Homework Answers
Answer
- Ending inventory would be valued from latest purchases.
- Ending inventory = 167 units.
Cost calculation:
>79 units at $ 15.81,
>remaining 88 units at $ 8.36
Cost of ending inventory = (79 x
15.81) + (88 x 8.36)
= 1248.99 + 735.68
= $ 1984.67
- Correct Answer = Option ‘D’ $ 1984.67
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Domino Co. has the following data related to an item of inventory: Beginning Inventory, March 1 - 100 units @ $2.10 Purchase, March 7 - 350 @ $2.20 Purchase, March 16 - 70 @ $2.25 Ending Inventory, March 31 - 130 The value assigned to cost of goods sold if Domino uses FIFO is The value assigned to ending inventory if Domino uses LIFO is
Niles Co. has the following data related to an item of inventory: Inventory, March 1 400...
Niles Co. has the following
data related to an item of inventory: Inventory, March 1 400 units
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cost of goods sold if Niles uses FIFO is
Niles Co. has the following data related to an item of inventory: Inventory, March 1 Purchase, March 7 Purchase, March 16 Inventory, March 31 400 units @ $2.10 1400...
Niles Co. has the following data related to an item of inventory: Inventory, March 1 400...
Niles Co. has the following
data related to an item of inventory: Inventory, March 1 400 units
@ $2.10 Purchase, March 7 1400 units @ $2.20 Purchase, March 16 280
units @ $2.50 Inventory, March 31 520 units The value assigned to
ending inventory if Niles uses LIFO is
*PLEASE EXPLAIN IN DETAIL, HOW DOES EVERY NUMBER COME FROM*
Niles Co. has the following data related to an item of inventory: Inventory, March 1 400 units @ $2.10 Purchase, March...
Niles Co. has the following data related to an item of inventory: Inventory, March 1 400...
Niles Co. has the following
data related to an item of inventory: Inventory, March 1 400 units
@ $2.10 Purchase, March 7 1400 units @ $2.20 Purchase, March 16 280
units @ $2.50 Inventory, March 31 520 units.
*answer: (400 × $2.10) + (120 × $2.20) = $1104.
*******Where does 120 come from? ********
Niles Co. has the following data related to an item of inventory: Inventory, March 1 400 units @ $2.10 1 Purchase, March 7 Purchase, March 16...
11. Niles Co. has the following data related to an item of inventory:Inventory, March 1150 units@ $1.75Purchase, March 7...
11. Niles Co. has the
following data related to an item of inventory:Inventory, March
1150 units@ $1.75Purchase, March 7600 units@ $2.00Purchase, March
16280 units@ $2.15Sale, March 31520 unitsThe value assigned to cost
of goods sold if Niles uses perpetual FIFO is
11. Niles Co. has the following data related to an item of inventory: Inventory, March 1 150 units @ $1.75 Purchase, March 7 600 units @ $2.00 Purchase, March 16 280 units @ $2.15 Sale, March 31 520 units...
13. Niles Co. has the following data related to inventory Inventory, March 1 Purchase, March 7...
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FIFO and LIFO periodic inventory methods. The Rock Shop shows the following data related to an...
FIFO and LIFO periodic inventory methods. The Rock Shop shows the following data related to an item of inventory: Inventory, January 1 200 units @ $5.00 Purchase, January 9 600 units @ $5.40 Purchase, January 19 140 units @ $6.00 Inventory, January 31 200 units Instructions (a) What value should be assigned to the ending inventory using FIFO? (b) What value should be assigned to cost of goods sold using LIFO?
FIFO and LIFO periodic inventory methods. The Rock Shop shows the following data related to an...
FIFO and LIFO periodic inventory methods. The Rock Shop shows the following data related to an item of inventory: Inventory, January 1 100 units @ $5.00 Purchase, January 9 700 units @ $5.50 Purchase, January 19 200 units @ $6.00 Inventory, January 31 300 units Instructions (a) What value should be assigned to the ending inventory using FIFO? (b) What value should be assigned to cost of goods sold using LIFO?
Blue Inc. has the following data related to an item of inventory: Inventory, May 1 200...
Blue Inc. has the following data related to an item of inventory: Inventory, May 1 200 units @ $2.10 Purchase, May 8 800 units @ $2.20 Purchase, May 20 300 units @ $2.25 Inventory, May 31 500 units What is cost of goods sold if Blue uses the FIFO cost flow assumption? (Fill in blanks with numbers only. No $ needed.)
