Chess Top uses the periodic inventory system. For the current month, the beginning inventory consisted of...
Chess Top uses the periodic inventory system. For the current month, the beginning inventory consisted of 480 units that cost $65 each. During the month, the company made two purchases: 720 units at $68 each and 360 units at $70 each. Chess Top also sold 1200 units during the month. Using the LIFO method, what is the amount of cost of goods sold for the month?
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Answer:$81,960
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Chess Top uses the periodic inventory system. For the current
month, the beginning inventory consisted of...
Company A uses the periodic inventory system. The beginning inventory consisted of 360 units that cost...
Company A uses the periodic inventory system. The beginning inventory consisted of 360 units that cost $65 each. During the month of febuary, the company made two purchases: on febuary 15, they bought 450 units at $68 each; on febuary 25, they bought 270 units at $70 each. Company A also sold 900 units during the month Using LIFO, what is the amount of ending inventory.
Good Man uses the periodic inventory system. For the current month, the beginning inventory consisted of...
Good Man uses the periodic inventory system. For the current month, the beginning inventory consisted of 360 units that cost $10 each. During the month, the company made two purchases: 540 units at $12 each and 270 units at $13 each. Good Man also sold 900 units during the month. Using the average cost method, what is the amount of ending inventory? $2,700. $3,510. $3,136 $3,600.
Sheffield uses the periodic inventory system. For the current month, the beginning inventory consisted of 7300 units tha...
Sheffield uses the periodic inventory system. For the current month, the beginning inventory consisted of 7300 units that cost $13 each. During the month, the company made two purchases: 2900 units at $14 each and 11800 units at $14.50 each. Sheffield also sold 13100 units during the month. Using the LIFO method, what is the ending inventory? A. $124066. B. $117300. C. $115700. D. $129050.
FIFO, LIFO and average cost method in periodic inventory system. Angelo Plc uses a periodic inventory...
FIFO, LIFO and average cost method in periodic inventory system. Angelo Plc uses a periodic inventory system. The beginning balance of inventory and purchases made by the company during the month of July, 2016 are given below: July 1: Beginning inventory, 500 units @ $20 per unit. July 18: Inventory purchased, 800 units @ $24 per unit. July 25: Inventory purchased, 700 units @ $26 per unit. The company sold 1,400 units during the month of July. Required: Compute inventory...
1. Daniel Company uses a periodic inventory system. Data for the current year: beginning merchandise inventory...
1. Daniel Company uses a periodic inventory system. Data for the current year: beginning merchandise inventory (ending inventory December 31, prior year), 2,090 units at $36; purchases, 7,860 units at $38; expenses (excluding income taxes), $192,500; ending inventory per physical count at December 31, current year, 1,660 units; sales, 8,290 units; sales price per unit, $76; and average income tax rate, 32 percent. How do you find the Average cost (inventory costing method): Beginning Inventory Purchases Goods Available for sale...
Concord Co, uses a periodic inventory system. Its records show the following for the month of...
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
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
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
Daniel Company uses a periodic inventory system. Data for the current year: beginning merchandise inventory (ending...
Daniel Company uses a periodic inventory system. Data for the
current year: beginning merchandise inventory (ending inventory
December 31, prior year), 2,000 units at $38; purchases, 8,000
units at $40; expenses (excluding income taxes), $184,500; ending
inventory per physical count at December 31, current year, 1,800
units; sales, 8,200 units; sales price per unit, $75; and average
income tax rate, 30 percent.
Compute cost of goods sold under the FIFO, LIFO, and average cost inventory costing methods. (Do not round...
Hazelton Corporation uses a periodic inventory system and the LIFO method to value its inventory. The...
Hazelton Corporation uses a periodic inventory system and the LIFO method to value its inventory. The company began 2018 with $70,300 in inventory of its only product. The beginning inventory consisted of the following layers: 4, 100 units at $7 per unit 5, 200 units at $8 per unit $28, 700 41, 600 $70, 300 Total During 2018, 6,100 units were purchased at $9 per unit and during 2019, 7,200 units were purchased at $10 per unit. Sales, in units,...
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
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
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
Daniel Company uses a periodic inventory system. Data for the
current year: beginning merchandise inventory (ending inventory
December 31, prior year), 2,000 units at $38; purchases, 8,000
units at $40; expenses (excluding income taxes), $184,500; ending
inventory per physical count at December 31, current year, 1,800
units; sales, 8,200 units; sales price per unit, $75; and average
income tax rate, 30 percent.
Compute cost of goods sold under the FIFO, LIFO, and average cost inventory costing methods. (Do not round...
Hazelton Corporation uses a periodic inventory system and the LIFO method to value its inventory. The company began 2018 with $70,300 in inventory of its only product. The beginning inventory consisted of the following layers: 4, 100 units at $7 per unit 5, 200 units at $8 per unit $28, 700 41, 600 $70, 300 Total During 2018, 6,100 units were purchased at $9 per unit and during 2019, 7,200 units were purchased at $10 per unit. Sales, in units,...
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