Homework Answers
| Unit | Unit cost | Total Cost | |
| Beginning inventory | 100 | 28 | 2800 |
| Purchase 1 | 650 | 24 | 15600 |
| Purchase 2 | 550 | 20 | 11000 |
| Purchase 3 | 200 | 18 | 3600 |
| Total | 1500 | 33000 |
Calculate following
| a) First in first out | |
| Ending inventory (200*18+150*20) | 6600 |
| Cost of goods sold (33000-6600) | 26400 |
| b) Average cost | |
| Ending inventory (33000/1500*350) | 7700 |
| Cost of goods sold | 25300 |
| c) Last in first out | |
| Ending inventory (100*28+250*24) | 8800 |
| Cost of goods sold | 24200 |
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Computing Cost of Sales and Ending Inventory Stocken Company has the following financial records for the...
Computing Cost of Sales and Ending Inventory Stocken Company has the following financial records for the...
Computing Cost of Sales and Ending Inventory Stocken Company has the following financial records for the current period: Units Unit cost Beginning inventory 100 $49 Purchases #1 650 45 #2 550 41 #3 200 39 Ending inventory at the end of this period is 350 units. Compute the ending inventory and the cost of goods sold for the current period using (a) first-in, first-out, (b) average cost, and (c) last-in, first-out. FIFO Average cost LIFO Cost of goods sold $...
Computing Cost of Sales and Ending Inventory Stocken Company has the following financial records for the...
Computing Cost of Sales and Ending Inventory Stocken Company has the following financial records for the current period. Units Unit Cost Beginning Inventory 100 $ 26 Purchases: #1 650 22 #2 550 18 #3 200 16 Ending inventory is 350 units. Compute the ending inventory and the cost of goods sold for the current period using (a) first-in, first out, (b) average cost, and (c) last-in, first out. (a) First-in, first-out Ending inventory Answer Cost of goods sold Answer (b)...
E6-29. Computing Cost of Sales and Ending Inventory (102) Stocken Company has the following financial records...
E6-29. Computing Cost of Sales and Ending Inventory (102) Stocken Company has the following financial records for the current period. Units 100 650 550 Unit Cost $46 Beginning inventory Purchases: #1.. #2. 42 38 36 #3. 200 Ending inventory is 350 units. Compute the ending inventory and the cost of goods sold for the current period using (a) first-in, first out, (b) average cost, and (c) last-in, first-out.
Computing Cost of Sales and Ending Inventory Stocken Company has the following financial records for the...
Computing Cost of Sales and Ending Inventory Stocken Company has the following financial records for the current period: Units Unit cost Beginning inventory 100 $48 Purchases #1 650 44 #2 550 40 #3 200 38 Ending inventory at the end of this period is 350 units. Compute the ending inventory and the cost of goods sold for the current period using (a) first-in, first-out, (b) average cost, and (c) last-in, first-out. FIFO Average cost LIFO Cost of goods sold Answer...
1. Botter Company had a beginning inventory of 200 units at a cost of $13 per...
1. Botter Company had a beginning inventory of 200 units at a cost of $13 per unit on August 1. During the month, the following purchases and sales were made. Purchases 250 units at S14 350 units at S15 200 units at S16 Sales August August August 4 15 28 August August August August 7 150 units 11 100 units 17 300 units 24 200 units Botter uses a periodic inventory system Instructions Determine ending inventory and cost of goods...
Calculate the value of ending inventory and cost of goods sold using the periodic method and...
Calculate the value of ending inventory and cost of goods sold
using the periodic method and a) first-in, first-out, b) last-in,
first-out, and c) weighted-average cost method:
Inventory Costing Methods—Periodic Method The following data are for the Portet Corporation, which sells just one product: Units Unit Cost Beginning Inventory, January 1 1.200 Purchases: February 11 1,500 May 18 1,400 October 23 1,100 Sales: March 1 1,400 July 1 1,400 October 291,000 Calculate the value of ending inventory and cost of...
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...
Shellhammer Company's inventory records show the following data for the month of September: Units Unit Cost...
Shellhammer Company's inventory records show the following data
for the month of September:
Units
Unit Cost
Inventory,
September 1
100
$3.34
Purchases:
September 8
450
3.50
September 18
350
3.70
A physical inventory on September 30 shows 200 units on hand.
