Homework Answers
| FALSE |
| The LIFO reserve is the difference between the first in, first out (FIFO) method and last in, first out (LIFO) method cost of inventory. |
| The balance in LIFO reserve represents the difference under both inventory methods since LIFO was adopted. |
| The change in LIFO reserve balance is the amount by which the current year's cost of goods sold differs between LIFO and FIFO |
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The LIFO reserve is the amount by which the current year's cost of goods sold differs...
Cost of goods sold is credited for the amount of the decrease in the LIFO reserve....
Cost of goods sold is credited for the amount of the decrease in the LIFO reserve. True or False True False Insurance during transit paid by the buyer is recorded by the buyer at the time of shipment. True or False True False Periodic average cost and perpetual average cost always produce the same dollar amounts for ending inventory. True or False True False Cost of goods on consignment is included in the consignor's inventory until sold. True or False
E7-6 (Algo) Calculating Ending Inventory and Cost of Goods Sold Under FIFO, LIFO, and Average Cost...
E7-6 (Algo) Calculating Ending Inventory and Cost of Goods Sold Under FIFO, LIFO, and Average Cost LO7-2 Hamilton Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 1: Units Unit Cost $5 1,830 Inventory, December 31, prior year For the current year: Purchase, March 21 Purchase, August 1 Inventory, December 31, current year 6,130 4,130 2,810 2 Required: Compute ending...
E7-5 (Algo) Calculating Ending Inventory and Cost of Goods Sold Under FIFO, LIFO, and Average Cost...
E7-5 (Algo) Calculating Ending Inventory and Cost of Goods Sold Under FIFO, LIFO, and Average Cost LO7-2 Nittany Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 1: Units Unit Cost $5 1,930 Inventory, December 31, prior year For the current year: Purchase, March 21 Purchase, August 1 Inventory, December 31, current year 7 5,080 2,830 4,040 Required: Compute ending...
A company had a decrease in the LIFO reserve during the year from $40,000 to $30,000....
A company had a decrease in the LIFO reserve during the year from $40,000 to $30,000. Which of the following would be true (ignore tax effects)? Multiple Choice Reported profits are higher under LIFO than under FIFO by $10,000 for that year. O Ending inventory is higher under FIFO than under LIFO by $30,000 at the end of the year. O O Cost of goods sold is higher under FIFO than under LIFO by $10,000 for that year. o All...
E7-6 (Algo) Calculating Ending Inventory and Cost of Goods Sold Under FIFO, LIFO, and Average Cost...
E7-6 (Algo) Calculating Ending Inventory and Cost of Goods Sold Under FIFO, LIFO, and Average Cost LO7-2 Hamilton Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 1: Unit Units Cost Inventory, December 31, prior 1,980 $8 year For the current year: Purchase, March 21 Purchase, August 1 Inventory, December 31, current 6,090 4,150 7 2,840 year Required: Compute ending...
E6.6 Compute inventory and cost of goods sold using FIFO and LIFO. (LO 2) Ballas Co....
E6.6 Compute inventory and cost of goods sold using FIFO and LIFO. (LO 2) Ballas Co. uses a periodic inventory system. Its records show the following for the month of May, in which 68 units were sold Units Unit Cost May 1 15 Inventory Purchases Total Cost $240 275 420 24 Purchases Totals 90 $935 Instructions Compute the ending inventory at May 31 and cost of goods sold using the FIFO and LIFO methods. Prove the amount allocated to cost...
Check my work E7-6 Calculating Ending Inventory and Cost of Goods Sold Under FIFO, LIFO, and...
Check my work E7-6 Calculating Ending Inventory and Cost of Goods Sold Under FIFO, LIFO, and Average Cost L07-2 Hamilton Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 1: 0.62 points Units Unit Cost $5 1,850 eBook Inventory, December 31, prior year For the current year: Purchase, March 21 Purchase, August 1 Inventory, December 31, current year 4. Print...
Problem 4-13 Cost of goods sold-LIFO and FIFO [LO4-2] At the end of January, Mineral Labs...
Problem 4-13 Cost of goods sold-LIFO and FIFO [LO4-2] At the end of January, Mineral Labs had an inventory of 775 units, which cost $12 per unit to produce. During February the company produced 900 units at a cost of $16 per unit o. If the firm sold 1,500 units in February, what was the cost of goods sold? (Assume LIFO inventory accounting) Cost of goods sold b. If the firm sold 1,500 units in February, what was the cost...
I'm have problems with "less cost of goods sold" for both FIFO and LIFO. Could someone...
I'm have problems with "less cost of goods sold" for
both FIFO and LIFO. Could someone please help me. I'm sure its
simple.