ATV Co. began operations on March 1 and uses a perpetual inventory system. It entered into...
ATV Co. began operations on March 1 and uses a perpetual
inventory system. It entered into purchases and sales for March as
shown in the Tableau Dashboard.
Mar 01: Purchase, 100 units, 50 each.
Mar 05: Purchase, 400 units, 55 each.
Mar 09: Sales, 420 units, 85 each.
Mar 18: Purchase, 120 units, 60 each.
Mar 25: Purchase, 200 units, 62 each.
Mar 29: Sales, 160 units, 95 each.
1. Compute the cost assigned to ending
inventory using FIFO.
2....
Niles Co. has the following
data related to an item of inventory: Inventory, March 1 400 units
@ $2.10 Purchase, March 7 1400 units @ $2.20 Purchase, March 16 280
units @ $2.50 Inventory, March 31 520 units The value assigned to
cost of goods sold if Niles uses FIFO is
Niles Co. has the following data related to an item of inventory: Inventory, March 1 Purchase, March 7 Purchase, March 16 Inventory, March 31 400 units @ $2.10 1400...
Niles Co. has the following
data related to an item of inventory: Inventory, March 1 400 units
@ $2.10 Purchase, March 7 1400 units @ $2.20 Purchase, March 16 280
units @ $2.50 Inventory, March 31 520 units The value assigned to
ending inventory if Niles uses LIFO is
*PLEASE EXPLAIN IN DETAIL, HOW DOES EVERY NUMBER COME FROM*
Niles Co. has the following data related to an item of inventory: Inventory, March 1 400 units @ $2.10 Purchase, March...
Niles Co. has the following
data related to an item of inventory: Inventory, March 1 400 units
@ $2.10 Purchase, March 7 1400 units @ $2.20 Purchase, March 16 280
units @ $2.50 Inventory, March 31 520 units.
*answer: (400 × $2.10) + (120 × $2.20) = $1104.
*******Where does 120 come from? ********
Niles Co. has the following data related to an item of inventory: Inventory, March 1 400 units @ $2.10 1 Purchase, March 7 Purchase, March 16...
11. Niles Co. has the
following data related to an item of inventory:Inventory, March
1150 units@ $1.75Purchase, March 7600 units@ $2.00Purchase, March
16280 units@ $2.15Sale, March 31520 unitsThe value assigned to cost
of goods sold if Niles uses perpetual FIFO is
11. Niles Co. has the following data related to an item of inventory: Inventory, March 1 150 units @ $1.75 Purchase, March 7 600 units @ $2.00 Purchase, March 16 280 units @ $2.15 Sale, March 31 520 units...
13. Niles Co. has the following data related to inventory Inventory, March 1 Purchase, March 7 Purchase, March 16 Inventory, March 31 400 units 1400 units @S2.00 @S2.30 @ $2.50 280 units 600 units The value assigned to Ending Inventory if Niles uses LIFO is: a. $1,200 b. S1,260 c. $1,380 d. $1,480 14. The following information is given for a specific inventory item: Cost $100 120 32 15 Estimated selling price Cost to complete Selling cost What is the...
FIFO and LIFO periodic inventory methods. The Rock Shop shows the following data related to an item of inventory: Inventory, January 1 200 units @ $5.00 Purchase, January 9 600 units @ $5.40 Purchase, January 19 140 units @ $6.00 Inventory, January 31 200 units Instructions (a) What value should be assigned to the ending inventory using FIFO? (b) What value should be assigned to cost of goods sold using LIFO?
Blue Inc. has the following data related to an item of inventory: Inventory, May 1 200 units @ $2.10 Purchase, May 8 800 units @ $2.20 Purchase, May 20 300 units @ $2.25 Inventory, May 31 500 units What is cost of goods sold if Blue uses the FIFO cost flow assumption? (Fill in blanks with numbers only. No $ needed.)
ATV Co. began operations on March 1 and uses a perpetual
inventory system. It entered into purchases and sales for March as
shown in the Tableau Dashboard.
Mar 01: Purchase, 100 units, 50 each.
Mar 05: Purchase, 400 units, 55 each.
Mar 09: Sales, 420 units, 85 each.
Mar 18: Purchase, 120 units, 60 each.
Mar 25: Purchase, 200 units, 62 each.
Mar 29: Sales, 160 units, 95 each.
1. Compute the cost assigned to ending
inventory using FIFO.
2....
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