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 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 | $ | $ | $ |
Homework Answers
Add Answer to:
Sweet Corp. had 1,840 units of part M.O. on hand May 1, 2017,
costing $28 each....
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...
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...
Sandhill Corp. had 1,700 units of part M.O. on hand May 1, 2017, costing $25 each....
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...
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...
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...
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...
Problem 8-01 The following independent situations relate to inventory accounting. Answer the following questions about inventories....
Problem 8-01
The following independent situations relate to inventory
accounting.
Answer the following questions about inventories.
Kingbird Co. purchased goods with a list price of $177,300,
subject to trade discounts of 20% and 10%, with no cash discounts
allowable. How much should Kingbird 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
Oriole Company’s inventory of $1,113,100 at December 31,...
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...
Shamrock, Inc's inventory of $858,000 at December 31, 2017, was based on a physical count of goods priced at cost....
Shamrock, Inc's inventory of $858,000 at December 31, 2017, was based on a physical count of goods priced at cost. The total does not include any adjustments for the following items. Goods shipped from a vendor f.o.b.destination on December 24, 2017, at an invoice cost of $12,000 to Shamrock were received on January 4, 2018. These goods were excluded from the physical count. (b) (a) The physical count excluded goods held by a retailer (Deals Corp.) on consignment for Shamrock,...
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...
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...
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...
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...
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...
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...
Problem 8-01
The following independent situations relate to inventory
accounting.
Answer the following questions about inventories.
Kingbird Co. purchased goods with a list price of $177,300,
subject to trade discounts of 20% and 10%, with no cash discounts
allowable. How much should Kingbird 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
Oriole Company’s inventory of $1,113,100 at December 31,...
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...
Shamrock, Inc's inventory of $858,000 at December 31, 2017, was based on a physical count of goods priced at cost. The total does not include any adjustments for the following items. Goods shipped from a vendor f.o.b.destination on December 24, 2017, at an invoice cost of $12,000 to Shamrock were received on January 4, 2018. These goods were excluded from the physical count. (b) (a) The physical count excluded goods held by a retailer (Deals Corp.) on consignment for Shamrock,...
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