Question

Sandhill Corp. had 1,700 units of part M.O. on hand May 1, 2017, costing $25 each. Purchases of part Μ.Ο. during May were as follows: Units Units Cost $26 28 29 May 9 2,200 17 3,700 26 1,200 A phys cal count on May 31, 2017, shows 2,200 units of part M.0. on hand. Using the FIFO method, what is the cost of part M.O.Inventory at May 31, 2017? Using the LtFO method, what is the inventory cost? Using the average-cost method, what is the inventory cost? (Round average cost per unit to 2 decimal places, e.g. 15.25 and final answers to 0 decimal places, e.g. 1,620.) FIFO LIFO Average Cost Inventory Cost Teal Company adopted the dollar-value LIFO methad on January 1, 2017 (using internal price indexes and multiple pools). The following data are avalable for inventory pool A for the 2 years following adoption of LIFO At Base- Year At Current-Year Cost Cost $201,600 248,900 255,500 $201,600 273,790 291,270 12/31/17 12/31/18B Computing an internal price index and using the dollar-value LIFO method, at what amount should the inventory be reported at December 31, 2018? December 31, 2018 Price Index Dollar-value LIFO Inventory Flint Ine., a retail store chain, had the following information in its general ledger for the year 2018 Merchandise purchased for resale Interest on notes payable to vendors Purchase returns Freight-in Freight-out (celivery expense) Cash discounts on purchases $898,098 7,836 14,980 21,560 18,084 7,333 What is Flints inventoriable cost for 2018? Flints Inventoriable cost for 2018

0 0
Add a comment Improve this question Transcribed image text
Answer #1

Cost of good available for sale

Date

Unit

Coat

Total

1-may

1700

25

42500

9-may

2200

26

57200

17-may

3700

28

103600

26-may

1200

29

34800

Total

8800

238100

FIFO METHOD

Ending inventory

Layer based on FIFO

Cost per unit

Ending inventory FIFO cost

2200

1200

29

34800

1000

28

28000

Total

62800

LIFO METHOD

Ending inventory

Layer based on LIFO

Cost per unit

Ending inventory LIFO cost

2200

1700

25

42500

500

26

13000

Total

55500

Average cost

Ending inventory

Cost per unit

Ending inventory average cost

2200

27.06

59532

Average cost

Total cost/total unit

238100/8800

27.06

FIFO

LIFO

Average cost

Inventory cost

62800

55500

59532

As per our policy, we cannot able to post solution more than one question.

Add a comment
Know the answer?
Add Answer to:
Sandhill Corp. had 1,700 units of part M.O. on hand May 1, 2017, costing $25 each....
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • Marigold Corp. had 1,700 units of part M.O. on hand May 1, 2020, costing $25 each....

    Marigold Corp. had 1,700 units of part M.O. on hand May 1, 2020, costing $25 each. Purchases of part M.O. during May were as follows. Units Units Cost May 9 2,200 $26 17 3,700 28 26 1,200 29 A physical count on May 31, 2020, shows 2,200 units of part M.O. on hand. Using the FIFO method, what is the cost of part M.O. inventory at May 31, 2020? Using the LIFO method, what is the inventory cost? Using the...

  • Sweet Corp. had 1,840 units of part M.O. on hand May 1, 2017, costing $28 each....

    Sweet Corp. had 1,840 units of part M.O. on hand May 1, 2017, costing $28 each. Purchases of part M.O. during May were as follows. Units Units Cost May 9 2,340 $29 17 3,840 31 26 1,340 32 A physical count on May 31, 2017, shows 2,340 units of part M.O. on hand. Using the FIFO method, what is the cost of part M.O. inventory at May 31, 2017? Using the LIFO method, what is the inventory cost? Using the...

  • Concord Company’s inventory of $1,058,900 at December 31, 2020, was based on a physical count of...

    Concord Company’s inventory of $1,058,900 at December 31, 2020, was based on a physical count of goods priced at cost and before any year-end adjustments relating to the following items. (a) Goods shipped from a vendor f.o.b. shipping point on December 24, 2020, at an invoice cost of $69,520 to Concord Company were received on January 4, 2021. (b) The physical count included $31,120 of goods billed to Sakic Corp. f.o.b. shipping point on December 31, 2020. The carrier picked...

