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Please use the following information for questions 3 - 11. Digital Enterprises uses a perpetual inventory...
Exercise 6-50 Inventory Costing Methods Crandall Distributors uses a perpetual inventory system and has the following d...
Exercise 6-50 Inventory Costing Methods Crandall Distributors uses a perpetual inventory system and has the following data available for inventory, purchases, and sales for a recent year: Sale Price (per unit) Activity Units Purchase Price (per unit) $7.10 7.20 110 Beginning inventory Purchase 1, Jan. 18 Sale 1 $12.00 12.00 Sale 2 7.50 Purchase 2, Mar. 10 Sale 3 Sale 4 Purchase 3, Sept. 30 12.00 12.50 7.70 Sale 5 12.50 Required: 1. Compute the cost of ending inventory and...
Chase Co. uses the perpetual inventory method. The inventory records for Chase reflected the following Jan...
Chase Co. uses the perpetual inventory method. The inventory records for Chase reflected the following Jan 1 Beginning inventory 2,200 units @ $ 6.10 Jan 12 Purchase 2,300 units @ $ 5.90 Jan 18 Sales 2,400 units @ $ 7.60 Jan 21 Purchase 2,200 units @ $ 6.20 Jan 25 Purchase 2,000 units @ $ 6.00 Jan 31 Sales 2,350 units @ $ 7.60 Assuming Chase uses a FIFO cost flow method, the ending inventory on January 31 is: Multiple...
Case Defence sells smartphone cases and uses the perpetual inventory system. The following is information on...
Case Defence sells smartphone cases and uses the perpetual inventory system. The following is information on the purchases and sales of "Defender Box” cases. On October 1, Case Defence had 33 units with a unit cost of $27. Sales Units Unit Price Purchases Units Unit Cost 23 28 - 33 Date Oct. 3 Oct. 6 Oct. 12 Oct. 19 Oct. 23 Oct. 30 Oct. 31 28 33 $63 $63 43 38 $63 28 Required: 1. Calculate the dollar value of...
The following are the inventory purchase and sales transactions of Packers Corp: Description Units Cost/Unit $40...
The following are the inventory purchase and sales transactions of Packers Corp: Description Units Cost/Unit $40 $42 Price/Unit Date Balance Purchase Jan. 1 Jan. 5 Jan. 8 Jan. 15 Purchase Jan. 25 Sale 30 20 $80 Sale 35 $40 50 $80 40 Use the information above to answer the below questions. Round to the nearest dollar. Question 10 (0.001 points) Saved Please feel free to utilize the templates provided below. The templates are not worth marks, but are for your...
Perpetual System— Calculating Ending Inventory and Cost of Sales using Moving Average, FIFO, and LIFO April...
Perpetual System— Calculating Ending Inventory and Cost
of Sales using Moving Average, FIFO, and LIFO
April Inc. maintains a perpetual inventory system and recorded
the following information for the month of January.
Required
Compute ending inventory and cost of goods sold for the month
ending January 31 using the method indicated below.
Note: Round your final answers to the nearest
dollar.
Note: Do not round costs per unit in
your calculations.
Ending Inventory
COGS
1. Moving average method.
2. FIFO...
Monty Inc. is a retailer operating in Centralia. Monty uses the perpetual inventory method. All sales...
Monty Inc. is a retailer operating in Centralia. Monty uses the
perpetual inventory method. All sales returns from customers result
in the goods being returned to inventory. (Assume that the
inventory is not damaged.) Assume that there are no credit
transactions; all amounts are settled in cash. You are provided
with the following information for Monty Inc. for the month of
January 2017.
Date
Description
Quantity
Unit Cost or
Selling Price
Dec. 31
Ending inventory
168
$14
Jan. 2
Purchase...
Fill out excel Better Bottles, Inc., uses a periodic inventory system and has the following information...
Fill out excel
Better Bottles, Inc., uses a periodic inventory system and has the following information available: ON # of Units $ Description 4 Beginning Inventory 5 Jan. 15 Purchase 6 Jan. 20 Purchase 7 Goods Available for Sale 8 Less: January Sales 9 Ending Inventory 10 Cost per Unit 20.00 22.00 30.00 WP T otal Cost 400.00 594.00 990.00 1,984.00 12 Required: 13 1) Calculate both the Ending Inventory and cost of Goods Sold using Periodic FIFO. FIFO Ending...
Oriole Company is a retailer operating in Calgary, Alberta. Oriole uses the perpetual inventory method. Assume...
Oriole Company is a retailer operating in Calgary, Alberta.
Oriole uses the perpetual inventory method. Assume that there are
no credit transactions; all amounts are settled in cash. You are
provided with the following information for Oriole for the month of
January 2022.
Dec.31 Ending Inventory - 175 units - $20 each
Jan 2. Purchase - 105 units - $28 each
Jan 6. Sale 193 units - $44 each
Jan 9. Purchase 58 units - $25 each
Jan 10. Sale...
