Homework Answers
As it is already given in question that at the end the company found 78 units on hands during physical verification that means all remaining stocks has been sold only 78 units are in hand. And since company is following LIFO method therefore all inventory purchased later (last) will be sold first.
Note: It is said that company has 78 units in hands so 23 unit will be from beginning inventory and remaining 55 (78-23) units will be from purchase just after beginning inventory i.e. Nov.-1.
I hope this clear your doubt.
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did you come up with the 55 in the ending inventory? this is the
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Company reports the following for the month of June. Compute/ the cost of the ending inventory...
Company reports the following for the month of June.
Compute/ the cost of the ending inventory and /the cost of goods
sold under FIFO/ and LIFO.
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Hemming uses a perpetual inventory system. Assume that ending inventory is made up of 55 units...
Hemming uses a perpetual inventory system. Assume that ending
inventory is made up of 55 units from the March 14 purchase, 70
units from the July 30 purchase, and all 165 units from the October
26 purchase. Using the specific identification method, calculate
the following.
Hemming Co. reported the following current-year purchases and sales for its only product. Units Sold at Retail Units Acquired at Cost 265 units @ $12.60 = $ 3,339 225 units @ $42.60 Date Activities Jan....
Please explain how you found your answer E7-5 Calculating Cost of Ending Inventory and Cost of...
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Use the following data for #5-12: Inventory information is presented below. Please calculate the ending inventory,...
Use the following data for #5-12: Inventory information is presented below. Please calculate the ending inventory, cost of goods sold, and gross profit for each of the six inventory methods below and answer the questions. Round answers to the nearest dollar. 4/1 - Beginning inventory - 12 units at $22 cost 4/10 - Purchase - 22 units at $23 cost 4/15 - Sale - 26 units ($30 sales price) 4/20 - Purchase - 27 units at $24 cost 4/25 -...
inventory calcuations d. Compute the cost of ending inventory using the LIFO method Units Sold Cost...
inventory calcuations
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Alternative Inventory Methods Garrett Company has the following transactions during the months of April and May:...
Alternative Inventory Methods Garrett Company has the following transactions during the months of April and May: Date Transaction Units Cost/Unit April 1 Balance 500 17 Purchase 200 $5.10 25 Sale 150 28 Purchase 100 $5.90 May 5 Purchase 250 $5.10 18 Sale 300 22 Sale 50 The cost of the inventory on April 1 is $5, $4, and $2 per unit, respectively, under the FIFO, average, and LIFO cost flow assumptions. Required: Compute the costs of goods sold for each...
Alternative Inventory Methods Garrett Company has the following transactions during the months of April and May:...
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View Policies Show Attempt History Your Answer Correct Answer X Your answer is incorrect. Marigolds has the following inventory data: Nov. 1 8 17 25 Inventory Purchase Purchase Purchase 23 units $4.70 each 94 units @ $5.05 each 47 units $4.90 each 70 units @ $5.10 each A physical count of merchandise inventory on November 30 reveals that there are 78 units on hand. Cost of goods sold under LIFO is $386 $396 $774 $784 O Elt 916 5 7...
Company reports the following for the month of June.
Compute/ the cost of the ending inventory and /the cost of goods
sold under FIFO/ and LIFO.
Units 200 400 Unit Cost $3 June 1 Inventory 12 Purchase 23 Purchase 30 Inventory Total Cost $ 600 2,800 3,000 300 100 (a) Compute the cost of the ending inventory and the cost of goods sold under FIFO and LIFO. FIFO LIFO Cost of the ending inventory $ " Cost of goods sold...
Hemming uses a perpetual inventory system. Assume that ending
inventory is made up of 55 units from the March 14 purchase, 70
units from the July 30 purchase, and all 165 units from the October
26 purchase. Using the specific identification method, calculate
the following.
Hemming Co. reported the following current-year purchases and sales for its only product. Units Sold at Retail Units Acquired at Cost 265 units @ $12.60 = $ 3,339 225 units @ $42.60 Date Activities Jan....
Please explain how you found your answer
E7-5 Calculating Cost of Ending Inventory and Cost of Goods Sold under Periodic FIFO, LIFO, and Weighted Average Cost (LO 7-3) Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each month, as if it uses a periodic inventory system. Assume Oahu Kiki's records show the following for the month of January. Sales totaled 280 units. Beginning Inventory...
Use the following data for #5-12: Inventory information is presented below. Please calculate the ending inventory, cost of goods sold, and gross profit for each of the six inventory methods below and answer the questions. Round answers to the nearest dollar. 4/1 - Beginning inventory - 12 units at $22 cost 4/10 - Purchase - 22 units at $23 cost 4/15 - Sale - 26 units ($30 sales price) 4/20 - Purchase - 27 units at $24 cost 4/25 -...
inventory calcuations
d. Compute the cost of ending inventory using the LIFO method Units Sold Cost 50 100 400 55 Date Activities Beginning 1-Mar inventory 5-Mar Purchase 9-Mar Sales 16-Mar Purchase 25-Mar Purchase 29-Mar Sales 420 120 2001 60 62 160 LIFO Cost of Goods Sold Cost per units unit Cost of goods sold Ending Inven # ending Cost per inventory unit Date Units sold Sales 25-Mar 16-Mar 5-Mar 1-Mar Totals
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