Homework Answers
Answer:
| Cost of ending Inventory | $ 52 |
Note :
Under LIFO method last purchase goods are sold first so the unit costing $17 gets sold on april 25th
the remaining inventory left 4 units each costing $ 10,$12,$14,$16
Hence closing inventory value = 10+12+14+16 = $ 52
Add Answer to:
Assume that we use a perpetual Inventory system and that five identical units are purchased at...
Assume that we use a perpetual inventory system and that five identical units are purchased at...
Assume that we use a perpetual inventory system and that five identical units are purchased at the following four dates and costs: April 5 $10 April 10 $12 April 15 $14 April 20 $16 April 22 $17 One unit is sold on April 25. The company uses the last-in, first-out (LIFO) inventory costing method. Identify the cost of the ending inventory on the balance sheet. Cost of the ending inventory:______________
FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available...
FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 36 units at $47 Sale 14 units at $66 First purchase 23 units at $50 Sale 23 units at $68 Second purchase 17 units at $52 6 units at $68 The firm uses the perpetual inventory system, and there are 33 units of the item on hand at the end of the year a. What is the...
Inventory Costing Methods-Perpetual Method Shiloh Company uses the perpetual inventory system for its merchandise inventory. The...
Inventory Costing Methods-Perpetual Method Shiloh Company uses the perpetual inventory system for its merchandise inventory. The June 1 inventory for one of the items in the merchandise inventory consisted of 60 units with a unit cost of $60. Transactions for this item during June were as follows: June 5 Purchased 40 units @ $70 per unit 13 Sold 50 units @ 110 per unit 25 Purchased 30 units @ 72 per unit 29 Sold 20 units Required a. Calculate the...
Inventory Costing Methods-Perpetual Method Merritt Company uses the perpetual inventory system. The following May data are...
Inventory Costing Methods-Perpetual Method Merritt Company uses the perpetual inventory system. The following May data are for an item in Merritt's inventory: May 1 Beginning inventory 170 unit@ $32 per unit 12 Purchased 120 unit@ $37 per unit 16 sold 190 unit@ 24 Purchased 180 unit@ $38 per unit Calculate the cost of goods sold for the May 16 sale using (a) first-in, first-out, (b) last-in, first-out, and (c) the weighted-average cost methods. Round your final answers to the nearest...
D) $6,300 16) A company purchased 300 units for $20 each on January 31. It purchased...
D) $6,300 16) A company purchased 300 units for $20 each on January 31. It purchased 200 units for $40 each on February 28. It sold a total of 250 units for $110 each from March 1 through December 31. If the company uses the last-in, first-out inventory (LIFO) costing method, calculate the cost of ending inventory on December 31. (Assume that the company uses a perpetual inventory system.) A) 55,000 B) $10,000 $22,500 D) $250 W anita nf inventory...
Inventory Costing Methods-Perpetual Method Using the data below, assume that Graham Corporation uses the perpetual inventory...
Inventory Costing Methods-Perpetual Method Using the data below, assume that Graham Corporation uses the perpetual inventory system. Calculate the value of ending inventory and cost of goods sold for the year using the perpetual method and (a) first.in, first-out, (b) last-in, first-out, and (c) weighted-average cost method. Units Unit Cost Beginning inventory, January 1,200 Purchases: February 11 1,500 May 18 1,400 October 23 1,100 March 1 July 1 1,400 October 29 1,000 Round the cost per unit to 3 decimal...
Use the data provided in P2 but assume that the company uses the periodic inventory system....
Use the data provided in P2 but assume that the company uses the periodic inventory system. P2 the inventory of Wood4Fun and data on purchases and sales for a two-month period follow.The company does its books at the end of each month It uses the periodic inventory system.Data is as follows, The proble is for P3. page 294. Needles & Powers ( Perpetual Inventory system and Inventory costing Methods. )Use the data as follows but assume that the company uses...
Assume Clickaway.com began January with 12 units of inventory that cost a total of $240. During...
Assume Clickaway.com began January with 12 units of inventory that cost a total of $240. During January, Clickaway.com purchased and sold goods as follows: Jan. 8 Purchase 36 units @ $21 14 Sale 30 units @ $42 22 Purchase 24 units @ $23 27 Sale 36 units @ $42 Under the FIFO inventory costing method and the perpetual inventory system, how much is Clickaway.com's cost of goods sold for the sale on January 14? O A. $1,260 O B. $996...
Novak Corp, began operations on July 1. It uses a perpetual inventory system. During July, the...
Novak Corp, began operations on July 1. It uses a perpetual inventory system. During July, the company had the following purchases and sales. Purchases Date Units Unit Cost Sales Units July 1 10 $129 July 6 July 11 14 $145 July 14 July 21 16 July 27 Calculate the average cost per unit at July 1, 6, 11, 14, 21 & 27. (Round answers to 3 decimal places, es $105.251.) Average cost for each unit 1$ July July 6 $...
