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Brady Corp. has the following inventory information available for the month of December: Number of Units...
Alba Corp. has the following inventory information available for the month of December: Date Number of...
Alba Corp. has the following inventory information available for the month of December: Date Number of Units Cost per unit 40 $15 December 1 Beginning Inventory December 10 Purchases 50 $19 December 20 Purchases 60 $18 The company sold 100 units in December. Required: Using the above information, fill in the chart below with the amounts that should be reported for total cost of goods sold for December and the cost of ending inventory at Dec 31 under both the...
Winston Corp. has the following inventory information available for June of 20X1: Date Number of Units...
Winston Corp. has the following inventory information available for June of 20X1: Date Number of Units Cost per unit Total Cost 80 $12 $960 June 1 Beginning Inventory June 15 Purchases 100 $ 9 $900 June 30 Purchases 35 $11 $385 The company sold 100 units in June. Required: Using the above information, fill in the chart below with the amounts that should be reported for total cost of goods sold for June and the cost of ending inventory at...
Inventory information for Part 311 of Blue Corp. discloses the following information for the month of...
Inventory information for Part 311 of Blue Corp.
discloses the following information for the month of June.
June 1 Balance 299 units @ $16
June 10 Sold 196 units @ $38
June 11 Purchased 803 units @ $19
June 15 Sold 502 units @ $40
June 20 Purchased 505 units @ $21
June 27 Sold 297 units @ $43
Assuming that the periodic inventory method is used,
compute the cost of goods sold and ending inventory under (1) LIFO
and (2) FIFO.
(1)
LIFO
Cost if good...
inventory information for Part 311 of Tamarisk Corp. discloses the following information for the month of...
inventory information for Part 311 of Tamarisk Corp. discloses the following information for the month of June. June 1 Balance 302 units @ $15 June 10 Sold 200 units @ $35 11 Purchased 796 units @ $18 15 Sold 499 units @ $37 20 Purchased 501 units @ $19 27 Sold 301 units @ $40 (a) Assuming that the periodic inventory method is used, compute the cost of goods sold and ending inventory under (1) LIFO and (2) FIFO. (1) LIFO...
Skiller Company has the following information regarding its inventory for the second year of operations. Transactions...
Skiller Company has the following information regarding its inventory for the second year of operations. Transactions Units Sales in units Unit Cost Beginning Inventory, January 1 35,000 $3.50 Purchases February 8 45,500 3.60 March 15 100,250 3.80 April 10 62,000 4.10 Units sold – April 22 at $12 155,000 Purchases May 9 81,000 4.35 June 19 28,000 4.56 Units sold – August 11 at $14 115,500 Purchases September 20 15,000 4.75 October 30...
Inventory information for Part 311 of Marigold Corp. discloses the following information for the month of...
Inventory information for Part 311 of Marigold Corp. discloses the following information for the month of June. June 1 11 20 Balance Purchased Purchased 302 units @ $11 803 units @ $13 498 units @ $14 June 10 15 27 Sold Sold Sold 198 units e$27 498 units @ $28 296 units @ $30 Assuming that the periodic inventory method is used, compute the cost of goods sold and ending inventory under (1) LIFO and (2) FIFO. (2) FIFO LIFO...
Weaver Corp. has the following inventory information available for the month of March: Date Number of...
Weaver Corp. has the following inventory information available for the month of March: Date Number of Units Cost per unit March 1 Beginning Inventory 20 $20.00 March 10 Purchases 30 $25.00 Weaver sold 40 units in March. Question: What is the total cost of goods sold for March using the average-cost cost method? Round average cost per unit to the nearest penny before computing total cost of goods sold.
Bridgeport Corp. reports the following for the month of June. Explanation Units Unit Cost Total Cost...
Bridgeport Corp. reports the following for the month of June. Explanation Units Unit Cost Total Cost June 1 Inventory 12 Purchases 2,310 23 Purchases 1,358 30 Inventory 240 $ 580 Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (For calculation purposes, round to 3 decimal places, e.g. 5.275. Round answers to decimal places, e.g. 125.) FIFO LIFO Average-cost The cost of the ending inventory The cost of goods sold Click...