Hemming Co. reported the following current-year purchases and sales for its only product Units Acquired at Cost 250 units @ $12.00 - $ 3,000 Units Sold at Retail 200 units @ $42.00 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar.15 Sales July 30 Purchase Oct. 5. Sales Oct.26 Purchase 400 units @...
Required: 1. Determine the amount Treynor would calculate internally for ending inventory and cost of goods...
Required: 1. Determine the amount Treynor would calculate internally for ending inventory and cost of goods sold using first-in, first-out (FIFO) under a perpetual inventory system. 2. Determine the amount Treynor would report externally for ending inventory and cost of goods sold using last-in, first-out (LIFO) under a periodic inventory system. (Assume beginning inventory under LIFO was 22,000 units with a cost of $12.80). 3. Determine the amount Treynor would report for its LIFO reserve at the end of the...
Cost of goods sold is credited for the amount of the decrease in the LIFO reserve. True or False True False Insurance during transit paid by the buyer is recorded by the buyer at the time of shipment. True or False True False Periodic average cost and perpetual average cost always produce the same dollar amounts for ending inventory. True or False True False Cost of goods on consignment is included in the consignor's inventory until sold. True or False
E7-6 (Algo) Calculating Ending Inventory and Cost of Goods Sold Under FIFO, LIFO, and Average Cost LO7-2 Hamilton Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 1: Units Unit Cost $5 1,830 Inventory, December 31, prior year For the current year: Purchase, March 21 Purchase, August 1 Inventory, December 31, current year 6,130 4,130 2,810 2 Required: Compute ending...
E7-5 (Algo) Calculating Ending Inventory and Cost of Goods Sold Under FIFO, LIFO, and Average Cost LO7-2 Nittany Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 1: Units Unit Cost $5 1,930 Inventory, December 31, prior year For the current year: Purchase, March 21 Purchase, August 1 Inventory, December 31, current year 7 5,080 2,830 4,040 Required: Compute ending...
A company had a decrease in the LIFO reserve during the year from $40,000 to $30,000. Which of the following would be true (ignore tax effects)? Multiple Choice Reported profits are higher under LIFO than under FIFO by $10,000 for that year. O Ending inventory is higher under FIFO than under LIFO by $30,000 at the end of the year. O O Cost of goods sold is higher under FIFO than under LIFO by $10,000 for that year. o All...
E7-6 (Algo) Calculating Ending Inventory and Cost of Goods Sold Under FIFO, LIFO, and Average Cost LO7-2 Hamilton Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 1: Unit Units Cost Inventory, December 31, prior 1,980 $8 year For the current year: Purchase, March 21 Purchase, August 1 Inventory, December 31, current 6,090 4,150 7 2,840 year Required: Compute ending...
E6.6 Compute inventory and cost of goods sold using FIFO and LIFO. (LO 2) Ballas Co. uses a periodic inventory system. Its records show the following for the month of May, in which 68 units were sold Units Unit Cost May 1 15 Inventory Purchases Total Cost $240 275 420 24 Purchases Totals 90 $935 Instructions Compute the ending inventory at May 31 and cost of goods sold using the FIFO and LIFO methods. Prove the amount allocated to cost...
Check my work E7-6 Calculating Ending Inventory and Cost of Goods Sold Under FIFO, LIFO, and Average Cost L07-2 Hamilton Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 1: 0.62 points Units Unit Cost $5 1,850 eBook Inventory, December 31, prior year For the current year: Purchase, March 21 Purchase, August 1 Inventory, December 31, current year 4. Print...
Problem 4-13 Cost of goods sold-LIFO and FIFO [LO4-2] At the end of January, Mineral Labs had an inventory of 775 units, which cost $12 per unit to produce. During February the company produced 900 units at a cost of $16 per unit o. If the firm sold 1,500 units in February, what was the cost of goods sold? (Assume LIFO inventory accounting) Cost of goods sold b. If the firm sold 1,500 units in February, what was the cost...
I'm have problems with "less cost of goods sold" for
both FIFO and LIFO. Could someone please help me. I'm sure its
simple.
Hemming Co. reported the following current-year purchases and sales for its only product Units Acquired at Cost 250 units @ $12.00 - $ 3,000 Units Sold at Retail 200 units @ $42.00 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar.15 Sales July 30 Purchase Oct. 5. Sales Oct.26 Purchase 400 units @...
Required: 1. Determine the amount Treynor would calculate internally for ending inventory and cost of goods sold using first-in, first-out (FIFO) under a perpetual inventory system. 2. Determine the amount Treynor would report externally for ending inventory and cost of goods sold using last-in, first-out (LIFO) under a periodic inventory system. (Assume beginning inventory under LIFO was 22,000 units with a cost of $12.80). 3. Determine the amount Treynor would report for its LIFO reserve at the end of the...
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