Better Bottles, Inc. uses a periodic inventory system and has provided its current inventory information. The...
Better Bottles, Inc. uses a periodic inventory system and has provided its current inventory information. The Controller has as you to prepare a comparison of the Ending Inventory and Cost of Goods Sold totals for three different inventory costing methods: Periodic FIFO, LIFO, and Weighted-Average. Use the information included in the Excel Simulation and the Excel functions described below to complete the task. • Cell Reference: Allows you to refer to data from another cell in the worksheet. From the...
ABC Co. uses a perpetual inventory system and uses the FIFO cost flow assumption. During the...
ABC Co. uses a perpetual inventory system and uses the FIFO cost flow assumption. During the month, it had two sales. Calculate the dollar value of its cost of goods sold for the first sale made on Jan. 10. Jan 1 Beginning Inventory 8 @ $12= $96 Jan 5 Purchase 12 @ $15= $180 Jan 25 Purchase 10 @ $18= $180 Jan 10 Sale 11 units x $50 each Jan 30 Sale 3 units x $55 each
Exercise 6-50 Inventory Costing Methods Crandall Distributors uses a perpetual inventory system and has the following data available for inventory, purchases, and sales for a recent year: Sale Price (per unit) Activity Units Purchase Price (per unit) $7.10 7.20 110 Beginning inventory Purchase 1, Jan. 18 Sale 1 $12.00 12.00 Sale 2 7.50 Purchase 2, Mar. 10 Sale 3 Sale 4 Purchase 3, Sept. 30 12.00 12.50 7.70 Sale 5 12.50 Required: 1. Compute the cost of ending inventory and...
Case Defence sells smartphone cases and uses the perpetual inventory system. The following is information on the purchases and sales of "Defender Box” cases. On October 1, Case Defence had 33 units with a unit cost of $27. Sales Units Unit Price Purchases Units Unit Cost 23 28 - 33 Date Oct. 3 Oct. 6 Oct. 12 Oct. 19 Oct. 23 Oct. 30 Oct. 31 28 33 $63 $63 43 38 $63 28 Required: 1. Calculate the dollar value of...
The following are the inventory purchase and sales transactions of Packers Corp: Description Units Cost/Unit $40 $42 Price/Unit Date Balance Purchase Jan. 1 Jan. 5 Jan. 8 Jan. 15 Purchase Jan. 25 Sale 30 20 $80 Sale 35 $40 50 $80 40 Use the information above to answer the below questions. Round to the nearest dollar. Question 10 (0.001 points) Saved Please feel free to utilize the templates provided below. The templates are not worth marks, but are for your...
Perpetual System— Calculating Ending Inventory and Cost
of Sales using Moving Average, FIFO, and LIFO
April Inc. maintains a perpetual inventory system and recorded
the following information for the month of January.
Required
Compute ending inventory and cost of goods sold for the month
ending January 31 using the method indicated below.
Note: Round your final answers to the nearest
dollar.
Note: Do not round costs per unit in
your calculations.
Ending Inventory
COGS
1. Moving average method.
2. FIFO...
Monty Inc. is a retailer operating in Centralia. Monty uses the
perpetual inventory method. All sales returns from customers result
in the goods being returned to inventory. (Assume that the
inventory is not damaged.) Assume that there are no credit
transactions; all amounts are settled in cash. You are provided
with the following information for Monty Inc. for the month of
January 2017.
Date
Description
Quantity
Unit Cost or
Selling Price
Dec. 31
Ending inventory
168
$14
Jan. 2
Purchase...
Fill out excel
Better Bottles, Inc., uses a periodic inventory system and has the following information available: ON # of Units $ Description 4 Beginning Inventory 5 Jan. 15 Purchase 6 Jan. 20 Purchase 7 Goods Available for Sale 8 Less: January Sales 9 Ending Inventory 10 Cost per Unit 20.00 22.00 30.00 WP T otal Cost 400.00 594.00 990.00 1,984.00 12 Required: 13 1) Calculate both the Ending Inventory and cost of Goods Sold using Periodic FIFO. FIFO Ending...
Oriole Company is a retailer operating in Calgary, Alberta.
Oriole uses the perpetual inventory method. Assume that there are
no credit transactions; all amounts are settled in cash. You are
provided with the following information for Oriole for the month of
January 2022.
Dec.31 Ending Inventory - 175 units - $20 each
Jan 2. Purchase - 105 units - $28 each
Jan 6. Sale 193 units - $44 each
Jan 9. Purchase 58 units - $25 each
Jan 10. Sale...
Better Bottles, Inc. uses a periodic inventory system and has provided its current inventory information. The Controller has as you to prepare a comparison of the Ending Inventory and Cost of Goods Sold totals for three different inventory costing methods: Periodic FIFO, LIFO, and Weighted-Average. Use the information included in the Excel Simulation and the Excel functions described below to complete the task. • Cell Reference: Allows you to refer to data from another cell in the worksheet. From the...
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