![Problem 4-13 Cost of goods sold-LIFO and FIFO [LO4-2] At the end of January, Mineral Labs had an inventory of 775 units, which cost $12 per unit to produce. During February the company produced 900 units at a cost of $16 per unit o. If the firm sold 1,500 units in February, what was the cost of goods sold? (Assume LIFO inventory accounting) Cost of goods sold b. If the firm sold 1,500 units in February, what was the cost of goods sold? (Assume FIFO inventory accounting.) of < Prev 6 of 15Nt>](http://img.homeworklib.com/questions/0e6188e0-7348-11ea-99dd-73ddadfc7abc.png?x-oss-process=image/resize,w_560)
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Problem 4-13 Cost of goods sold-LIFO and FIFO [LO4-2] At the end of January, Mineral Labs...
At the end of January, Mineral Labs had an inventory of 875 units, which cost $10...
At the end of January, Mineral Labs had an inventory of 875 units, which cost $10 per unit to produce. During February, the company produced 1,400 units at a cost of $14 per unit. a. If the firm sold 1,850 units in February, what was the cost of goods sold? (Assume LIFO inventory accounting.) b. If the firm sold 1,850 units in February, what was the cost of goods sold? (Assume FIFO inventory accounting.)
At the end of January, Mineral Labs had an inventory of 935 units, which cost S10...
At the end of January, Mineral Labs had an inventory of 935 units, which cost S10 per unit to produce. During February, the company produced 1,700 units at a cost of 514 per unit. a. If the firm sold 2,450 units in February, what was the cost of goods sold? (Assume LIFO inventory accounting.) Cost of goods sold b. If the firm sold 2,450 units in February, what was the cost of goods sold? (Assume FIFO inventory accounting.) Cost of...
M7-10 Calculating Cost of Goods Available for Sale, Cost of Goods Sold, and Ending Inventory under FIFO, LIFO, and Weig...
M7-10 Calculating Cost of Goods Available for Sale, Cost of Goods Sold, and Ending Inventory under FIFO, LIFO, and Weighted Average Cost (Periodic Inventory) (LO 7-3] Aircard Corporation tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period as if it uses a periodic inventory system. The following are the transactions for the month of July. Unit Cost $20 July 1 July 5 July 13 July...
E7-6 (Algo) Calculating Ending Inventory and Cost of Goods Sold Under FIFO, LIFO, and Average Cost...
E7-6 (Algo) Calculating Ending Inventory and Cost of Goods Sold Under FIFO, LIFO, and Average Cost LO7-2 Hamilton Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 1: Units Unit Cost $5 1,830 Inventory, December 31, prior year For the current year: Purchase, March 21 Purchase, August 1 Inventory, December 31, current year 6,130 4,130 2,810 2 Required: Compute ending...
Calculate cost of goods sold and ending inventory for Emergicare’s bandages orders using FIFO, LIFO and...
Calculate cost of goods sold and ending inventory for Emergicare’s bandages orders using FIFO, LIFO and average cost. There are 34 units in ending inventory. (Do not round intermediate calculations, such as average cost per unit values. Round your answers to the nearest cent.) Date Units purchased Cost per unit Total cost January 1 51 $ 7.10 $ 362.10 April 1 46 6.35 292.10 June 1 61 6.10 372.10 September 1 56 6.60 369.60 Total 214 $ 1,395.90 Cost of...
E7-5 (Algo) Calculating Ending Inventory and Cost of Goods Sold Under FIFO, LIFO, and Average Cost...
E7-5 (Algo) Calculating Ending Inventory and Cost of Goods Sold Under FIFO, LIFO, and Average Cost LO7-2 Nittany Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 1: Units Unit Cost $5 1,930 Inventory, December 31, prior year For the current year: Purchase, March 21 Purchase, August 1 Inventory, December 31, current year 7 5,080 2,830 4,040 Required: Compute ending...
E7-6 (Algo) Calculating Ending Inventory and Cost of Goods Sold Under FIFO, LIFO, and Average Cost...
E7-6 (Algo) Calculating Ending Inventory and Cost of Goods Sold Under FIFO, LIFO, and Average Cost LO7-2 Hamilton Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 1: Unit Units Cost Inventory, December 31, prior 1,980 $8 year For the current year: Purchase, March 21 Purchase, August 1 Inventory, December 31, current 6,090 4,150 7 2,840 year Required: Compute ending...
Computing Cost of Goods Sold and Ending Inventory Under FIFO, LIFO, and Average Cost Assume that...
