Date Transaction Number of Units Unit Cost Total Cost Jan. 1 Beginning inventory 60 $ 52...
| Date | Transaction | Number of Units | Unit Cost | Total Cost | |||||||||
| Jan. | 1 | Beginning inventory | 60 | $ | 52 | $ | 3,120 | ||||||
| Apr. | 7 | Purchase | 140 | 54 | 7,560 | ||||||||
| Jul. | 16 | Purchase | 210 | 57 | 11,970 | ||||||||
| Oct. | 6 | Purchase | 120 | 58 | 6,960 | ||||||||
| 530 | $ | 29,610 | |||||||||||
For the entire year, the company sells 450 units of inventory for
$70 each.
Exercise 6-4A Part 2
2. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit.
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Date
Transaction
Number of Units
Unit Cost
Total Cost
Jan.
1
Beginning inventory
60
$
52...
Required information [The following information applies to the questions displayed below.] During the year, TRC Corporation...
Required information [The following information applies to the questions displayed below.] During the year, TRC Corporation has the following inventory transactions. Date Transaction Number of Units Unit Cost Total Cost Jan. 1 Beginning inventory 60 $ 52 $ 3,120 Apr. 7 Purchase 140 54 7,560 Jul. 16 Purchase 210 57 11,970 Oct. 6 Purchase 120 58 6,960 530 $ 29,610 For the entire year, the company sells 450 units of inventory for $70 each. 3. Using weighted-average cost, calculate ending...
Number of Units Unit Cost Date Transaction Jan. 1 Beginning inventory Apr. 7 Purchase Jul.16 Purchase...
Number of Units Unit Cost Date Transaction Jan. 1 Beginning inventory Apr. 7 Purchase Jul.16 Purchase Oct. 6 Purchase Total Cost $ 2,484 6,432 10,404 5,928 $25,248 SOG For the entire year, the company sells 440 units of inventory for $64 each. 2. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit Cost of Goods Available for Sale LIFO Ending Inventory Cost of Goods Sold Cost per Cost per unit # of units Cost of...
During the year, TRC Corporation has the following inventory transactions. Date Transaction Number of Units Unit...
During the year, TRC Corporation has the following inventory transactions. Date Transaction Number of Units Unit Cost Total Cost Jan. 1 Beginning inventory 59 $ 51 $ 3,009 Apr. 7 Purchase 139 53 7,367 Jul. 16 Purchase 209 56 11,704 Oct. 6 Purchase 119 57 6,783 526 $ 28,863 For the entire year, the company sells 445 units of inventory for $69 each. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. Using LIFO, calculate...
INVENTORY ITEM 621AB UNITS DATE COST Beginning Inventory $6 $7 Jan 1 120 Purchase 200 Jan...
INVENTORY ITEM 621AB UNITS DATE COST Beginning Inventory $6 $7 Jan 1 120 Purchase 200 Jan 7 Sale Jan 10 250 Purchase $8 Jan 15 300 Jan 17 Purchase $9 200 Sale 325 Jan 20 Sale Jan 25 100 Jan 28 Purchase $10 175 Smith Corporation uses a perpetual inventory system. Determine the costs assigned to Cost of Goods Sold and Ending Inventory using both FIFO and LIFO methods. DATE ITEM RED16 UNITS COST Beginning Inventory $10 Jan 1 100...
Problem 1 During the year, TRC Corporation has the following inventory transactions. Date Transaction Number of...
Problem 1 During the year, TRC Corporation has the following inventory transactions. Date Transaction Number of Units Unit CostTotal Cost Jan. 1 Beginning inventory Apr. 7 Purchase Jul. 16Purchase Oct. 6 Purchase 50 $42 $ 2,100 130 44 5,720 47 9,400 48 5.280 $22.500 200 490 For the entire year, the company sells 440 units of inventory for $60 each. Required: 1. Using FIFO, calculate (a) ending inventory, (b) cost of goods sold, (c) sales revenue, and (d) gross profit....
The following is the inventory record of widgets for the ABC Company Units Cost/Unit 1-Jan Beginning...
The following is the inventory record of widgets for the ABC Company Units Cost/Unit 1-Jan Beginning Inventory 1001 $10.00 15-Apr Purchase 2001 $11.00 24-Aug Purchase 300 $12.00 27-Nov Purchase 400 $13.00 At the end of the fiscal year, the physical inventory found 450 widgets on hand at 12/31. Total sales for the year were 500 widgets sold at a retail price of $20.00 per widget Required: (a) Calculate the endign inventory value under FIFO, LIFO and Weighted Average (b) Calculate...
ork Chapter #6 Help Save & Number of Units Cost Total Cont Date Transaction Jan. 1...
ork Chapter #6 Help Save & Number of Units Cost Total Cont Date Transaction Jan. 1 Beginning inventory Mar. 14 Purchase Jun. 9 Purchase Nov.11 Purchase 1,020 1.053 $4,103 For the entire year, the company sells 110 units of inventory for $39 each. 12:37 Required: 1. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost cost per Ending # of units Cost...
Date Description Units Unit Cost or Selling Price Oct. 1 Beginning inventory 54 Oct. 9 Purchase...
