Homework Answers
Correct Answer:
|
Periodic inventory |
FIFO |
LIFO |
Weighted Average |
|
Cost of Goods Sold |
€ 704 |
€ 770 |
€ 731 |
|
Ending Inventory |
€ 264.00 |
€ 198.00 |
€ 236.62 |
Working:
|
Cost of Goods Available for sale |
||||
|
Units |
Cost per unit |
value |
||
|
Beginning Inventory |
30 |
€ 9.00 |
€ 270.00 |
|
|
Purchases |
22 |
€ 11.00 |
€ 242.00 |
|
|
Purchases |
38 |
€ 12.00 |
€ 456.00 |
|
|
Total |
90 |
€ 968.00 |
||
|
FIFO |
||||||
|
A |
Total Units Available for sale |
90 |
€ 968.00 |
|||
|
Units Sold |
68 |
|||||
|
Ending Inventory Units |
22 |
|||||
|
Valuation |
||||||
|
Cost of Goods Sold |
30 |
€ 9.00 |
€ 270.00 |
|||
|
22 |
€ 11.00 |
€ 242.00 |
||||
|
16 |
€ 12.00 |
€ 192.00 |
||||
|
B |
Cost of Goods Sold |
68 |
units |
€ 704.00 |
||
|
A-B |
Ending Inventory |
22 |
units |
€ 264.00 |
||
|
LIFO |
||||||
|
A |
Total Units Available for sale |
90 |
€ 968.00 |
|||
|
Units Sold |
68 |
|||||
|
Ending Inventory Units |
22 |
|||||
|
Valuation |
||||||
|
Cost of Goods Sold |
38 |
€ 12.00 |
456.00 |
|||
|
22 |
€ 11.00 |
242.00 |
||||
|
8 |
€ 9.00 |
72.00 |
||||
|
B |
Cost of Goods Sold |
68 |
units |
€ 770.00 |
||
|
A-B |
Ending Inventory |
22 |
units |
€ 198.00 |
||
|
Weighted Average Cost Per unit |
|||
|
Units |
(A) |
90 |
|
|
Total Cost |
(B) |
€ 968.00 |
|
|
Average Cost |
(C=B/A) |
€ 10.76 |
|
|
Weighted Average |
||||||
|
A |
Total Units Available for sale |
90 |
€ 968.00 |
|||
|
Units Sold |
68 |
|||||
|
Ending Inventory Units |
22 |
|||||
|
Valuation |
||||||
|
Cost of Goods Sold |
68 |
€ 10.76 |
€ 731.38 |
|||
|
B |
Cost of Goods Sold |
68 |
units |
€ 731.38 |
||
|
A-B |
Ending Inventory |
22 |
units |
€ 236.62 |
||
End of answer.
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Add Answer to:
Zambian Co. uses a periodic inventory system. Its records show
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Ballas Co. uses a periodic inventory system. Its records show the following for the month of...
Ballas Co. uses a periodic inventory system. Its records show the following for the month of May, in which 68 units were sold. Unit Cost Units Total Cost $240 A May 1 15 24 Inventory Purchases Purchases 30 25 35 $8 11 12 275 420 Totals 90 $935 Compute the ending inventory at May 31 and cost of goods sold using the FIFO and LIFO methods. FIFO LIFO * Ending inventory at May 31 **** ** Cost of goods sold
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Concord Co, uses a periodic inventory system. Its records show the following for the month of May, in which 72 units were sold. Unit Units Cost Total Cost May 1 Inventory 37 $11 $407 15 Purchases 350 24 Purchases 480 $1237 Totals Compute the ending inventory at May 31 and cost of goods sold using the FIFO and LIFO methods. FIFO LIFO Ending inventory at May 31$ Cost of goods sold
Coronado Co. uses a periodic inventory system. Its records show the following for the month of...
Coronado Co. uses a periodic inventory system. Its records show
the following for the month of May, in which 74 units were
sold.
Units
Unit Cost
Total Cost
May 1
Inventory
34
$10
$340
15
Purchases
29
13
377
24
Purchases
33
14
462
Totals
96
$1,179
Compute the ending inventory at May 31 and cost of goods sold using
the FIFO and LIFO methods.
FIFO
LIFO
Ending inventory at May 31
$
$
Cost of goods sold
$
$
Ballas Co. uses a periodic inventory system. Its records show the following for the month of...
Ballas Co. uses a periodic inventory system. Its records show
the following for the month of May, in which 148 units were
sold.
Unit Units Cost Total Cost May 1 Inventory65 15 Purchases55 24 Purchases 76 196 $9 12 13 $585 660 988 $2,233 Totals Compute the ending inventory at May 31 and cost of goods sold using the FIFO and LIFO methods. FIFO LIFO Ending inventory at May 31 Cost of goods sold
Windsor, Inc. uses a periodic inventory system. Its records show the following for the month of...
Windsor, Inc. uses a periodic inventory system. Its records show the following for the month of May, in which 88 units were sold. Unit Cost $14 May 1 Inventory 15 Purchases 24 Purchases Totals Units 41 34 47 Total Cost $574 578 846 $1,998 122 Compute the ending inventory at May 31 and cost of goods sold using the FIFO and LIFO methods. FIFO LIFO Ending inventory at May 31 $ Cost of goods sold
Kingbird, Inc. uses a periodic inventory system. Its records show the following for the month of...
Kingbird, Inc. uses a periodic inventory system. Its records show the following for the month of May, in which 130 units were sold. May 1 15 24 Unit Cost $13 1 6 Units 60 50 70 180 Inventory Purchases Purchases Totals Total Cost $780 800 1,190 $2,770 Compute the ending inventory at May 31 and cost of goods sold using the FIFO and LIFO methods. FIFO LIFO Ending inventory at May 31 Cost of goods sold
Ivanhoe Company uses a periodic inventory system. Its records show the following for the month of...
