Homework Answers
Number of units in ending inventory = 140
FIFO:
Ending inventory includes 40 units from January 9 purchase and 100 units from January 25 purchase
Cost of ending inventory = 40 * $3.20 + 100 * $3.35
Cost of ending inventory = $463.00
Moving Weighted Average:
Cost per unit = Cost of goods available for sale / Number of
units available for sale
Cost per unit = $1,505.00 / 485
Cost per unit = $3.10
Cost of ending inventory = Cost per unit * Number of units in
ending inventory
Cost of ending inventory = $3.10 * 140
Cost of ending inventory = $434.00
Add Answer to:
66 Chapter 6 - Inventory Costing and Valuation Question 1 A company had the following beginning...
A company reports the following beginning inventory and two purchases for the month of January. On...
A company reports the following beginning inventory and two
purchases for the month of January. On January 26, the company
sells 350 units. Ending inventory at January 31 totals 150
units.
Units
Unit Cost
Beginning inventory on January 1
320
$
3.00
Purchase on January 9
80
3.20
Purchase on January 25
100
3.34
Required:
Assume the perpetual inventory system is used. Determine the costs
assigned to ending inventory when costs are assigned based on the
FIFO method.
* Answer...
A company reports the following beginning inventory and two purchases for the month of January. On...
A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 350 units. Ending inventory at January 31 totals 150 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units 320 80 100 Unit Cost $ 3.00 3.20 3.34 Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. (Round...
A company reports the following beginning inventory and two purchases for the month of January. On...
A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 340 units. Ending inventory at January 31 totals 140 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units 310 70 100 Unit Cost $ 2.90 3.10 3.24 Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. (Round...
A company reports the following beginning inventory and two purchases for the month of January. On...
A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 330 units. Ending inventory at January 31 totals 140 units. Units Unit Cost Beginning inventory on January 1 300 $ 2.80 Purchase on January 9 70 3.00 Purchase on January 25 100 3.14 Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method.
(d) Inventory Calculations Keaton Accessories uses a perpetual inventory system. The company's beginning inventory of a...
(d) Inventory Calculations Keaton Accessories uses a perpetual inventory system. The company's beginning inventory of a particular product and its purchases during the month of January were as follows: Quantity Total Cost Unit Cost Beginning Inventory (Jan. 1) $11,200 160 $70 Purchase (Jan. 9) 80 75 6,000 6,080 Purchase (Jan. 21) 80 76 $23,280 320 Total On January 24, Keaton sold 180 units of this product. The other 140 units remain in inventory at January 31. goods sold using each...
5-6 Perpetual: Inventory costing with weighted average LO P1 A company reports the following beginning inventory...
5-6 Perpetual: Inventory costing with weighted average LO P1 A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 440 units. Ending inventory at January 31 totals 170 units. Units Unit Cost Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 480 $ 3.90 90 4.1e 242 120 4.2e Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when...
A company reports the following beginning inventory and two purchases for the month of January. On...
A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 370 units. Ending inventory at January 31 totals 150 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units 330 80 110 Unit Cost $ 3.20 3.40 3.50 Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. (Round...
A company reports the following beginning inventory and two purchases for the month of January. On...
A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 310 units. Ending inventory at January 31 totals 130 units. Units Unit Cost Beginning inventory on January 1 280 $ 2.60 Purchase on January 9 60 2.80 Purchase on January 25 100 2.94 Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method.
Table 7-3 Alton Company had the following activity in its inventory account during April 20X9. Cost...
Table 7-3 Alton Company had the following activity in its inventory account during April 20X9. Cost per Date Activity Units Unit Cost Total April 1 Beginning inventory 100 $3.00 $300 April 3 Purchase 40 3.10 124 April 7 Sale 50 April 12 Purchase 50 3.20 160 April 16 Sale 70 April 23 Sale 40 April 30 Purchase 60 3.30 198 Units in beginning inventory 100 units Units purchased 150 units Units sold 160 units Referring to Table 7-3, what is...
