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Use the following information to...
Question 2 072 pts Use the following information to answer the next 4 questions. Monsoon Company...
Question 2 072 pts Use the following information to answer the next 4 questions. Monsoon Company has a beginning balance in inventory of 400 units at @ $4.20 per unit. A record of transactions for the month of May was as follows: Purchases Sales May Cost May # Price 1,100 $4.10 3 200 $7.00 600 $4.30 800 $7.00 14 900 $4.40 12 800 $7.50 22 1,450 $4.50 18 500 $7.50 29 550 $4.50 25 1,450 $8.00 Determine Monsoon's ending inventory...
Determine Monsoon's ending inventory in dollars using Perpetual FIFO. Round to the nearest dollar. Determine Monsoon's...
Determine Monsoon's ending
inventory in dollars using Perpetual
FIFO. Round to the nearest dollar.
Determine Monsoon's ending inventory in dollars
using Perpetual LIFO. Round to the nearest
dollar.
Monsoon Company has a beginning balance in inventory of 400 units at @ $4.20 per unit. A record of transactions for the month of May was as follows: Purchases Sales May Cost May # Price 200 $7.00 1,100 600 $4.10 $4.30 800 $7.00 900 $4.40 800 $7.50 500 $7.50 1,450 550 $4.50...
Perpetual LIFO. A record of transactions for the month of May was as follows: Purchases May...
Perpetual LIFO. A record of transactions for the month of May was as follows: Purchases May 1 (balance) 400 @ $4.20 May 3 1,300 @ $4.10 6 800 @$4.30 12 700 @ $4.40 1,200 @ $4.50 500 @ $4.55 Sales 200 @ $7.00 1,000 @ 7.00 900 @ 7.50 400 @ 7.50 1,400 @ 8.00 18 Assuming that perpetual inventory records are kept in dollars, determine the ending inventory using LIFO.
Question 10 A record of transactions for the month of May was as follows: Purchases Sales...
Question 10 A record of transactions for the month of May was as follows: Purchases Sales May 1 (balance) 480 @ $5.40 May 3 240 @ $7.00 4 1,350 @ $5.30 6 1,000 @ 7.00 8 800 @ $5.50 12 900 @ 7.50 14 700 @ $5.60 18 500 @ 7.50 22 1,290 @ $5.70 25 1,300 @ 8.00 29 600 @ $5.75 Assuming that perpetual inventory records are kept in dollars, determine the ending inventory using LIFO. Ending inventory...
Exercise 8-18 The following information is for the inventory of mini-kettles at Funnell Company Limited for...
Exercise 8-18
The following information is for the inventory of mini-kettles at
Funnell Company Limited for the month of May.
Date
Transaction
Units
In
Unit
Cost
Total
Units
Sold
Unit
Price
Total
May 1
Balance
100
$4.10
$410
6
Purchase
800
4.20
3,360
7
Sale
300
$7.00
$2,100
10
Sale
300
7.30
2,190
12
Purchase
400
4.50
1,800
15
Sale
200
7.40
1,480
18
Purchase
300
4.60
1,380
22
Sale
400
7.40
2,960
25
Purchase
500
4.58
2,290
30
Sale...
Exercise 8-17 The following information is for the inventory of mini-kettles at Concord Company Limited for...
Exercise 8-17
The following information is for the inventory of mini-kettles at
Concord Company Limited for the month of May:
Date
Transaction
Units
In
Unit
Cost
Total
Units
Sold
Unit
Price
Total
May 1
Balance
100
$4.20
$420
6
Purchase
810
4.40
3,564
7
Sale
310
$7.00
$2,170
10
Sale
310
7.40
2,294
12
Purchase
450
5.00
2,250
15
Sale
250
8.00
2,000
18
Purchase
300
4.80
1,440
22
Sale
450
7.80
3,510
25
Purchase
520
4.40
2,288
30
Sale...
Required information Use the following information for the Exercises 3-7 below. (Algo) [The following information applies...
Required information Use the following information for the Exercises 3-7 below. (Algo) [The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. Units sold at Retail Units Acquired at Cost 165 units @ $9.00 = $1,485 125 units @ $18.00 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 110 units @ $8.00 = 880 125 units...
Altira Corporation uses a periodic inventory system. The following information related to its merchandise inventory during...
Altira Corporation uses a periodic inventory system. The
following information related to its merchandise inventory during
the month of August 2016 is available:
Aug.1
Inventory on hand—10,500 units; cost $8.80
each.
8
Purchased 30,000 units for $7.50 each.
14
Sold 21,000 units for $14.00 each.
18
Purchased 16,000 units for $7.00 each.
25
Sold 20,000 units for $13.00 each.
31
Inventory on hand—15,500 units.
Required:
Determine the inventory balance Altira would report in its
August 31, 2016, balance sheet and...
Use the following data for #5-12: Inventory information is presented below. Please calculate the ending inventory,...
