The following inventory transactions took place for Crane Corporation for the month of May:
The following inventory transactions took place for Crane Corporation for the month of May:
Calculate the ending inventory balance for Crane Corporation, assuming the company uses a perpetual inventory system and the first-in, first-out (FIFO) cost formula.
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The following inventory transactions took place for Crane Corporation for the month of May:
The following inventory transactions took place for Oriole Corporation for the month of May: Date Event...
The following inventory transactions took place for Oriole Corporation for the month of May: Date Event May 1 beginning inventory May 5 purchase May 10 purchase May 15 sale May 20 sale May 22 purchase May 24 purchase May 25 sale Quantity 2,000 3,000 5,000 5,000 3,000 3,500 2,500 5,000 Cost/ Selline Price $3.10 3.30 3.40 5.80 5.80 3.60 3.60 5.80 Calculate the ending inventory balance for Oriole Corporation, assuming the company uses a perpetual inventory system and the moving...
The following inventory transactions took place for NPR Corporation for the month of May: Date Event...
The following inventory transactions took place for NPR Corporation for the month of May: Date Event Quantity Cost/Selling Price May 1 Beginning Inventory 1,000 $3.55 May 5 Purchase 6,000 3.10 May 10 Purchase 2,000 3.75 May 15 Sale 3,000 6.00 May 20 Sale 2,000 6.00 May 22 Purchase 5,000 3.45 May 24 Purchase 2,000 3.75 May 25 Sale 7,000 6.00 Required 1. Calculate the ending inventory balance for NPR Corporation, assuming the company uses a periodic inventory system and the...
2. During May, the following changes in inventory took place: SHOW ALL CALCULATIONS 1,100 units @...
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Itco uses a perpetual inventory system. During the month of October the following transactions took place:...
Itco uses a perpetual inventory system. During the month of October the following transactions took place: 10/1 10/5 10/10 10/12 10/15 10/22 Balance: 2,000 uts. @ $5.00/ut Purchased: 5,000 uts. @ $5.25/ut Purchased: 8,000 uts. @ $5.50/ut Sold 12,000 uts. for $10.00 ea. Purchased: 4,000 uts. @ $5.75/ut Sold 5,000 uts. for $10.00 ea. Required: NOTE: YOU MAY USE A SPREAD SHEET RATHER THAN THE RECORD PROVIDED. ở Complete the perpetual inventory record (provided) for the above transactions using FIFO...
Problem 3: Beaver Inventory Problem Beaver Company has the following inventory transactions for the month of...
Problem 3: Beaver Inventory Problem Beaver Company has the following inventory transactions for the month of April: Purchases Sales April 1 (beginning balance) April Units 600 1,500 800 1,200 700 500 Cost $6.00 $6.08 $6.40 $6.50 $6.60 $6.79 3 9 11 23 27 Units 500 1,400 600 1,200 900 29 Required: 1. Assume Beaver Company uses periodic inventory records. Determine the value of ending inventory using: a. FIFO b. LIFO c. Average-cost 2. Assume Beaver Company uses perpetual inventory records....
Brief Exercise 6A-4 The following is a record of Windsor Company's transactions for the month of...
Brief Exercise 6A-4 The following is a record of Windsor Company's transactions for the month of May 2017 May 1 12 Balance 410 units @ $22 Purchase 570 units @ $25 May 10 20 Sale 300 units @ $39 Sale 510 units @ $39 Compute the cost of ending inventory using the moving-average method. (Round average cost per unit to 3 decimal places, Ending inventory $ LINK TO TEXT Brief Exercise 6A-3 The following is a record of Teal Company's...
The following is a record of Tamarisk Company’s transactions for Boston Teapots for the month of...
The following is a record of Tamarisk Company’s transactions for Boston Teapots for the month of May 2020. May 1 Balance 464 units @ $20.00 May 10 Sale 348 units @ $34.00 12 Purchase 696 units @ $25.00 20 Sale 626 units @ $34.00 28 Purchase 464 units @ $30.00 Assuming that perpetual inventories are not maintained and that a physical count at the end of the month shows 650 units on hand, what is the cost of the ending...
Martinez Ltd. uses the perpetual inventory system and reports the following inventory transactions for the month...
Martinez Ltd. uses the perpetual inventory system and reports
the following inventory transactions for the month of June:
Date
Explanation
Units
Unit
Cost
Total
Cost
June
1
Beginning inventory
1,500
$6
$9,000.00
12
Purchases
2,480
7
17,360
15
Sale
(2,610
)
16
Purchases
4,560
8
36,480
23
Purchases
1,380
9
12,420
27
Sales
(5,830
)
(a)
Determine the cost of goods sold and the cost of the ending
inventory using (1) FIFO and (2) Average cost. (Round
average
final answers...
