Homework Answers
| Under FIFO, inventory purchased first are assumed to be sold first |
| Cost of ending inventory: | ||
| From 9/20 purchase | 350 | =25*14 |
| From 6/15 purchase | 195 | =(40-25)*13 |
| Cost of ending inventory | 545 | |
| Option D $545 is correct |
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Given the following data, calculate the cost of ending inventory using the FIFO costing method: 1/1...
Given the following data, calculate cost of goods sold using the FIFO costing method Date Item...
Given the following data, calculate cost of goods sold using the FIFO costing method Date Item Unit 2/25 5/20 8/15 10/17 12/31 Beginning inventory Purchase of inventory Purchase of inventory Purchase of inventory Purchase of inventory Ending inventory 28 units at $12 per unit 14 units at $13 per unit 30 units at $10 per unit 5 units at $12 per unit 8 units at $15 per unit 16 units OA. $740 OB. $788 OC. $1,040 OD, $928
Given the following data, calculate the cost of goods sold for the 04/15 sale using the...
Given the following data, calculate the cost of goods sold for the 04/15 sale using the weighted average method for a perpetual inventory system, rounding to the nearest dollar. 1/1 Beginning inventory 50 units at $10 per unit 3/5 Purchases 30 units at $14 per unit 4/15 Sale 20 units at $30 per unit 5/30 Purchases 25 units at $15 per unit 10/25 Purchases 20 units at $16 per unit 11/15 Sale 60 units at $32 per unit 12/31 Ending...
Calculate the cost of goods sold and ending inventory using the FIFO cost method. Calculate the...
Calculate the cost of goods sold and ending inventory using the
FIFO cost method.
Calculate the cost of goods sold and ending inventory using the
average cost method.
Blue Limited uses a perpetual inventory system. The inventory records show the following data for its first month of operations: Date Explanation Units Unit Cost Total Cost Balance in Units Aug. 2 Purchases 249 $69 $17,181 249 3 Purchases 506 96 48,576 755 Sales (275) 480 15 Purchases 926 121 112,046 1,406...
Given the following data, what is cost of goods sold as determined by the FIFO method? Sales Beginning inventory Pu...
Given the following data, what is cost of goods sold as determined by the FIFO method? Sales Beginning inventory Purchases 290 units 270 units at $5 per unit 128 units at $10 per unit O A. $2,090 OB. $2,900 O c. $1,550 OD. $1,450
Tomasino's inventory records show the following data at January 31 Beginning inventory Jan. 1 Jan. 10...
Tomasino's inventory records show the following data at January 31 Beginning inventory Jan. 1 Jan. 10 purchase Jan 22 purchase 90 units at $9 per unit 270 units at $12 per unit 110 units at $13 per unit At January 31, 200 units are still on hand. What is the cost of the ending inventory at January 31 if Tomasino uses the FIFO method? O A. $2,130 OB. $1,800 O C. 52,510 OD. $1,980
From the following, calculate the cost of ending inventory and cost of goods sold for the FIFO method, ending inventory...
From the following, calculate the cost of ending inventory and cost of goods sold for the FIFO method, ending inventory is 54 units. (Round your answers to the nearest cent.) Beginning inventory and purchases Units Unit cost January 1 5 $ 3.50 April 10 10 4.00 May 15 12 4.50 July 22 15 4.75 August 19 18 5.50 September 30 20 5.70 November 10 32 5.90 December 15 16 6.30 Cost of ending inventory $ Cost of goods sold $
1. Calculate the ending inventory and cost of goods sold for January using the FIFO and...
1. Calculate the ending inventory and cost of goods sold for January using the FIFO and perpetual method: #units Costunit TotalCOGS #units Costunit Total inventory Date 01/01/20 Beginning inventory 01/20/20 Sold 20 units 15 40 100.00 105.00 1,500.00 4,200.00 5,700.00 55 - 01/25/20 Purchased 30 units @ $107.50 01/31/20 Sold 32 units Inventory COGS 2. Calculate the ending inventory and cost of goods sold for January using the LIFO and perpetual method: #units Costunit Total COGS #units Costunit Total inventory...
Given the following inventory activity, what is ending inventory using the perpetual average costing method? (Round...
Given the following inventory activity, what is ending inventory using the perpetual average costing method? (Round any intermediary calculations to the nearest cent and your final answer to the nearest dollar.) Quantity Date Beginning Balance September 17 September 24 September 29 Unit Cost $3.00 $2.50 Purchase Sale Purchases $6.00 O A. 90 units @ $3.00 and 25 units @ $2.50 and 30 units @ $6.00 OB. 145 units @ $3.48 O c. 115 units @ $2.82 and 30 units @...
Calculating Cost of Goods Available for Sale, Ending Inventory, Sales, Cost of Goods Sold, and Gross...