Computing Cost of Goods Sold and Ending Inventory Under FIFO, LIFO, and Average Cost Assume that Gode Company reports the following initial balance and subsequent purchase of inventory: Beginning inventory, 2017 1,000 units @ $100 each $100,000 Inventory purchased in 2017 2.000 units $150 each 300,000 Cost of goods available for sale in 2017 3.000 units $400,000 Assume that 1,600 units are sold during 2017. Compute the cost of goods sold for 2017 and the balance reported as ending inventory...
Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and...
Compute the cost assigned to ending inventory using (a) FIFO,
(b) LIFO, (c) weighted average, and (d) specific identification.
For specific identification, units sold consist of 600 units from
beginning inventory, 380 from the February 10 purchase, 120 from
the March 13 purchase, 130 from the August 21 purchase, and 205
from the September 5 purchase. (Round your average cost per unit to
2 decimal places.)
Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases...
Exercise 8-16 (Algo) Comparison of FIFO and LIFO; periodic system (LO8-1, 8-4) Alta Ski Company's inventory...
Exercise 8-16 (Algo) Comparison of FIFO and LIFO; periodic system (LO8-1, 8-4) Alta Ski Company's inventory records contained the following information regarding its latest ski model. The company uses a periodic inventory system. points 1,150 units @ $80 each 2,400 units @ $95 each 2,200 units @ $100 each Beginning inventory, January 1, 2021 Purchases: January 15 January 21 Sales: January 5 January 22 January 29 Ending inventory, January 31, 2021 1,100 units @ $120 each 1,500 units @ $130...
At the end of January, Mineral Labs had an inventory of 935 units, which cost S10 per unit to produce. During February, the company produced 1,700 units at a cost of 514 per unit. a. If the firm sold 2,450 units in February, what was the cost of goods sold? (Assume LIFO inventory accounting.) Cost of goods sold b. If the firm sold 2,450 units in February, what was the cost of goods sold? (Assume FIFO inventory accounting.) Cost of...
M7-10 Calculating Cost of Goods Available for Sale, Cost of Goods Sold, and Ending Inventory under FIFO, LIFO, and Weighted Average Cost (Periodic Inventory) (LO 7-3] Aircard Corporation tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period as if it uses a periodic inventory system. The following are the transactions for the month of July. Unit Cost $20 July 1 July 5 July 13 July...
E7-6 (Algo) Calculating Ending Inventory and Cost of Goods Sold Under FIFO, LIFO, and Average Cost LO7-2 Hamilton Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 1: Units Unit Cost $5 1,830 Inventory, December 31, prior year For the current year: Purchase, March 21 Purchase, August 1 Inventory, December 31, current year 6,130 4,130 2,810 2 Required: Compute ending...
E7-5 (Algo) Calculating Ending Inventory and Cost of Goods Sold Under FIFO, LIFO, and Average Cost LO7-2 Nittany Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 1: Units Unit Cost $5 1,930 Inventory, December 31, prior year For the current year: Purchase, March 21 Purchase, August 1 Inventory, December 31, current year 7 5,080 2,830 4,040 Required: Compute ending...
E7-6 (Algo) Calculating Ending Inventory and Cost of Goods Sold Under FIFO, LIFO, and Average Cost LO7-2 Hamilton Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 1: Unit Units Cost Inventory, December 31, prior 1,980 $8 year For the current year: Purchase, March 21 Purchase, August 1 Inventory, December 31, current 6,090 4,150 7 2,840 year Required: Compute ending...
Computing Cost of Goods Sold and Ending Inventory Under FIFO, LIFO, and Average Cost Assume that Gode Company reports the following initial balance and subsequent purchase of inventory: Beginning inventory, 2017 1,000 units @ $100 each $100,000 Inventory purchased in 2017 2.000 units $150 each 300,000 Cost of goods available for sale in 2017 3.000 units $400,000 Assume that 1,600 units are sold during 2017. Compute the cost of goods sold for 2017 and the balance reported as ending inventory...
Compute the cost assigned to ending inventory using (a) FIFO,
(b) LIFO, (c) weighted average, and (d) specific identification.
For specific identification, units sold consist of 600 units from
beginning inventory, 380 from the February 10 purchase, 120 from
the March 13 purchase, 130 from the August 21 purchase, and 205
from the September 5 purchase. (Round your average cost per unit to
2 decimal places.)
Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases...
Exercise 8-16 (Algo) Comparison of FIFO and LIFO; periodic system (LO8-1, 8-4) Alta Ski Company's inventory records contained the following information regarding its latest ski model. The company uses a periodic inventory system. points 1,150 units @ $80 each 2,400 units @ $95 each 2,200 units @ $100 each Beginning inventory, January 1, 2021 Purchases: January 15 January 21 Sales: January 5 January 22 January 29 Ending inventory, January 31, 2021 1,100 units @ $120 each 1,500 units @ $130...
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