Date Description Units Unit Cost or Selling Price Oct. 1 Beginning inventory 54 Oct. 9 Purchase 128 Oct. 11 Sale 104 Oct. 17 Purchase 108 Oct. 22 Sale 64 Oct. 25 Purchase 75 Oct. 29 Sale 103 Calculate ending inventory, cost of goods sold, gross profit under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost. (Round answers to decimal place, e.g. 125.) LIFO FIFO AVERAGE-COST $ The ending inventory The cost of goods sold $ Gross profit
Date Transaction Apr. 1 Beginning inventory Apr.20 Purchase Number of Units 400 340 Unit Cost $2.12...
Date Transaction Apr. 1 Beginning inventory Apr.20 Purchase Number of Units 400 340 Unit Cost $2.12 2.70 Dunbar sold 630 units of inventory during the month. Ending inventory assuming LIFO would be: (Do not round your intermediate calculations. Round your answer to the nearest dollar amount.) Multiple Choice O O O O
Weighted-Average Cost: Required information Exercise 6-4A Calculate inventory amounts when costs are rising (LO6-3) [The following...
Weighted-Average Cost:
Required information Exercise 6-4A Calculate inventory amounts when costs are rising (LO6-3) [The following information applies to the questions displayed below.] During the year, TRC Corporation has the following inventory transactions. 44 Date Transaction Jan. 1 Beginning inventory Apr. 7 Purchase Jul.16 Purchase Oct. 6 Purchase Number of Units Unit Cost $ 36 124 194 104 38 41 Total Cost $ 1,584 4,712 7,954 4,368 $18,618 466 For the entire year, the company sells 413 units of inventory...
Number of Units Unit Cost Date Transaction Jan. 1 Beginning inventory Apr. 7 Purchase Jul.16 Purchase Oct. 6 Purchase Total Cost $ 2,484 6,432 10,404 5,928 $25,248 SOG For the entire year, the company sells 440 units of inventory for $64 each. 2. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit Cost of Goods Available for Sale LIFO Ending Inventory Cost of Goods Sold Cost per Cost per unit # of units Cost of...
INVENTORY ITEM 621AB UNITS DATE COST Beginning Inventory $6 $7 Jan 1 120 Purchase 200 Jan 7 Sale Jan 10 250 Purchase $8 Jan 15 300 Jan 17 Purchase $9 200 Sale 325 Jan 20 Sale Jan 25 100 Jan 28 Purchase $10 175 Smith Corporation uses a perpetual inventory system. Determine the costs assigned to Cost of Goods Sold and Ending Inventory using both FIFO and LIFO methods. DATE ITEM RED16 UNITS COST Beginning Inventory $10 Jan 1 100...
Problem 1 During the year, TRC Corporation has the following inventory transactions. Date Transaction Number of Units Unit CostTotal Cost Jan. 1 Beginning inventory Apr. 7 Purchase Jul. 16Purchase Oct. 6 Purchase 50 $42 $ 2,100 130 44 5,720 47 9,400 48 5.280 $22.500 200 490 For the entire year, the company sells 440 units of inventory for $60 each. Required: 1. Using FIFO, calculate (a) ending inventory, (b) cost of goods sold, (c) sales revenue, and (d) gross profit....
The following is the inventory record of widgets for the ABC Company Units Cost/Unit 1-Jan Beginning Inventory 1001 $10.00 15-Apr Purchase 2001 $11.00 24-Aug Purchase 300 $12.00 27-Nov Purchase 400 $13.00 At the end of the fiscal year, the physical inventory found 450 widgets on hand at 12/31. Total sales for the year were 500 widgets sold at a retail price of $20.00 per widget Required: (a) Calculate the endign inventory value under FIFO, LIFO and Weighted Average (b) Calculate...
ork Chapter #6 Help Save & Number of Units Cost Total Cont Date Transaction Jan. 1 Beginning inventory Mar. 14 Purchase Jun. 9 Purchase Nov.11 Purchase 1,020 1.053 $4,103 For the entire year, the company sells 110 units of inventory for $39 each. 12:37 Required: 1. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost cost per Ending # of units Cost...
Date Description Units Unit Cost or Selling Price Oct. 1 Beginning inventory 54 Oct. 9 Purchase 128 Oct. 11 Sale 104 Oct. 17 Purchase 108 Oct. 22 Sale 64 Oct. 25 Purchase 75 Oct. 29 Sale 103 Calculate ending inventory, cost of goods sold, gross profit under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost. (Round answers to decimal place, e.g. 125.) LIFO FIFO AVERAGE-COST $ The ending inventory The cost of goods sold $ Gross profit
Date Transaction Apr. 1 Beginning inventory Apr.20 Purchase Number of Units 400 340 Unit Cost $2.12 2.70 Dunbar sold 630 units of inventory during the month. Ending inventory assuming LIFO would be: (Do not round your intermediate calculations. Round your answer to the nearest dollar amount.) Multiple Choice O O O O
Weighted-Average Cost:
Required information Exercise 6-4A Calculate inventory amounts when costs are rising (LO6-3) [The following information applies to the questions displayed below.] During the year, TRC Corporation has the following inventory transactions. 44 Date Transaction Jan. 1 Beginning inventory Apr. 7 Purchase Jul.16 Purchase Oct. 6 Purchase Number of Units Unit Cost $ 36 124 194 104 38 41 Total Cost $ 1,584 4,712 7,954 4,368 $18,618 466 For the entire year, the company sells 413 units of inventory...
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