Calculate the value of ending inventory and cost of goods sold if
the company uses LIFO inventory costing and a periodic inventory
system.
Ending inventory
$
Cost of goods sold
$
CHAPTER 6 1. Which of the following is NOT an inventory costing method? A) specific identification...
CHAPTER 6 1. Which of the following is NOT an inventory costing method? A) specific identification B) lower of cost or market C) last-in, first-out D) first-in, first-out 2. Which of the following inventory costing methods is based on the actual cost of each particular unit of inventory? A) specific identification B) weighted average C) last-in, first-out D) first-in, first-out 3. Which of the following inventory costing methods uses the cost of the oldest purchases to compute the cost of...
Using a LIFO perpetual cost flow, calculate the value of the ending inventory and the cost...
Using a LIFO perpetual cost flow, calculate the value of the ending inventory and the cost of goods sold for the month of November of Beamer Company using the data below. Nov. $80 each 1 Purchased 4 Sold 11 Purchased 12 Sold 22 Purchased 23 Sold 600 units 200 units 350 units 275 units 175 units 155 units $82 each $84 each 1. Calculate the inventory valuation at the end of November 2. Calculate the cost of goods sold for...
Computing Cost of Sales and Ending Inventory Stocken Company has the following financial records for the current period: Units Unit cost Beginning inventory 100 $49 Purchases #1 650 45 #2 550 41 #3 200 39 Ending inventory at the end of this period is 350 units. Compute the ending inventory and the cost of goods sold for the current period using (a) first-in, first-out, (b) average cost, and (c) last-in, first-out. FIFO Average cost LIFO Cost of goods sold $...
E6-29. Computing Cost of Sales and Ending Inventory (102) Stocken Company has the following financial records for the current period. Units 100 650 550 Unit Cost $46 Beginning inventory Purchases: #1.. #2. 42 38 36 #3. 200 Ending inventory is 350 units. Compute the ending inventory and the cost of goods sold for the current period using (a) first-in, first out, (b) average cost, and (c) last-in, first-out.
1. Botter Company had a beginning inventory of 200 units at a cost of $13 per unit on August 1. During the month, the following purchases and sales were made. Purchases 250 units at S14 350 units at S15 200 units at S16 Sales August August August 4 15 28 August August August August 7 150 units 11 100 units 17 300 units 24 200 units Botter uses a periodic inventory system Instructions Determine ending inventory and cost of goods...
Calculate the value of ending inventory and cost of goods sold
using the periodic method and a) first-in, first-out, b) last-in,
first-out, and c) weighted-average cost method:
Inventory Costing Methods—Periodic Method The following data are for the Portet Corporation, which sells just one product: Units Unit Cost Beginning Inventory, January 1 1.200 Purchases: February 11 1,500 May 18 1,400 October 23 1,100 Sales: March 1 1,400 July 1 1,400 October 291,000 Calculate the value of ending inventory and cost of...
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...
Shellhammer Company's inventory records show the following data
for the month of September:
Units
Unit Cost
Inventory,
September 1
100
$3.34
Purchases:
September 8
450
3.50
September 18
350
3.70
A physical inventory on September 30 shows 200 units on hand.
Calculate the value of ending inventory and cost of goods sold if
the company uses LIFO inventory costing and a periodic inventory
system.
Ending inventory
$
Cost of goods sold
$
CHAPTER 6 1. Which of the following is NOT an inventory costing method? A) specific identification B) lower of cost or market C) last-in, first-out D) first-in, first-out 2. Which of the following inventory costing methods is based on the actual cost of each particular unit of inventory? A) specific identification B) weighted average C) last-in, first-out D) first-in, first-out 3. Which of the following inventory costing methods uses the cost of the oldest purchases to compute the cost of...
Using a LIFO perpetual cost flow, calculate the value of the ending inventory and the cost of goods sold for the month of November of Beamer Company using the data below. Nov. $80 each 1 Purchased 4 Sold 11 Purchased 12 Sold 22 Purchased 23 Sold 600 units 200 units 350 units 275 units 175 units 155 units $82 each $84 each 1. Calculate the inventory valuation at the end of November 2. Calculate the cost of goods sold for...
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