Wrigley Corp. has the following inventory information available for the month of July: Date Number of...
Wrigley Corp. has the following inventory information available for the month of July: Date Number of Units Cost per unit July 1 Beginning Inventory 25 $21.00 July 10 Purchases 30 $28.33 Wrigley sold 35 units in July. Question: What is the total cost of goods sold for July using the average-cost method? Round average cost per unit to the nearest penny before computing total cost of goods sold. Answer: $
Inventory information for Part 311 of Novak Corp. discloses the following information for the month of...
Inventory information for Part 311 of Novak Corp. discloses the following information for the month of June. June 1 11 20 Balance Purchased Purchased 297 units @ $17 795 units @ $21 500 units @ $23 June 10 15 27 Sold Sold Sold 203 units @ $42 498 units @ $44 303 units @ $47 Assuming that the periodic inventory method is used, compute the cost of goods sold and ending inventory under (1) LIFO and (2) FIFO. (1) LIFO...
Alba Corp. has the following inventory information available for the month of December: Date Number of Units Cost per unit 40 $15 December 1 Beginning Inventory December 10 Purchases 50 $19 December 20 Purchases 60 $18 The company sold 100 units in December. Required: Using the above information, fill in the chart below with the amounts that should be reported for total cost of goods sold for December and the cost of ending inventory at Dec 31 under both the...
Winston Corp. has the following inventory information available for June of 20X1: Date Number of Units Cost per unit Total Cost 80 $12 $960 June 1 Beginning Inventory June 15 Purchases 100 $ 9 $900 June 30 Purchases 35 $11 $385 The company sold 100 units in June. Required: Using the above information, fill in the chart below with the amounts that should be reported for total cost of goods sold for June and the cost of ending inventory at...
Inventory information for Part 311 of Blue Corp.
discloses the following information for the month of June.
June 1 Balance 299 units @ $16
June 10 Sold 196 units @ $38
June 11 Purchased 803 units @ $19
June 15 Sold 502 units @ $40
June 20 Purchased 505 units @ $21
June 27 Sold 297 units @ $43
Assuming that the periodic inventory method is used,
compute the cost of goods sold and ending inventory under (1) LIFO
and (2) FIFO.
(1)
LIFO
Cost if good...
Inventory information for Part 311 of Marigold Corp. discloses the following information for the month of June. June 1 11 20 Balance Purchased Purchased 302 units @ $11 803 units @ $13 498 units @ $14 June 10 15 27 Sold Sold Sold 198 units e$27 498 units @ $28 296 units @ $30 Assuming that the periodic inventory method is used, compute the cost of goods sold and ending inventory under (1) LIFO and (2) FIFO. (2) FIFO LIFO...
Bridgeport Corp. reports the following for the month of June. Explanation Units Unit Cost Total Cost June 1 Inventory 12 Purchases 2,310 23 Purchases 1,358 30 Inventory 240 $ 580 Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (For calculation purposes, round to 3 decimal places, e.g. 5.275. Round answers to decimal places, e.g. 125.) FIFO LIFO Average-cost The cost of the ending inventory The cost of goods sold Click...
Wrigley Corp. has the following inventory information available for the month of July: Date Number of Units Cost per unit July 1 Beginning Inventory 25 $21.00 July 10 Purchases 30 $28.33 Wrigley sold 35 units in July. Question: What is the total cost of goods sold for July using the average-cost method? Round average cost per unit to the nearest penny before computing total cost of goods sold. Answer: $
Inventory information for Part 311 of Novak Corp. discloses the following information for the month of June. June 1 11 20 Balance Purchased Purchased 297 units @ $17 795 units @ $21 500 units @ $23 June 10 15 27 Sold Sold Sold 203 units @ $42 498 units @ $44 303 units @ $47 Assuming that the periodic inventory method is used, compute the cost of goods sold and ending inventory under (1) LIFO and (2) FIFO. (1) LIFO...
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