Calculating Cost of Goods Available for Sale, Ending
Inventory, Sales, Cost of Goods Sold, and Gross Profit under
Periodic FIFO, LIFO, and Weighted Average
Cost
FIFO (PERIODIC)
Unit Selling Price July 1 July 13 July 25 July 31 Beginning Inventory Purchase Sold Ending Inventory Units Unit Cost 40 $10 200 (100) 140 $14 Units Cost per Unit Total Beginning Inventory Purchases July 13 Goods Available for Sale Cost of Goods Sold Units from Beginning Inventory Units from July 13 Purchase...
Perpetual System— Calculating Ending Inventory and Cost of Sales using Moving Average, FIFO, and LIFO April...
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.
Required
Compute ending inventory and cost of goods sold for the month
ending January 31 using the method indicated below.
Note: Round your final answers to the nearest
dollar.
Note: Do not round costs per unit in
your calculations.
Ending Inventory
COGS
1. Moving average method.
2. FIFO...
Given the following data, calculate cost of goods sold using the FIFO costing method Date Item Unit 2/25 5/20 8/15 10/17 12/31 Beginning inventory Purchase of inventory Purchase of inventory Purchase of inventory Purchase of inventory Ending inventory 28 units at $12 per unit 14 units at $13 per unit 30 units at $10 per unit 5 units at $12 per unit 8 units at $15 per unit 16 units OA. $740 OB. $788 OC. $1,040 OD, $928
Given the following data, calculate the cost of goods sold for the 04/15 sale using the weighted average method for a perpetual inventory system, rounding to the nearest dollar. 1/1 Beginning inventory 50 units at $10 per unit 3/5 Purchases 30 units at $14 per unit 4/15 Sale 20 units at $30 per unit 5/30 Purchases 25 units at $15 per unit 10/25 Purchases 20 units at $16 per unit 11/15 Sale 60 units at $32 per unit 12/31 Ending...
Calculate the cost of goods sold and ending inventory using the
FIFO cost method.
Calculate the cost of goods sold and ending inventory using the
average cost method.
Blue Limited uses a perpetual inventory system. The inventory records show the following data for its first month of operations: Date Explanation Units Unit Cost Total Cost Balance in Units Aug. 2 Purchases 249 $69 $17,181 249 3 Purchases 506 96 48,576 755 Sales (275) 480 15 Purchases 926 121 112,046 1,406...
Given the following data, what is cost of goods sold as determined by the FIFO method? Sales Beginning inventory Purchases 290 units 270 units at $5 per unit 128 units at $10 per unit O A. $2,090 OB. $2,900 O c. $1,550 OD. $1,450
Tomasino's inventory records show the following data at January 31 Beginning inventory Jan. 1 Jan. 10 purchase Jan 22 purchase 90 units at $9 per unit 270 units at $12 per unit 110 units at $13 per unit At January 31, 200 units are still on hand. What is the cost of the ending inventory at January 31 if Tomasino uses the FIFO method? O A. $2,130 OB. $1,800 O C. 52,510 OD. $1,980
1. Calculate the ending inventory and cost of goods sold for January using the FIFO and perpetual method: #units Costunit TotalCOGS #units Costunit Total inventory Date 01/01/20 Beginning inventory 01/20/20 Sold 20 units 15 40 100.00 105.00 1,500.00 4,200.00 5,700.00 55 - 01/25/20 Purchased 30 units @ $107.50 01/31/20 Sold 32 units Inventory COGS 2. Calculate the ending inventory and cost of goods sold for January using the LIFO and perpetual method: #units Costunit Total COGS #units Costunit Total inventory...
Given the following inventory activity, what is ending inventory using the perpetual average costing method? (Round any intermediary calculations to the nearest cent and your final answer to the nearest dollar.) Quantity Date Beginning Balance September 17 September 24 September 29 Unit Cost $3.00 $2.50 Purchase Sale Purchases $6.00 O A. 90 units @ $3.00 and 25 units @ $2.50 and 30 units @ $6.00 OB. 145 units @ $3.48 O c. 115 units @ $2.82 and 30 units @...
Calculating Cost of Goods Available for Sale, Ending
Inventory, Sales, Cost of Goods Sold, and Gross Profit under
Periodic FIFO, LIFO, and Weighted Average
Cost
FIFO (PERIODIC)
Unit Selling Price July 1 July 13 July 25 July 31 Beginning Inventory Purchase Sold Ending Inventory Units Unit Cost 40 $10 200 (100) 140 $14 Units Cost per Unit Total Beginning Inventory Purchases July 13 Goods Available for Sale Cost of Goods Sold Units from Beginning Inventory Units from July 13 Purchase...
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.
Required
Compute ending inventory and cost of goods sold for the month
ending January 31 using the method indicated below.
Note: Round your final answers to the nearest
dollar.
Note: Do not round costs per unit in
your calculations.
Ending Inventory
COGS
1. Moving average method.
2. FIFO...
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