25 Sold $15 200 July 31 Ending Inventory Calculate cost of goods available for sale and ending inventory, then sales, cost of goods sold, and gross profit, under FIFO. Assume a periodic inventory system is used. (Round "Cost per Unit"...
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Required information [The following information applies to the questions displayed below.) The following are the transactions for the month of July. Unit Selling Price Units July 1 Beginning 50 Inventory July 13 Purchase 250 July 25 Sold (100) July 31 Ending Inventory 200 Unit Cost $10 13 $15 Calculate cost of goods available for sale and ending inventory, then sales, cost of goods sold, and gross profit, under FIFO. Assume a periodic inventory system is used. (Round "Cost per Unit"...
Alternative Inventory Methods Garrett Company has the following transactions during the months of April and May: Date Transaction Units Cost/Unit April 1 Balance 17 Purchase $5.10 25 Sale 500 200 150 100 250 300 28 Purchase 5.90 5.10 May 5 Purchase 18 Sale 22 Sale 50 The cost of the inventory on April 1 is $5, $4, and $2 per unit, respectively, under the FIFO, average, and LIFO cost flow assumptions. Required: 1. Compute the costs of goods sold for...
1. Botter Company had a beginning inventory of 200 units at a cost of $13 per unit on August 1. During the month, the following purchases and sales were made. Purchases 250 units at S14 350 units at S15 200 units at S16 Sales August August August 4 15 28 August August August August 7 150 units 11 100 units 17 300 units 24 200 units Botter uses a periodic inventory system Instructions Determine ending inventory and cost of goods...
Hansen Company uses the per Units Jan 1 Jan 20 July 25 Oct 20 Beginning inventory Purchase Purchase Purchase Totals enodic inventory system and had the following inventory information able Unit Cost Total cos 100 $3.00 $300 500 $4.00 $2000 100 $5.00 $500 300 $6.00 $1800 S1600 1000 A physical count of inventory revealed 350 a count of inventory revealed 350 units on hand at the end of the 26. If the company uses the FIFO method, COGS for the...
the
data below are for Parrett Enterprises
beggining inventory 150 units at $2
purchase aug- 375 units at $1.50
purchase oct- 150 units at 3.00
a periodis inventory system is used: ending inventory 330
units. What is the inventory under FIFO
show working!!
Beginning inventory Purchase-August Purchase-October A periodic inventory syste inventory under FIFO? Do $570 b. $743 C. $593 d. $720 Double-counting an invent a. understated tax liabili b. overstated cost of goc overstated net incom derctatod borinnin
INVENTORY ITEM 621AB UNITS DATE COST Beginning Inventory $6 $7 Jan 1 120 Purchase 200 Jan 7 Sale Jan 10 250 Purchase $8 Jan 15 300 Jan 17 Purchase $9 200 Sale 325 Jan 20 Sale Jan 25 100 Jan 28 Purchase $10 175 Smith Corporation uses a perpetual inventory system. Determine the costs assigned to Cost of Goods Sold and Ending Inventory using both FIFO and LIFO methods. DATE ITEM RED16 UNITS COST Beginning Inventory $10 Jan 1 100...
Required information [The following information applies to the questions displayed below.] The following are the transactions for the month of July. Unit Selling Price Units Beginning July 1 50 Inventory July 13 Purchase 250 July 25 Sold (100) July 31 Ending Inventory 200 Unit Cost $10 13 $15 Calculate cost of goods available for sale and ending inventory, then sales, cost of goods sold, and gross profit, under LIFO. Assume a periodic inventory system is used. (Round "Cost per Unit"...
Required information [The following information applies to the questions displayed below.] The following are the transactions for the month of July. Unit Selling Price Unit Units Cost Beginning Inventory July 13 Purchase July 1 50 $10 250 13 (100) July 25 Sold $15 200 July 31 Ending Inventory Calculate cost of goods available for sale and ending inventory, then sales, cost of goods sold, and gross profit, under FIFO. Assume a periodic inventory system is used. (Round "Cost per Unit"...
Required information [The following information applies to the questions displayed below.) The following are the transactions for the month of July. Unit Selling Price Units July 1 Beginning 50 Inventory July 13 Purchase 250 July 25 Sold (100) July 31 Ending Inventory 200 Unit Cost $10 13 $15 Calculate cost of goods available for sale and ending inventory, then sales, cost of goods sold, and gross profit, under FIFO. Assume a periodic inventory system is used. (Round "Cost per Unit"...