Ivanhoe Company uses a periodic inventory system. Its records show the following for the month of May, in which 70 units were sold. Date Explanation Units Unit Cost Total Cost May 1 Inventory 30 $ 10 $ 300 15 Purchase 25 11 275 24 Purchase 38 12 456 Total 93 $ 1,031 Calculate the weighted-average unit cost. (Round answer to 3 decimal places, e.g. 5.125.) Calculate the ending inventory at May 31 using the FIFO, LIFO and average-cost methods. (Round answers...
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View Policies Current Attempt in Progress Concord Co. uses a periodic inventory system. Its records show the following for the month of May, in which 72 units were sold. Unit Cost Total Cost Units May 1 Inventory $407 15 Purchases - 350 24 Purchases 480 9 Totals 94 $1,237 Compute the ending Inventory at May 31 and cost of goods sold using the FIFO and LIFO methods FIFO Ending inventory at May 31 $ Cost of goods sold
Sandhill Co, uses a periodic inventory system. Its records show the following for the month of...
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56.5 Horne Inc. uses a periodic inventory system. Its records show the following for the month...
56.5 Horne Inc. uses a periodic inventory system. Its records show the following for the month of May, in which 74 units were sold. Units Date May 1 30 Explanation Inventory Purchase Purchase Total Unit Cost $ 9 10 Total Cost $270 250 418 15 38 $938 Instructions Calculate the ending inventory at May 31 using the (a) FIFO, (b) LIFO, and (c) average- cost methods. (For average-cost, round the average unit cost to three decimal places.) Prove the amount...
Ballas Co. uses a periodic inventory system. Its records show the following for the month of May, in which 68 units were sold. Unit Cost Units Total Cost $240 A May 1 15 24 Inventory Purchases Purchases 30 25 35 $8 11 12 275 420 Totals 90 $935 Compute the ending inventory at May 31 and cost of goods sold using the FIFO and LIFO methods. FIFO LIFO * Ending inventory at May 31 **** ** Cost of goods sold
Concord Co, uses a periodic inventory system. Its records show the following for the month of May, in which 72 units were sold. Unit Units Cost Total Cost May 1 Inventory 37 $11 $407 15 Purchases 350 24 Purchases 480 $1237 Totals Compute the ending inventory at May 31 and cost of goods sold using the FIFO and LIFO methods. FIFO LIFO Ending inventory at May 31$ Cost of goods sold
Coronado Co. uses a periodic inventory system. Its records show
the following for the month of May, in which 74 units were
sold.
Units
Unit Cost
Total Cost
May 1
Inventory
34
$10
$340
15
Purchases
29
13
377
24
Purchases
33
14
462
Totals
96
$1,179
Compute the ending inventory at May 31 and cost of goods sold using
the FIFO and LIFO methods.
FIFO
LIFO
Ending inventory at May 31
$
$
Cost of goods sold
$
$
Ballas Co. uses a periodic inventory system. Its records show
the following for the month of May, in which 148 units were
sold.
Unit Units Cost Total Cost May 1 Inventory65 15 Purchases55 24 Purchases 76 196 $9 12 13 $585 660 988 $2,233 Totals Compute the ending inventory at May 31 and cost of goods sold using the FIFO and LIFO methods. FIFO LIFO Ending inventory at May 31 Cost of goods sold
Windsor, Inc. uses a periodic inventory system. Its records show the following for the month of May, in which 88 units were sold. Unit Cost $14 May 1 Inventory 15 Purchases 24 Purchases Totals Units 41 34 47 Total Cost $574 578 846 $1,998 122 Compute the ending inventory at May 31 and cost of goods sold using the FIFO and LIFO methods. FIFO LIFO Ending inventory at May 31 $ Cost of goods sold
Kingbird, Inc. uses a periodic inventory system. Its records show the following for the month of May, in which 130 units were sold. May 1 15 24 Unit Cost $13 1 6 Units 60 50 70 180 Inventory Purchases Purchases Totals Total Cost $780 800 1,190 $2,770 Compute the ending inventory at May 31 and cost of goods sold using the FIFO and LIFO methods. FIFO LIFO Ending inventory at May 31 Cost of goods sold
View Policies Current Attempt in Progress Concord Co. uses a periodic inventory system. Its records show the following for the month of May, in which 72 units were sold. Unit Cost Total Cost Units May 1 Inventory $407 15 Purchases - 350 24 Purchases 480 9 Totals 94 $1,237 Compute the ending Inventory at May 31 and cost of goods sold using the FIFO and LIFO methods FIFO Ending inventory at May 31 $ Cost of goods sold
Sandhill Co, uses a periodic inventory system. Its records show the following for the month of May, in which 79 units were sold. Unit Cost Date May 1 Explanation Inventory Units 30 $8 15 15 Purchase Total Cost $240 225 360 $825 24 Purchase 36 10 Total 91 Calculate the ending inventory at May 31 using the FIFO, LIFO and average cost methods. (Round answers to decimal places, s. 125.) FIFO LIFO AVERAGE-COST The ending inventory at May 31 $
56.5 Horne Inc. uses a periodic inventory system. Its records show the following for the month of May, in which 74 units were sold. Units Date May 1 30 Explanation Inventory Purchase Purchase Total Unit Cost $ 9 10 Total Cost $270 250 418 15 38 $938 Instructions Calculate the ending inventory at May 31 using the (a) FIFO, (b) LIFO, and (c) average- cost methods. (For average-cost, round the average unit cost to three decimal places.) Prove the amount...
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