Homework Answers
LIFO: Under the LIFO method, it is assumed that the goods purchased last are the goods sold first. So the ending inventory would represent the goods which are purchased first in point of time.
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Use the following to answer question: A dealer started the year with 2 model R5 lanterns...
Country sporting goods started april with an inventory of 8 sets of gold clubs: Country Sporting...
Country sporting goods started april with an inventory of 8 sets
of gold clubs:
Country Sporting Goods started April with an inventory of 8 sets of golf clubs that cost a total of $1,192. During April, Country purchased 20 sets of clubs for $3,180. At the end of the month, Country had four sets of golf clubs on hand. The store manager must select an inventory costing method, and he asks you to tell him both cost of goods sold...
Mower-Blower Sales Co. started business on January 20, 2019. Products sold were snow blowers and lawn...
Mower-Blower Sales Co. started business on January 20, 2019. Products sold were snow blowers and lawn mowers. Each product sold for $350. Purchases during 2019 were as follows: Mowers Blowers 23@ $ 191 43@ 196 26@186 20 183 January 21 February February 28 March 13 April 6 May 22 June 3 June 20 August 15 September 20 November 7 17@$218 41 211 43 224 52@ 228 18 @ 211 17 218 19@191 The December 31, 2019, inventory included 9 blowers...
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...
1. 2) 3. The periodic inventory records of Cambridge Prosthetics indicate the following for the month...
1.
2)
3.
The periodic inventory records of Cambridge Prosthetics indicate the following for the month of July (Click the icon to view the inventory records.) At July 31, Cambridge counts six units of inventory on hand Compute ending merchandise inventory and cost of goods sold for Cambridge using the FIFO inventory costing method. FIFO Cost Ending Merchandise Inventory Cost of Goods Sold 1 Beginning merchandise inventory 8 Purchase 15 Purchase 26 Purchase 9 units 8 units 12 units 16...
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...
[The following information applies to the questions displayed below.] Glasgow Enterprises started the period with 80...
[The following information applies to the questions displayed below.] Glasgow Enterprises started the period with 80 units in beginning inventory that cost $2.70 each. During the period, the company purchased inventory items as follows: Purchase No. of Items Cost 1 250 $ 3.20 2 110 $ 3.30 3 60 $ 3.70 Glasgow sold 270 units after purchase 3 for $10.20 each. What is Glasgow's ending inventory under LIFO?
[The following information applies to the questions displayed below.] Glasgow Enterprises started the period with 70...
[The following information applies to the questions displayed below.] Glasgow Enterprises started the period with 70 units in beginning inventory that cost $2.70 each. During the period, the company purchased inventory items as follows: Purchase No. of Items Cost 1 220 $ 3.20 2 160 $ 3.30 60 $ 3.70 Glasgow sold 240 units after purchase 3 for $10.20 each. What is Glasgow's ending inventory under LIFO?
Please type your answer, not hand writing. Scoresby Inc. tracks the number of units purchased and...
Please type your answer, not hand writing.
Scoresby Inc. tracks the number of units purchased and sold throughout each year but applies Its Inventory costing method at the end of the year, as if it uses a periodic Inventory system. Assume its accounting records provided the following Information at the end of the annual accounting period, December 31. Unit Units 3,000 Cost $ 8 Transactions a. Inventory, Beginning For the year: b. Purchase, March 5 C. Purchase, September 19 d....
Tipton Processing maintains its internal inventory records using average cost under a perpetual inventory system. The...
Tipton Processing maintains its internal inventory records using average cost under a perpetual inventory system. The following information relates to its inventory during the year: Jan. 1 Inventory on hand–92,000 units; cost $4.00 each. Feb. 14 Purchased 108,000 units for $5.00 each. Mar. 5 Sold 162,000 units for $14.00 each. Aug. 27 Purchased 62,000 units for $6.00 each. Sep. 12 Sold 72,000 units for $14.00 each. Dec. 31 Inventory on hand–28,000 units. Required: 1. Determine the amount Tipton would calculate...
Please show work. Mower-Blower Sales Co. started business on January 20, 2019. Products sold were snow...
Please show work.
Mower-Blower Sales Co. started business on January 20, 2019. Products sold were snow blowers and lawn mowers. Each product sold for $350. Purchases during 2019 were as follows: Mowers Blowers 18 @ $ 195 44 @ 191 36@ 188 22@ 190 January 21 February 3 February 28 March 13 April 6 May 22 June 3 June 20 August 15 September 20 November 7 18 @ $200 37 @ 219 41 @ 217 59 @ 227 19 @...
Country sporting goods started april with an inventory of 8 sets
of gold clubs:
Country Sporting Goods started April with an inventory of 8 sets of golf clubs that cost a total of $1,192. During April, Country purchased 20 sets of clubs for $3,180. At the end of the month, Country had four sets of golf clubs on hand. The store manager must select an inventory costing method, and he asks you to tell him both cost of goods sold...
Mower-Blower Sales Co. started business on January 20, 2019. Products sold were snow blowers and lawn mowers. Each product sold for $350. Purchases during 2019 were as follows: Mowers Blowers 23@ $ 191 43@ 196 26@186 20 183 January 21 February February 28 March 13 April 6 May 22 June 3 June 20 August 15 September 20 November 7 17@$218 41 211 43 224 52@ 228 18 @ 211 17 218 19@191 The December 31, 2019, inventory included 9 blowers...
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...
1.
2)
3.
The periodic inventory records of Cambridge Prosthetics indicate the following for the month of July (Click the icon to view the inventory records.) At July 31, Cambridge counts six units of inventory on hand Compute ending merchandise inventory and cost of goods sold for Cambridge using the FIFO inventory costing method. FIFO Cost Ending Merchandise Inventory Cost of Goods Sold 1 Beginning merchandise inventory 8 Purchase 15 Purchase 26 Purchase 9 units 8 units 12 units 16...
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...
Please type your answer, not hand writing.
Scoresby Inc. tracks the number of units purchased and sold throughout each year but applies Its Inventory costing method at the end of the year, as if it uses a periodic Inventory system. Assume its accounting records provided the following Information at the end of the annual accounting period, December 31. Unit Units 3,000 Cost $ 8 Transactions a. Inventory, Beginning For the year: b. Purchase, March 5 C. Purchase, September 19 d....
Tipton Processing maintains its internal inventory records using average cost under a perpetual inventory system. The following information relates to its inventory during the year: Jan. 1 Inventory on hand–92,000 units; cost $4.00 each. Feb. 14 Purchased 108,000 units for $5.00 each. Mar. 5 Sold 162,000 units for $14.00 each. Aug. 27 Purchased 62,000 units for $6.00 each. Sep. 12 Sold 72,000 units for $14.00 each. Dec. 31 Inventory on hand–28,000 units. Required: 1. Determine the amount Tipton would calculate...
Please show work.
Mower-Blower Sales Co. started business on January 20, 2019. Products sold were snow blowers and lawn mowers. Each product sold for $350. Purchases during 2019 were as follows: Mowers Blowers 18 @ $ 195 44 @ 191 36@ 188 22@ 190 January 21 February 3 February 28 March 13 April 6 May 22 June 3 June 20 August 15 September 20 November 7 18 @ $200 37 @ 219 41 @ 217 59 @ 227 19 @...
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