Answer:
380
FIFO (first in first out) method of costing assumes that the inventory purchased first is sold first. So what remains on Dec 31 is what was purchased last.
20 units were left on Dec 31. Out of this, 10 units were purchased on Dec 30 @ $20. The remaining 10 units were purchased on Dec 12 @ $18. So,
(10 * 20 = 200) + (10 * 18 = 180)
200 + 180 = 380
So, the total cost in ending inventory under the FIFO cost flow assumption is 380
XYZ Company made the following purchases and had the following sales in the month of December...
XYZ Company made the following purchases and had the following sales in the month of December. Date Action Units Price Total Dec. 1 Beginning Inventory 12 @ $8 $96 Dec. 3 Purchase 10 @ $14 $140 Dec.8 Purchase 8 @ $16 $128 Dec.12 Purchase 12 @ $18 $216 Dec. 30 Purchase 10 @ $20 $200 Dec. 31 TOTALS 52 $780 Answer the following questions related to the LIFO, FIFO, and Weighted Average cost flow assumptions: D Question 2 2 pts...
Brady Corp. has the following inventory information available for the month of December: Number of Units Cost per unit 40 $15 Date December 1 Beginning Inventory December 10 Purchases December 20 Purchases 50 $19 60 $18 The company sold 140 units in December. Required: Using the above information, fill in the chart below with the amounts that should be reported for total cost of goods sold for December and the cost of ending inventory at Dec 31 under both the...
Alba Corp. has the following inventory information available for the month of December: Date Number of Units Cost per unit 40 $15 December 1 Beginning Inventory December 10 Purchases 50 $19 December 20 Purchases 60 $18 The company sold 100 units in December. Required: Using the above information, fill in the chart below with the amounts that should be reported for total cost of goods sold for December and the cost of ending inventory at Dec 31 under both the...
Question 4: (4 marks each case 2 mark) Alhekma Company reports the following for the month of December Date Explanation Units Unit Cost Total Cost Dec. 1 Inventory 30 $ 100 $ 3,000 Dec. 12 Purchases 50 $ 103 $ 5,150 Dec. 19 Purchases 20 $ 99$ 1,980 Dec. 26 Purchases 30 $ 88$ 2,640 Total 130 $ 12,770 Instructions 1. Show computations to value the ending inventory using the FIFO cost assumption if 50 units remain on hand at...
Presented below is information related to Blowfish radios for the Oriole Company for the month of July. Units Sold Selling Price Total Total $ 780 6,400 600 $7.00 7.30 $4.200 4380 600 3.440 Date Transaction Units In Unit Cost July 1 Balance 200 $3.90 6 Purchase 1.600 4.00 7 Sale 10 Sale 12 Purchase 800 4.30 15 Sale 18 Purchase 22 Sale 25 Purchase 1.000 4.38 30 Sale Totals 4.200 400 7.40 2,960 800 2.640 800 7.40 5.920 4380 400...
In its first month of operations, Ivanhoe Company made three
purchases of merchandise in the following sequence: (1) 300 units
at $7, (2) 360 units at $8, and (3) 220 units at $9. Assuming there
are 410 units on hand, compute the cost of the ending inventory
under the FIFO method and LIFO method. Ivanhoe uses a periodic
inventory system.
What is FIFO and LIFO Ending Inventory?
Question 5 0/1 View Policies Show Attempt History Current Attempt in Progress X...
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):...
XYZ Company’s records contained the following data for the month ended 3/31/20: Beginning inventory 200 units @ $10/unit Purchase 1 1,300 units @ $11/unit Sales 1,100 units @ $25/unit Purchase 2 1,200 units @ $12/unit Sales 1,300 units @ $25/unit Purchase 3 1,400 units @ $13/unit Sales 1,500 units @ $25/unit Purchase 4 600...
Problem 5-1 The following information pertains to Ramos Company for 2018. 700 units @ $21 2100 units $12 Beginning Inventory Units Purchased Ending inventory consisted of All purchases and sales were made with cash. 140 units. Ramos sold2,660 units at 40 per unit REQUIRED Compute the gross margin for Ramos Company using the following cost flow assumptions: (1) FIFO, (2) LIFO, and (3) weighted average. a. b. What is the dollar value of ending inventory for FIFO and LIFO? Determine...
Kaleta Company uses the perpetual inventory system and reports
the following for the month of June.
Date
Explanation
Units
Unit Cost
Total Cost
June 1
Inventory
200
$5
$1,000
12
Purchase
400
6
2,400
23
Purchase
300
7
2,100
30
Inventory
100
Assume a sale of 440 units occurred on June 15 for a selling price
of $8 and a sale of 360 units on June 27 for $9.
Calculate the cost of the ending inventory and the cost of...