Inventory Costing Methods-Perpetual Method Arrow Company is a retailer that uses the perpetual inventory system. August...
Inventory Costing Methods-Perpetual Method Arrow Company is a retailer that uses the perpetual inventory system. August 1 Beginning inventory 5 Purchased 8 Purchased 11 Sold 80 units of Product A @ $1,600 total cost 100 units of Product A @ $2,116 total cost 200 units of Product A @ $4,416 total cost 170 units of Product A @ $4,800 total sale Calculate the inventory cost of item A on August 11 (after the sale) using (a) first-in, first-out, (b) last-in,...
FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 36 units at $47 Sale 14 units at $66 First purchase 23 units at $50 Sale 23 units at $68 Second purchase 17 units at $52 6 units at $68 The firm uses the perpetual inventory system, and there are 33 units of the item on hand at the end of the year a. What is the...
D) $6,300 16) A company purchased 300 units for $20 each on January 31. It purchased 200 units for $40 each on February 28. It sold a total of 250 units for $110 each from March 1 through December 31. If the company uses the last-in, first-out inventory (LIFO) costing method, calculate the cost of ending inventory on December 31. (Assume that the company uses a perpetual inventory system.) A) 55,000 B) $10,000 $22,500 D) $250 W anita nf inventory...
Inventory Costing Methods-Perpetual Method Using the data below, assume that Graham Corporation uses the perpetual inventory system. Calculate the value of ending inventory and cost of goods sold for the year using the perpetual method and (a) first.in, first-out, (b) last-in, first-out, and (c) weighted-average cost method. Units Unit Cost Beginning inventory, January 1,200 Purchases: February 11 1,500 May 18 1,400 October 23 1,100 March 1 July 1 1,400 October 29 1,000 Round the cost per unit to 3 decimal...
Assume Clickaway.com began January with 12 units of inventory that cost a total of $240. During January, Clickaway.com purchased and sold goods as follows: Jan. 8 Purchase 36 units @ $21 14 Sale 30 units @ $42 22 Purchase 24 units @ $23 27 Sale 36 units @ $42 Under the FIFO inventory costing method and the perpetual inventory system, how much is Clickaway.com's cost of goods sold for the sale on January 14? O A. $1,260 O B. $996...
Novak Corp, began operations on July 1. It uses a perpetual inventory system. During July, the company had the following purchases and sales. Purchases Date Units Unit Cost Sales Units July 1 10 $129 July 6 July 11 14 $145 July 14 July 21 16 July 27 Calculate the average cost per unit at July 1, 6, 11, 14, 21 & 27. (Round answers to 3 decimal places, es $105.251.) Average cost for each unit 1$ July July 6 $...
Inventory Costing Methods-Perpetual Method Arrow Company is a retailer that uses the perpetual inventory system. August 1 Beginning inventory 5 Purchased 8 Purchased 11 Sold 80 units of Product A @ $1,600 total cost 100 units of Product A @ $2,116 total cost 200 units of Product A @ $4,416 total cost 170 units of Product A @ $4,800 total sale Calculate the inventory cost of item A on August 11 (after the sale) using (a) first-in, first-out, (b) last-in,...
Most questions answered within 3 hours.
-
Here is a pair of aromatic compounds that each have a complicated
set of aromatic peaks....
asked 3 minutes ago -
As with many public goods, determining the appropriate level of
government support for the production of...
asked 7 minutes ago -
Write a balanced chemical equation for the oxidation reaction
between Caro’s acid (H2SO5) and CN– ion...
asked 9 minutes ago -
Calculate the number of valence electrons for
[Mo(C6H6)(CO)3]
asked 20 minutes ago -
Which of the following are true about the strength of the
association between two variables?
1-...
asked 16 minutes ago -
You are a monopolist and know that your consumers have a linear
demand curve. At what...
asked 15 minutes ago -
Raising a heavy load requires work. Raising it in half the time
requires:
asked 22 minutes ago -
MGT-201: Marketing Management
Before deciding on the structure of the channel marketers must
take several factors...
asked 22 minutes ago -
1. ACLs allow a router to control traffic within a network. The
concept is very similar...
asked 23 minutes ago -
35. When the electron in a hydrogen atom falls from its first
excited energy level to...
asked 25 minutes ago -
A man is dragging a box of mass "m" by using a rope which rests
on...
asked 41 minutes ago -
Liquid octane
(CH3(CH2)6CH3) will
react with gaseous oxygen (O2) to produce gaseous carbon
dioxide (CO2) and...
asked 43 minutes ago