Flora's Gifts reported the following current-month data for its only product. The company uses a periodic inventory system, and its ending inventory consists of 86 units—63 units from the January 6 purchase and 23 units from the January 25 purchase.
Jan. 1 Beginning inventory 200 units @ $4.30 = $ 860.00
Jan. 6 Purchase 373 units @ $4.10 = 1,529.30
Jan. 17 Purchase 605 units @ $3.60 = 2,178.00
Jan. 25 Purchase 35 units @ $3.30 = 115.50
Totals 1,213 units $ 4,682.80
(a-d) Determine the cost assigned to ending inventory and to cost of goods sold for the following. (Do not round intermediate calculations and round your answers to nearest whole dollar.)
Ending inventory | cost of goods sold | |
a. specific identification | $4,349 | |
b. weighted average | $332 | $4,350 |
c. FIFO | ||
D. LIFO |
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Flora's Gifts reported the following current-month data for its only product. The company uses a periodic...
Flora's Gifts reported the
following current-month data for its only product. The company uses
a periodic inventory system, and its ending inventory consists of
74 units—57 units from the January 6 purchase, and 17 units from
the January 25 purchase. Jan. 1 Beginning inventory 170 units @
$3.60 = $ 612.00 Jan. 6 Purchase 350 units @ $3.60 = 1,260.00 Jan.
17 Purchase 575 units @ $3.20 = 1,840.00 Jan. 25 Purchase 30 units
@ $2.70 = 81.00 Totals 1,125...
Hora's Gifts reported the following current-month data for its only product. The company uses a periodic inventory system, and its ending inventory consists of 88 units-64 units from the January 6 purchase and 24 units from the January 25 purchase. Jan. 1 Beginning inventory Jan. 6 Purchase Jan. 17 Purchase Jan. 25 Purchase Totals 205 units @ $4.60 380 units @ $4.29 618 units @ $3.70 36 units@ $3.40 1,231 units - $ 943.00 - 1,596.00 - 2,257.00 122.40 $4,918.40...
Exercise 6-15A Periodic: Cost flow assumptions LO P3 Flora's Gifts reported the following current month data for its only product. The company uses a periodic inventory system, and its ending inventory consists of 92 units-66 units from the January 6 purchase and 26 units from the January 25 purchase. - Jan. 1 Beginning inventory Jan. 6 Purchase Jan. 17 Purchase Jan. 25 Purchase Totals 215 units $4.60 390 units $4.30 620 units @ $3.90 38 units $3.60 1.263 units $...
Lopez Company reported the following current-year data for its only product. The company uses a periodic inventory system, and its ending inventory consists of 390 units—130 from each of the last three purchases. Jan. 1 Beginning inventory Mar. 7 Purchase July 28 Purchase Oct. 3 Purchase Dec. 19 Purchase Totals 230 units @ $3.20 500 units @ $3.75 1,140 units @ $3.70 1,020 units @ $4.60 440 units @ $4.10 3,330 units = $ 736 = 1,875 = 4,218 =...
Laker Company reported the following January purchases and sales data for its only product. Date Activities Units Acquired at Cost Units sold at Retail Jan. 1 Beginning inventory 190 units @ $ 7.00 = $ 1,330 Jan. 10 Sales 150 units @ $ 16.00 Jan. 20 Purchase 110 units @ $ 6.00 = 660 Jan. 25 Sales 130 units @ $ 16.00 Jan. 30 Purchase 280 units @ $ 5.50 = 1,540 Totals 580 units $ 3,530 280 units The...
Flora's Gifts reported the following current-month data for its only product. The company uses a periodic inventory system, and its ending inventory consists of 60 units—50 units from the January 6 purchase and 10 units from the January 25 purchase. Jan. 1 Beginning inventory -138 units @ $3.00 = $ 414Jan. 6 Purchase 300 units @ $2.80 = $840Jan 17 Purchase 540 units @ $2.30 =$1,242Jan. 25 Purchase 22 units @ $2.00=$44Totals 1,000 units $2,540 - Determine the cost assigned...
Lopez Company reported the following current-year data for its only product. The company uses a periodic inventory system, and its ending inventory consists of 390 units—130 from each of the last three purchases. Jan. 1 Beginning inventory 230 units @ $3.20 = $ 736 Mar. 7 Purchase 500 units @ $3.75 = 1,875 July 28 Purchase 1,140 units @ $3.70 = 4,218 Oct. 3 Purchase 1,020 units @ $4.60 = 4,692 Dec. 19 Purchase 440 units @ $4.10 = 1,804...
Laker Company reported the following January purchases and sales data for its only product. Date Activities Units Acquired at Cost Units sold at Retail Jan. 1 Beginning inventory 200 units @ $ 12.50 = $ 2,500 Jan. 10 Sales 160 units @ $ 21.50 Jan. 20 Purchase 130 units @ $ 11.50 = 1,495 Jan. 25 Sales 140 units @ $ 21.50 Jan. 30 Purchase 300 units @ $ 11.00 = 3,300 Totals 630 units $ 7,295 300 units The...
Laker Company reported the following January purchases and sales data for its only product. Date Activities Units Acquired at Cost Units sold at Retail Jan. 1 Beginning inventory 150 units @ $ 7.50 = $ 1,125 Jan. 10 Sales 110 units @ $ 16.50 Jan. 20 Purchase 80 units @ $ 6.50 = 520 Jan. 25 Sales 90 units @ $ 16.50 Jan. 30 Purchase 200 units @ $ 6.00 = 1,200 Totals 430 units $ 2,845 200 units The...
Laker Company reported the following January purchases and sales data for its only product Units Required at Cost 240 unitat $16.50 - $3.960 Units sold at Retail Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Jan. 20 Parehase Jan. 25 Sales Jan. 30 Purchase Totale 170 unital $15.50 - 2,635 190 units $25.50 190 units e $25.50 $15.00 - 380 units 790 units 5,700 $12,295 380 units The Company uses a perpetual Inventory system. For specific identification, ending Inventory...