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When goods are sold using lifo inventory method, cost of goods sold belongs to the latest available units and ending inventory belongs to the first available units Comment if you face any issues |
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QUESTION 9 The LIFO inventory method assumes that the cost of the latest units purchased are...
inventory calcuations d. Compute the cost of ending inventory using the LIFO method Units Sold Cost...
inventory calcuations
d. Compute the cost of ending inventory using the LIFO method Units Sold Cost 50 100 400 55 Date Activities Beginning 1-Mar inventory 5-Mar Purchase 9-Mar Sales 16-Mar Purchase 25-Mar Purchase 29-Mar Sales 420 120 2001 60 62 160 LIFO Cost of Goods Sold Cost per units unit Cost of goods sold Ending Inven # ending Cost per inventory unit Date Units sold Sales 25-Mar 16-Mar 5-Mar 1-Mar Totals
AVERAGE COST METHOD LIFO METHOD Altira Corporation provides the following information related to its merchandise inventory...
AVERAGE COST METHOD
LIFO METHOD
Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021: Aug.1 Inventory on hand-3,200 units; cost $6.50 each. 8 Purchased 16,000 units for $6.70 each. 14 Sold 12,800 units for $13.20 each 18 Purchased 9,600 units for $6.80 each. 25 Sold 11,800 units for $12.20 each. 28 Purchased 5,200 units for $5.80 each. 31 Inventory on hand-9,400 units. Required: Using calculations based on a periodic inventory system, determine...
question #45 Indicate whether the following statement is true or false. The LIFO inventory flow method...
question #45 Indicate whether the following statement is true or false. The LIFO inventory flow method assumes that mems purchased last should stay in the ending inventory. If they have not been sold True or False True False
Match the definitions with their terms. Inventory costing method that assumes the costs of the later...
Match the definitions with their terms. Inventory costing method that assumes the costs of the later units purchased are the first to be allocated to cost of goods Choose sold is.... Manufactured items that are completed and ready for sale are called.... An actual physical flow costing method in which items still in inventory are specifically costed to arrive at the total cost of the ending inventory is called... Freight terms indicating that ownership of the boods passes to the...
The Churchill Corporation uses a periodic inventory system and the LIFO inventory cost method for its...
The Churchill Corporation uses a periodic inventory system and the LIFO inventory cost method for its one product. Beginning inventory of 22,600 units consisted of the following, listed in chronological order of acquisition 13,300 units at a cost of $9 00 per unit $119,700 9,300 units at a cost of $10.00 per unit 93,000 During 2016, inventory quantity declined by 12,600 units All units purchased during 2016 cost $15.00 per unit Required Calculate the before-tax LIFO liquidation profit or loss...
Alta Ski Company's inventory records contained the following information regarding its latest ski model. The company uses a periodic inventory system.
Alta Ski Company's inventory records contained the following information regarding its latest ski model. The company uses a periodic inventory system. Beginning inventory, January 1, 20211,450units @ $65 eachPurchases:January 153,000units @ $80 eachJanuary 212,800units @ $85 eachSales:January 51,400units @ $105 eachJanuary 221,800units @ $115 eachJanuary 291,250units @ $120 eachEnding inventory, January 31, 20212,800units Required:1a. Which method, FIFO or LIFO, will result in the highest cost of goods sold figure for January 2021?1b. Which method will result in the highest ending inventory balance?2. Compute cost of...
The Reuschel Company began 2018 with inventory of 26,000 units at a cost of $9 per unit. During 2018, 66,000 units...
The Reuschel Company began 2018 with inventory of 26,000 units at a cost of $9 per unit. During 2018, 66,000 units were purchased for $10.25 each. Sales for the year totaled 78,000 units leaving 14,000 units on hand at the end of 2018. Reuschel uses a periodic inventory system and the LIFO inventory cost method. Required: 1. Calculate cost of goods sold for 2018 2. Calculate the effect of the LIFO on the income. Complete this question by entering your...
Esquire Inc. uses the LIFO method to report its inventory. Inventory at January 1, 2021, was...
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...
FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available...
FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 36 units at $47 Sale 14 units at $66 First purchase 23 units at $50 Sale 23 units at $68 Second purchase 17 units at $52 6 units at $68 The firm uses the perpetual inventory system, and there are 33 units of the item on hand at the end of the year a. What is the...
Cornerstone Exercise 6-23 (Algorithmic) Inventory Costing: LIFO Bordeaux Company has the following information related to purchases...
Cornerstone Exercise 6-23 (Algorithmic) Inventory Costing: LIFO Bordeaux Company has the following information related to purchases and sales of one of its inventory items: Units Sold at Retail Units Purchased at Cost 150 units O $11 = $1,650 Date Description June 1 Beginning Inventory 9 Purchase 1 14 Sale 1 300 units @ $25 250 units $14 = $3,500 29 Sale 2 225 units @ $25 Assume that Bordeaux Company uses a perpetual inventory system. Required: Calculate the cost of...
inventory calcuations
d. Compute the cost of ending inventory using the LIFO method Units Sold Cost 50 100 400 55 Date Activities Beginning 1-Mar inventory 5-Mar Purchase 9-Mar Sales 16-Mar Purchase 25-Mar Purchase 29-Mar Sales 420 120 2001 60 62 160 LIFO Cost of Goods Sold Cost per units unit Cost of goods sold Ending Inven # ending Cost per inventory unit Date Units sold Sales 25-Mar 16-Mar 5-Mar 1-Mar Totals
AVERAGE COST METHOD
LIFO METHOD
Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021: Aug.1 Inventory on hand-3,200 units; cost $6.50 each. 8 Purchased 16,000 units for $6.70 each. 14 Sold 12,800 units for $13.20 each 18 Purchased 9,600 units for $6.80 each. 25 Sold 11,800 units for $12.20 each. 28 Purchased 5,200 units for $5.80 each. 31 Inventory on hand-9,400 units. Required: Using calculations based on a periodic inventory system, determine...
question #45 Indicate whether the following statement is true or false. The LIFO inventory flow method assumes that mems purchased last should stay in the ending inventory. If they have not been sold True or False True False
Match the definitions with their terms. Inventory costing method that assumes the costs of the later units purchased are the first to be allocated to cost of goods Choose sold is.... Manufactured items that are completed and ready for sale are called.... An actual physical flow costing method in which items still in inventory are specifically costed to arrive at the total cost of the ending inventory is called... Freight terms indicating that ownership of the boods passes to the...
The Churchill Corporation uses a periodic inventory system and the LIFO inventory cost method for its one product. Beginning inventory of 22,600 units consisted of the following, listed in chronological order of acquisition 13,300 units at a cost of $9 00 per unit $119,700 9,300 units at a cost of $10.00 per unit 93,000 During 2016, inventory quantity declined by 12,600 units All units purchased during 2016 cost $15.00 per unit Required Calculate the before-tax LIFO liquidation profit or loss...
The Reuschel Company began 2018 with inventory of 26,000 units at a cost of $9 per unit. During 2018, 66,000 units were purchased for $10.25 each. Sales for the year totaled 78,000 units leaving 14,000 units on hand at the end of 2018. Reuschel uses a periodic inventory system and the LIFO inventory cost method. Required: 1. Calculate cost of goods sold for 2018 2. Calculate the effect of the LIFO on the income. Complete this question by entering your...
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...
FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 36 units at $47 Sale 14 units at $66 First purchase 23 units at $50 Sale 23 units at $68 Second purchase 17 units at $52 6 units at $68 The firm uses the perpetual inventory system, and there are 33 units of the item on hand at the end of the year a. What is the...
Cornerstone Exercise 6-23 (Algorithmic) Inventory Costing: LIFO Bordeaux Company has the following information related to purchases and sales of one of its inventory items: Units Sold at Retail Units Purchased at Cost 150 units O $11 = $1,650 Date Description June 1 Beginning Inventory 9 Purchase 1 14 Sale 1 300 units @ $25 250 units $14 = $3,500 29 Sale 2 225 units @ $25 Assume that Bordeaux Company uses a perpetual inventory system. Required: Calculate the cost of...
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