A company reports the following beginning inventory and two purchases for the month of January. On...
A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 350 units. Ending inventory at January 31 totals 150 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units 320 80 100 Unit Cost $ 3.00 3.20 3.34 Required: Assume the perpetual inventory system LIFO. used. Determine the costs assigned to ending inventory when costs are assigned based on Perpetual LIFO: Goods purchased W...
A company reports the following beginning inventory and two
purchases for the month of January. On January 26, the company
sells 350 units. Ending inventory at January 31 totals 150
units.
Units
Unit Cost
Beginning inventory on January 1
320
$
3.00
Purchase on January 9
80
3.20
Purchase on January 25
100
3.34
Required:
Assume the perpetual inventory system is used. Determine the costs
assigned to ending inventory when costs are assigned based on the
FIFO method.
* Answer...
A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 350 units. Ending inventory at January 31 totals 150 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units 320 80 100 Unit Cost $ 3.00 3.20 3.34 Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. (Round...
A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 340 units. Ending inventory at January 31 totals 140 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units 310 70 100 Unit Cost $ 2.90 3.10 3.24 Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. (Round...
(d) Inventory Calculations Keaton Accessories uses a perpetual inventory system. The company's beginning inventory of a particular product and its purchases during the month of January were as follows: Quantity Total Cost Unit Cost Beginning Inventory (Jan. 1) $11,200 160 $70 Purchase (Jan. 9) 80 75 6,000 6,080 Purchase (Jan. 21) 80 76 $23,280 320 Total On January 24, Keaton sold 180 units of this product. The other 140 units remain in inventory at January 31. goods sold using each...
5-6 Perpetual: Inventory costing with weighted average LO P1 A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 440 units. Ending inventory at January 31 totals 170 units. Units Unit Cost Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 480 $ 3.90 90 4.1e 242 120 4.2e Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when...
A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 370 units. Ending inventory at January 31 totals 150 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units 330 80 110 Unit Cost $ 3.20 3.40 3.50 Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. (Round...
A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 350 units. Ending inventory at January 31 totals 150 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units 320 80 100 Unit Cost $ 3.00 3.20 3.34 Required: Assume the perpetual inventory system LIFO. used. Determine the costs assigned to ending inventory when costs are assigned based on Perpetual LIFO: Goods purchased W...
Most questions answered within 3 hours.
-
Which statement is always true: The total energy of a closed
system...
A) is always equally...
asked 1 minute from now -
find the critical value associated with a right sided hypothesis of
the mean using a sample...
asked 1 hour ago -
Which of the following statements is true with respect to a
simple linear regression model?
a....
asked 2 hours ago -
The energy required to remove an electron from a surface of a
solid element is called...
asked 4 hours ago -
How would you train your employees to avoid risks of using
mobile devices?
asked 4 hours ago -
Assume Kw = 1.01 ✕ 10−14
For pure water, we can calculate [H3O+ ] = [OH...
asked 5 hours ago -
Suppose that on a temperature scale X, water boils at 203.0°X
and freezes at -105.7°X. What...
asked 6 hours ago -
BaS crystallizes in a cubic unit cell with S2- ions on each
corner and each face....
asked 6 hours ago -
A. 0≤P(Oi)≤10≤P(Oi)≤1 for each i
B. P(Oi)≤0P(Oi)≤0
C. P(Oi)=1+P(OCi)P(Oi)=1+P(OiC)
D. P(Oi)≥1P(Oi)≥1
If an experiment consists of...
asked 8 hours ago -
A battery has an emf of 9.20V and an internal resistance of 1.20
ohm. a)What resistance...
asked 8 hours ago -
The area of an elastic circular loop decreases at a constant
rate, dA/dt = −6.60×10−3 m2/s...
asked 9 hours ago -
The denaturation of proteins can be described by the
equilibrium
F⇌U
where F and U represent...
asked 10 hours ago