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Fan Company sells inventory on account. The entry or entries to record this sale using a...
Katie Malls has the following inventory transactions for the year: Date Jan. 1 Apr. 8 Transaction...
Katie Malls has the following inventory transactions for the year: Date Jan. 1 Apr. 8 Transaction Beginning inventory Purchase Numbers of Units 20 50 Unit Cost $ 35 40 Total Cost $ 700 2,000 $2,700 Jan. 1 - Dec. 31 Total sales to customers 60 What amount would Madison report for cost of goods sold using LIFO under a periodic inventory system?
1a Which inventory cost flow assumption generally results in the lowest reported amount for inventory when...
1a Which inventory cost flow assumption generally results in the lowest reported amount for inventory when inventory costs are rising? Specific identification. First-in, first-out (FIFO). Last-in, first-out (LIFO). Average cost. 1 points 1b At the beginning of the year, Johnson Supply has inventory of $5,200. During the year, the company purchases an additional $20,000 of inventory. An inventory count at the end of the year reveals remaining inventory of $3,000. What amount will Bennett report for cost of goods...
Perpetual Inventory Using LIFO The following units of a particular item were available for sale during...
Perpetual Inventory Using LIFO The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 4,200 units at $41 Apr. 19 Sale 2,600 units June 30 Purchase 4,500 units at $44 Sept. 2 Sale 4,800 units Nov. 15 Purchase 2,000 units at $47 The firm maintains a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale, assuming the last-in, first-out method. Present the...
Perpetual Inventory Using FIFO The following units of a particular item were available for sale during...
Perpetual Inventory Using FIFO The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 4,200 units at $39 Apr. 19 Sale 2,700 units June 30 Purchase 4,600 units at $44 Sept. 2 Sale 5,200 units Nov. 15 Purchase 2,200 units at $46 The firm maintains a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale, assuming the first-in, first-out method. Present the...
Perpetual inventory using LIFO The following units of a particular item were available for sale during...
Perpetual inventory using LIFO The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 4,400 units at $41 Apr. 19 Sale 2,100 units June 30 Purchase 4,700 units at $46 Sept. 2 Sale 5,900 units Nov. 15 Purchase 2,200 units at $48 This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the question below. Schedule of Cost of...
To more efficiently manage its inventory, Treynor Corporation maintains its internal inventory records using first-in, first-out...
To more efficiently manage its inventory, Treynor Corporation maintains its internal inventory records using first-in, first-out (FIFO) under a perpetual inventory system. The following information relates to its merchandise inventory during the year: Jan. 1 Inventory on hand—30,000 units; cost $14.10 each. Feb. 12 Purchased 80,000 units for $14.40 each. Apr. 30 Sold 50,000 units for $21.90 each. Jul. 22 Purchased 60,000 units for $14.70 each. Sep. 9 Sold 80,000 units for $21.90 each. Nov. 17 Purchased 50,000 units for...
Why Moms A Option #1: Inventory Costing & Periodic and Perpetual Inventory Systems Jordan Company is...
Why Moms A Option #1: Inventory Costing & Periodic and Perpetual Inventory Systems Jordan Company is a manufacturing firm. Presented below is information concerning one of its products: 1/1 Beginning inventory 4,190 $20 2/12 Purchase 4,630 $25 3/2 Sale 3,640 $38 4/18 Purchase 5,950 $28 5/31 Sale 5,180 $40 Part A Use the ACT350_CTTemplate_Mod5_option1.xlsx file (in the module folder) to compute the cost of goods sold under the following situations: 1. Periodic system, FIFO cost flow 2. Perpetual system, FIFO...
Tipton Processing maintains its internal inventory records using average cost under a perpetual inventory system. The...
Tipton Processing maintains its internal inventory records using average cost under a perpetual inventory system. The following information relates to its inventory during the year: Jan. 1 Inventory on hand–92,000 units; cost $4.00 each. Feb. 14 Purchased 108,000 units for $5.00 each. Mar. 5 Sold 162,000 units for $14.00 each. Aug. 27 Purchased 62,000 units for $6.00 each. Sep. 12 Sold 72,000 units for $14.00 each. Dec. 31 Inventory on hand–28,000 units. Required: 1. Determine the amount Tipton would calculate...
To more efficiently manage its inventory, Treynor Corporation maintains its internal inventory records using first-in, first-out...
To more efficiently manage its inventory, Treynor Corporation maintains its internal inventory records using first-in, first-out (FIFO) under a perpetual inventory system. The following information relates to its merchandise inventory during the year: Jan. 1 Inventory on hand-25,000 units; cost $13.60 each. Feb. 12 Purchased 75,000 units for $13.90 each. Apr. 30 Sold 50,000 units for $21.40 each. Jul. 22 Purchased 55,000 units for $14.20 each. Sep. 9 Sold 75,000 units for $21.40 each. Nov. 17 Purchased 45,000 units for...
Perpetual Inventory Using FIFO The following units of a particular item were available for sale during...
Perpetual Inventory Using FIFO The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 4,200 units at $40 Apr. 19 Sale 2,500 units June 30 Purchase 4,500 units at $44 Sept. 2 Sale 5,200 units Nov. 15 Purchase 1,900 units at $48 The firm maintains a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale, assuming the first-in, first-out method. Present the...
Katie Malls has the following inventory transactions for the year: Date Jan. 1 Apr. 8 Transaction Beginning inventory Purchase Numbers of Units 20 50 Unit Cost $ 35 40 Total Cost $ 700 2,000 $2,700 Jan. 1 - Dec. 31 Total sales to customers 60 What amount would Madison report for cost of goods sold using LIFO under a periodic inventory system?
Why Moms A Option #1: Inventory Costing & Periodic and Perpetual Inventory Systems Jordan Company is a manufacturing firm. Presented below is information concerning one of its products: 1/1 Beginning inventory 4,190 $20 2/12 Purchase 4,630 $25 3/2 Sale 3,640 $38 4/18 Purchase 5,950 $28 5/31 Sale 5,180 $40 Part A Use the ACT350_CTTemplate_Mod5_option1.xlsx file (in the module folder) to compute the cost of goods sold under the following situations: 1. Periodic system, FIFO cost flow 2. Perpetual system, FIFO...
Tipton Processing maintains its internal inventory records using average cost under a perpetual inventory system. The following information relates to its inventory during the year: Jan. 1 Inventory on hand–92,000 units; cost $4.00 each. Feb. 14 Purchased 108,000 units for $5.00 each. Mar. 5 Sold 162,000 units for $14.00 each. Aug. 27 Purchased 62,000 units for $6.00 each. Sep. 12 Sold 72,000 units for $14.00 each. Dec. 31 Inventory on hand–28,000 units. Required: 1. Determine the amount Tipton would calculate...
To more efficiently manage its inventory, Treynor Corporation maintains its internal inventory records using first-in, first-out (FIFO) under a perpetual inventory system. The following information relates to its merchandise inventory during the year: Jan. 1 Inventory on hand-25,000 units; cost $13.60 each. Feb. 12 Purchased 75,000 units for $13.90 each. Apr. 30 Sold 50,000 units for $21.40 each. Jul. 22 Purchased 55,000 units for $14.20 each. Sep. 9 Sold 75,000 units for $21.40 each. Nov. 17 Purchased 45,000 units for...
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