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assumptions EIRO, LIFO, and weighted average using a periodic The following data are available for Sellco for the fiscal year ended on Cost flow assun system The fo January 31, 2017: Problem 5.34 LO 7,8 Sales ...... Beginning inventory ....... Purchases, in chronological order.... . . .. 3.200 units 1.000 units @ $8 1.200 units @ $10 1.800 units @ $12 800 units $16 Required: a. Calculate costi culate cost of goods sold and ending inventory under the following cost...
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Sales during the year were 700 units. Beginning inventory was 400 units at a cost of $10 per unit. Purchase 1 was 500 units at $12 per unit. Purchase 2 was 300 units at $14 per unit. Required: a. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using FIFO method. (Enter all values as a positive value.) Periodic FIFO Cost of Goods Sold Cost of Goods Available for Sale Cost of Goods #...
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periodic inventory using FIFO, LIFO, and weighted average cost
methods
Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: 12 units at $35 $420 Jan. 1 Inventory 540 Purchase 15 units at $36 Aug. 7 380 Purchase 10 units at $38 Dec. 11 $1,340 37 units There are 20 units of the item in the physical inventory at December 31. The periodic inventory system is...
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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...
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Exercise 5-14A Periodic: Cost flow assumptions LO P3
Lopez Company reported the following current-year data for its
only product. The company uses a periodic inventory system, and its
ending inventory consists of 480 units—160 from each of the last
three purchases.
Jan.
1
Beginning inventory
260
units
@ $4.40
=
$
1,144
Mar.
7
Purchase
560
units
@ $5.25
=
2,940
July
28
Purchase
1,200
units
@ $4.90
=
5,880
Oct.
3
Purchase
1,080
units
@ $5.20
=
5,616
Dec....
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odic system The following data are available for Sellco for the fiscal year ended on Cost flow assumptions-FIFO, LIFO, and weighted average using a per Problem answer W sumption January 31, 2020: 0 7.5 Sales Beginning inventory Purchases, in chronological order 1.600 units 500 units a $4 600 units @ $5 800 units @ $6 500 units @ $8 Required: a. Calculate cost of goods sold and ending inventory under the following cost flow assumptions (using a periodic inventory system):...
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Perpetual System- Calculating Ending Inventory and cost of Sales using Moving Average, FIFO, and LIFO April Inc. maintains a perpetual inventory system and recorded the following information for the month of January Date Units Unit Cost Inventory, January 1 950 $10.50 Purchase, January 10 400 12.00 Purchase, January 20 200 13.25 Purchase, January 28 600 14.00 Sale, January 5 500 Sale, January 13 200 Sale, January 31 Inventory, January 31 1,130 320 COGS Ending Inventory 1. Moving average method. $...
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Exercise 6-15A Periodic: Cost flow assumptions LO P3 Flora's Gifts reported the following current month data for its only product. The company uses a periodic inventory system, and its ending inventory consists of 92 units-66 units from the January 6 purchase and 26 units from the January 25 purchase. - Jan. 1 Beginning inventory Jan. 6 Purchase Jan. 17 Purchase Jan. 25 Purchase Totals 215 units $4.60 390 units $4.30 620 units @ $3.90 38 units $3.60 1.263 units $...
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Exercise 5-19 Effect of inventory cost flow (FIFO, LIFO, and weighted average) on gross margin LO 5-6 (The following information applies to the questions displayed below.] The following information pertains to Mason Company for 2018: Beginning inventory Units purchased 90 units 310 units @ @ $40 $45 Ending inventory consisted of 30 units. Mason sold 370 units at $90 each. All purchases and sales were made with cash. Operating expenses amounted to $4100. a. Compute the gross margin for Mason...
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Needs to be done on an excel with fifo, lifo, specific
identification, weighted average, journal entries, and cogs plus
ending inventory seperated and filled out.
3 Northgate Products Corp. sells gadgets and uses the perpetual inventory system. During the 4 month of January 2019, the number of gadgets purchased and sold was as follows: Purchased Sold Balance in inventory Date Units Unit cost Total $ Units Unit cost Total $ Total $ Units Unit cost 200 $2/ Jan. 1 3...
assumptions EIRO, LIFO, and weighted average using a periodic The following data are available for Sellco for the fiscal year ended on Cost flow assun system The fo January 31, 2017: Problem 5.34 LO 7,8 Sales ...... Beginning inventory ....... Purchases, in chronological order.... . . .. 3.200 units 1.000 units @ $8 1.200 units @ $10 1.800 units @ $12 800 units $16 Required: a. Calculate costi culate cost of goods sold and ending inventory under the following cost...
Sales during the year were 700 units. Beginning inventory was 400 units at a cost of $10 per unit. Purchase 1 was 500 units at $12 per unit. Purchase 2 was 300 units at $14 per unit. Required: a. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using FIFO method. (Enter all values as a positive value.) Periodic FIFO Cost of Goods Sold Cost of Goods Available for Sale Cost of Goods #...
periodic inventory using FIFO, LIFO, and weighted average cost
methods
Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: 12 units at $35 $420 Jan. 1 Inventory 540 Purchase 15 units at $36 Aug. 7 380 Purchase 10 units at $38 Dec. 11 $1,340 37 units There are 20 units of the item in the physical inventory at December 31. The periodic inventory system is...
odic system The following data are available for Sellco for the fiscal year ended on Cost flow assumptions-FIFO, LIFO, and weighted average using a per Problem answer W sumption January 31, 2020: 0 7.5 Sales Beginning inventory Purchases, in chronological order 1.600 units 500 units a $4 600 units @ $5 800 units @ $6 500 units @ $8 Required: a. Calculate cost of goods sold and ending inventory under the following cost flow assumptions (using a periodic inventory system):...
Perpetual System- Calculating Ending Inventory and cost of Sales using Moving Average, FIFO, and LIFO April Inc. maintains a perpetual inventory system and recorded the following information for the month of January Date Units Unit Cost Inventory, January 1 950 $10.50 Purchase, January 10 400 12.00 Purchase, January 20 200 13.25 Purchase, January 28 600 14.00 Sale, January 5 500 Sale, January 13 200 Sale, January 31 Inventory, January 31 1,130 320 COGS Ending Inventory 1. Moving average method. $...
Exercise 6-15A Periodic: Cost flow assumptions LO P3 Flora's Gifts reported the following current month data for its only product. The company uses a periodic inventory system, and its ending inventory consists of 92 units-66 units from the January 6 purchase and 26 units from the January 25 purchase. - Jan. 1 Beginning inventory Jan. 6 Purchase Jan. 17 Purchase Jan. 25 Purchase Totals 215 units $4.60 390 units $4.30 620 units @ $3.90 38 units $3.60 1.263 units $...
Exercise 5-19 Effect of inventory cost flow (FIFO, LIFO, and weighted average) on gross margin LO 5-6 (The following information applies to the questions displayed below.] The following information pertains to Mason Company for 2018: Beginning inventory Units purchased 90 units 310 units @ @ $40 $45 Ending inventory consisted of 30 units. Mason sold 370 units at $90 each. All purchases and sales were made with cash. Operating expenses amounted to $4100. a. Compute the gross margin for Mason...
Needs to be done on an excel with fifo, lifo, specific
identification, weighted average, journal entries, and cogs plus
ending inventory seperated and filled out.
3 Northgate Products Corp. sells gadgets and uses the perpetual inventory system. During the 4 month of January 2019, the number of gadgets purchased and sold was as follows: Purchased Sold Balance in inventory Date Units Unit cost Total $ Units Unit cost Total $ Total $ Units Unit cost 200 $2/ Jan. 1 3...