Use the following data for #5-12: Inventory information is presented below. Please calculate the ending inventory, cost of goods sold, and gross profit for each of the six inventory methods below and answer the questions. Round answers to the nearest dollar. 4/1 - Beginning inventory - 12 units at $22 cost 4/10 - Purchase - 22 units at $23 cost 4/15 - Sale - 26 units ($30 sales price) 4/20 - Purchase - 27 units at $24 cost 4/25 -...
Required information Use the following information for the Exercises below. [The following information applies to the...
Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below.) Laker Company reported the following January purchases and sales data for its only product. Units Acquired at Cost 155 units @ $8.00 = $1,240 Units sold at Retail 115 units @ $17.00 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 90 units @ $7.00 = 630 95 units @ $17.00...
Question 2 072 pts Use the following information to answer the next 4 questions. Monsoon Company has a beginning balance in inventory of 400 units at @ $4.20 per unit. A record of transactions for the month of May was as follows: Purchases Sales May Cost May # Price 1,100 $4.10 3 200 $7.00 600 $4.30 800 $7.00 14 900 $4.40 12 800 $7.50 22 1,450 $4.50 18 500 $7.50 29 550 $4.50 25 1,450 $8.00 Determine Monsoon's ending inventory...
Determine Monsoon's ending
inventory in dollars using Perpetual
FIFO. Round to the nearest dollar.
Determine Monsoon's ending inventory in dollars
using Perpetual LIFO. Round to the nearest
dollar.
Monsoon Company has a beginning balance in inventory of 400 units at @ $4.20 per unit. A record of transactions for the month of May was as follows: Purchases Sales May Cost May # Price 200 $7.00 1,100 600 $4.10 $4.30 800 $7.00 900 $4.40 800 $7.50 500 $7.50 1,450 550 $4.50...
Perpetual LIFO. A record of transactions for the month of May was as follows: Purchases May 1 (balance) 400 @ $4.20 May 3 1,300 @ $4.10 6 800 @$4.30 12 700 @ $4.40 1,200 @ $4.50 500 @ $4.55 Sales 200 @ $7.00 1,000 @ 7.00 900 @ 7.50 400 @ 7.50 1,400 @ 8.00 18 Assuming that perpetual inventory records are kept in dollars, determine the ending inventory using LIFO.
Exercise 8-18
The following information is for the inventory of mini-kettles at
Funnell Company Limited for the month of May.
Date
Transaction
Units
In
Unit
Cost
Total
Units
Sold
Unit
Price
Total
May 1
Balance
100
$4.10
$410
6
Purchase
800
4.20
3,360
7
Sale
300
$7.00
$2,100
10
Sale
300
7.30
2,190
12
Purchase
400
4.50
1,800
15
Sale
200
7.40
1,480
18
Purchase
300
4.60
1,380
22
Sale
400
7.40
2,960
25
Purchase
500
4.58
2,290
30
Sale...
Exercise 8-17
The following information is for the inventory of mini-kettles at
Concord Company Limited for the month of May:
Date
Transaction
Units
In
Unit
Cost
Total
Units
Sold
Unit
Price
Total
May 1
Balance
100
$4.20
$420
6
Purchase
810
4.40
3,564
7
Sale
310
$7.00
$2,170
10
Sale
310
7.40
2,294
12
Purchase
450
5.00
2,250
15
Sale
250
8.00
2,000
18
Purchase
300
4.80
1,440
22
Sale
450
7.80
3,510
25
Purchase
520
4.40
2,288
30
Sale...
Required information Use the following information for the Exercises 3-7 below. (Algo) [The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. Units sold at Retail Units Acquired at Cost 165 units @ $9.00 = $1,485 125 units @ $18.00 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 110 units @ $8.00 = 880 125 units...
Altira Corporation uses a periodic inventory system. The
following information related to its merchandise inventory during
the month of August 2016 is available:
Aug.1
Inventory on hand—10,500 units; cost $8.80
each.
8
Purchased 30,000 units for $7.50 each.
14
Sold 21,000 units for $14.00 each.
18
Purchased 16,000 units for $7.00 each.
25
Sold 20,000 units for $13.00 each.
31
Inventory on hand—15,500 units.
Required:
Determine the inventory balance Altira would report in its
August 31, 2016, balance sheet and...
Use the following data for #5-12: Inventory information is presented below. Please calculate the ending inventory, cost of goods sold, and gross profit for each of the six inventory methods below and answer the questions. Round answers to the nearest dollar. 4/1 - Beginning inventory - 12 units at $22 cost 4/10 - Purchase - 22 units at $23 cost 4/15 - Sale - 26 units ($30 sales price) 4/20 - Purchase - 27 units at $24 cost 4/25 -...
Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below.) Laker Company reported the following January purchases and sales data for its only product. Units Acquired at Cost 155 units @ $8.00 = $1,240 Units sold at Retail 115 units @ $17.00 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Jan. 30 Purchase Totals 90 units @ $7.00 = 630 95 units @ $17.00...
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