The following transactions took place in October for Roland Corporation. The opening inventory was 107 units...
The following transactions took place in October for Roland Corporation. The opening inventory was 107 units purchased for $166 each. October 5th October 7th sold 55 units purchased 68 units for S101 each Under a perpetual weighted average system, what is the cost of goods sold for October? Select one: a. $5555 b. $7741 c. $17762 d. $9130 Check
ABBA uses the perpetual inventory system. The following transactions took place in January 2015. (30 marks,5...
ABBA uses the perpetual inventory system. The following transactions took place in January 2015. (30 marks,5 marks each ) Units Selling Price/ Date Unit Cost Jan. 1 unit Units Selling Price/ Date Unit Cost Opening Inventory 2,000 $0.50 5 Sale #1 1,200 5.00 6 Purchase #1 1,000 2.00 10 Purchase #2 500 1.00 16 Sale #2 2,000 6.00 21 Purchase #3 1,000 2.50 Assume all sales are made on account。 Required: 1. Assume ABBA uses the FIFO inventory cost flow assumption a. Record the...
The following inventory transactions took place for Oriole Corporation for the month of May: Date Event May 1 beginning inventory May 5 purchase May 10 purchase May 15 sale May 20 sale May 22 purchase May 24 purchase May 25 sale Quantity 2,000 3,000 5,000 5,000 3,000 3,500 2,500 5,000 Cost/ Selline Price $3.10 3.30 3.40 5.80 5.80 3.60 3.60 5.80 Calculate the ending inventory balance for Oriole Corporation, assuming the company uses a perpetual inventory system and the moving...
2. During May, the following changes in inventory took place: SHOW ALL CALCULATIONS 1,100 units @ S25 S2 7,500 800 units@$3628,800 24 Purchases 700 units@$30 21,000 May 1 Balance 14 Purchases May 8 Sold 19 Sold 29 Sold 500 units@$50 300 units @ $49 600 units@ $54 A physical count indicates that 1,200 units are on hand on May 31. The company uses the PERPETUAL method. umin a. (1). LIFO (2). FIFO b. What is the moving average cost per...
Itco uses a perpetual inventory system. During the month of October the following transactions took place: 10/1 10/5 10/10 10/12 10/15 10/22 Balance: 2,000 uts. @ $5.00/ut Purchased: 5,000 uts. @ $5.25/ut Purchased: 8,000 uts. @ $5.50/ut Sold 12,000 uts. for $10.00 ea. Purchased: 4,000 uts. @ $5.75/ut Sold 5,000 uts. for $10.00 ea. Required: NOTE: YOU MAY USE A SPREAD SHEET RATHER THAN THE RECORD PROVIDED. ở Complete the perpetual inventory record (provided) for the above transactions using FIFO...
Problem 3: Beaver Inventory Problem Beaver Company has the following inventory transactions for the month of April: Purchases Sales April 1 (beginning balance) April Units 600 1,500 800 1,200 700 500 Cost $6.00 $6.08 $6.40 $6.50 $6.60 $6.79 3 9 11 23 27 Units 500 1,400 600 1,200 900 29 Required: 1. Assume Beaver Company uses periodic inventory records. Determine the value of ending inventory using: a. FIFO b. LIFO c. Average-cost 2. Assume Beaver Company uses perpetual inventory records....
Brief Exercise 6A-4 The following is a record of Windsor Company's transactions for the month of May 2017 May 1 12 Balance 410 units @ $22 Purchase 570 units @ $25 May 10 20 Sale 300 units @ $39 Sale 510 units @ $39 Compute the cost of ending inventory using the moving-average method. (Round average cost per unit to 3 decimal places, Ending inventory $ LINK TO TEXT Brief Exercise 6A-3 The following is a record of Teal Company's...
Martinez Ltd. uses the perpetual inventory system and reports
the following inventory transactions for the month of June:
Date
Explanation
Units
Unit
Cost
Total
Cost
June
1
Beginning inventory
1,500
$6
$9,000.00
12
Purchases
2,480
7
17,360
15
Sale
(2,610
)
16
Purchases
4,560
8
36,480
23
Purchases
1,380
9
12,420
27
Sales
(5,830
)
(a)
Determine the cost of goods sold and the cost of the ending
inventory using (1) FIFO and (2) Average cost. (Round
average
final answers...
The following transactions took place in October for Roland Corporation. The opening inventory was 107 units purchased for $166 each. October 5th October 7th sold 55 units purchased 68 units for S101 each Under a perpetual weighted average system, what is the cost of goods sold for October? Select one: a. $5555 b. $7741 c. $17762 d. $9130 Check
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