  • Waterway Corp. had 2,000 units of part M.O. on hand May 1, 2020, costing $32 each....

    Waterway Corp. had 2,000 units of part M.O. on hand May 1, 2020, costing $32 each. Purchases of part M.O. during May were as follows. Units Units Cost May 9 2,500 $33 17 4,000 35 26 1,500 36 A physical count on May 31, 2020, shows 2,500 units of part M.O. on hand. Using the FIFO method, what is the cost of part M.O. inventory at May 31, 2020? Using the LIFO method, what is the inventory cost? Using the...

  • Skysong Co. purchased goods with a list price of $185,700, subject to trade discounts of 20%...

    Skysong Co. purchased goods with a list price of $185,700, subject to trade discounts of 20% and 10%, with no cash discounts allowable. How much should Skysong Co. record as the cost of these goods? Cost of goods purchased $enter the Cost of goods purchased in dollars LINK TO TEXT LINK TO TEXT LINK TO TEXT Concord Company’s inventory of $1,058,900 at December 31, 2020, was based on a physical count of goods priced at cost and before any year-end...

  • Your answer is incorrect. Concord Corp. had 1,900 units of part T on hand April 1,...

    Your answer is incorrect. Concord Corp. had 1,900 units of part T on hand April 1, 2017, costing $8 each. During April, Concord made the following purchases of part T. Units Unit Cost April 4 2,700 $8.25 10 4,800 8.40 19 1,200 9 29 3,000 9.90 A physical count at April 30, 2017 showed 4,300 units of Part T on hand. Using the FIFO method, what is the cost of part T inventory at April 30, 2017? Using the LIFO...

  • Swifty Company adopted the dollar-value LIFO method on January 1, 2020 (using internal price indexes and...

    Swifty Company adopted the dollar-value LIFO method on January 1, 2020 (using internal price indexes and multiple pools). The following data are available for inventory pool A for the 2 years following adoption of LIFO. Inventory At Base-Year Cost At Current-Year Cost 1/1/20 $201,600 $201,600 12/31/20 248,900 273,790 12/31/21 255,500 291,270 Computing an internal price index and using the dollar-value LIFO method, at what amount should the inventory be reported at December 31, 2021? December 31, 2021 Price Index enter...

  • Bridgeport Corp. had 1,800 units of part T on hand April 1, 2017, costing $8.00 each....

    Bridgeport Corp. had 1,800 units of part T on hand April 1, 2017, costing $8.00 each. During April, Bridgeport made the following purchases of part T. Units Unit Cost April 4 2,900 $8.25 10 5,000 8.40 19 1,200 9.00 29 2,800 9.90 A physical count at April 30, 2017 showed 4,300 units of Part T on hand. Using the FIFO method, what is the cost of part T inventory at April 30, 2017? Using the LIFO method, what is the...

  • Problem 8-1 The following independent situations relate to inventory accounting. Answer the following questions about inventories....

    Problem 8-1 The following independent situations relate to inventory accounting. Answer the following questions about inventories. Metlock Co. purchased goods with a list price of $168,300, subject to trade discounts of 20% and 10%, with no cash discounts allowable. How much should Metlock Co. record as the cost of these goods? Cost of goods purchased $ Windsor Corp. had 1,880 units of part M.O. on hand May 1, 2017, costing $29 each. Purchases of part M.O. during May were as...

  • The following situations are independent. Cullumber Co., a wholesale company, had the following information in its...

    The following situations are independent. Cullumber Co., a wholesale company, had the following information in its general ledger for the year 2018. Merchandise purchased for resale Purchase returns Marketing expense Freight-in Interest on notes payable to vendors Freight-out (delivery expense on sales) Cash discounts on purchases $537,500 9,500 6,200 19,600 4,800 21.450 5,130 What is Cullumber's inventoriable cost for 2018? Cullumber's inventoriable cost for 2018 $ Shamrock, Inc's inventory of $858,000 at December 31, 2017, was based on a physical...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT