-
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...
-
Calculate ending inventory and cost of
goods sold using Specific Identification, FIFO, LIFO, and Weighted
Average.
Required information Problem 6-2B Calculate ending inventory, cost of goods sold, sales revenue, and gross profit for four inventory methods (LO6-3, 6-4, 6-5) (The following information applies to the questions displayed below.] Pete's Tennis Shop has the following transactions related to its top-selling Wilson tennis racket for the month of August. Pete's Tennis Shop uses a periodic inventory system. Date Units Unit Cost Total...
-
FIFO and LIFO on the following information to calculate the value of ending inventory and the cost of goods sold of March Mar 1 5 14 27 29 Beginning Inventory Purchase Sale Purchase Sale 60 units @ $15.00 140 units @ $15.50 190 units 70 units @ $16.00 30 units Each unit sold for $22
-
calculate the cost of goods
available for sale, ending inventory, and cost of goods sold if
Aircarf uses (a) FIFO, (b) LIFO, or (c) weighted average
cost.
Aircard Corporation tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period as if it uses a periodic inventory system. The following are the transactions for the month of July Units Unit Cost July 1 July 5 July 13...
-
Compute the cost assigned to ending inventory using (a) FIFO,
(b) LIFO, (c) weighted average, and (d) specific identification.
For specific identification, units sold consist of 600 units from
beginning inventory, 380 from the February 10 purchase, 120 from
the March 13 purchase, 130 from the August 21 purchase, and 205
from the September 5 purchase. (Round your average cost per unit to
2 decimal places.)
Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases...
-
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 Date Units Unit Cost Inventory, January 1 950 $10.50 Purchase, January 10 400 12.00 Purchase, January 20 200 13.25 Purchase, January 28 600 14.00 Sale, January 5 500 Sale, January 13 200 Sale, January 31 Inventory, January 31 1,130 320 COGS Ending Inventory 1. Moving average method. $...
-
1. Calculate cost of ending inventory and cost of goods sold using periodic FIFO, LIFO, and Weighted Average Cost methods X FILE 5.a. HOME % Calibri INSERT PAGE LAYOUT Inventory costing methods - Excel FORMULAS DATA REVIEW ? x VIEW - 6 Sign In Paste B IU - -A- Alignment Number Conditional Format as Cell Formatting Table Styles Styles Cells Editing Clipboard D66 1 Better Bottles, Inc., uses a periodic inventory system and has the following information available: of Units...
-
Computing Cost of Goods Sold and Ending Inventory Under FIFO, LIFO, and Average Cost Assume that Gode Company reports the following initial balance and subsequent purchase of inventory: Beginning inventory, 2017 1,000 units @ $100 each $100,000 Inventory purchased in 2017 2.000 units $150 each 300,000 Cost of goods available for sale in 2017 3.000 units $400,000 Assume that 1,600 units are sold during 2017. Compute the cost of goods sold for 2017 and the balance reported as ending inventory...
-
Problem Describe three inventory cost flow assumptions and how they impact the financial statements. 1. 2. Beginning inventory, purchases and sales data for T-shirts are as follows: 24 units@ 26 units 36 units 18 units 20 units Apr 3 11 Inventory Purchase $10 $12 14 Sale 21 Purchase Sale $15 25 Patual Assuming the business maintains a pastic inventory system, calculate the cost of merchandise s ending inventory under the following assumptions: a. FIFO b. LIFO c. Average cost (round...
-
Calculate cost of goods sold and ending inventory for
Emergicare’s bandages orders using FIFO, LIFO and average cost.
There are 34 units in ending inventory.
(Do not round intermediate calculations,
such as average cost per unit values. Round your
answers to the nearest cent.)
Date
Units purchased
Cost
per unit
Total cost
January 1
51
$
7.10
$
362.10
April 1
46
6.35
292.10
June 1
61
6.10
372.10
September 1
56
6.60
369.60
Total
214
$
1,395.90
Cost of...
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...
Calculate ending inventory and cost of
goods sold using Specific Identification, FIFO, LIFO, and Weighted
Average.
Required information Problem 6-2B Calculate ending inventory, cost of goods sold, sales revenue, and gross profit for four inventory methods (LO6-3, 6-4, 6-5) (The following information applies to the questions displayed below.] Pete's Tennis Shop has the following transactions related to its top-selling Wilson tennis racket for the month of August. Pete's Tennis Shop uses a periodic inventory system. Date Units Unit Cost Total...
FIFO and LIFO on the following information to calculate the value of ending inventory and the cost of goods sold of March Mar 1 5 14 27 29 Beginning Inventory Purchase Sale Purchase Sale 60 units @ $15.00 140 units @ $15.50 190 units 70 units @ $16.00 30 units Each unit sold for $22
calculate the cost of goods
available for sale, ending inventory, and cost of goods sold if
Aircarf uses (a) FIFO, (b) LIFO, or (c) weighted average
cost.
Aircard Corporation tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period as if it uses a periodic inventory system. The following are the transactions for the month of July Units Unit Cost July 1 July 5 July 13...
Compute the cost assigned to ending inventory using (a) FIFO,
(b) LIFO, (c) weighted average, and (d) specific identification.
For specific identification, units sold consist of 600 units from
beginning inventory, 380 from the February 10 purchase, 120 from
the March 13 purchase, 130 from the August 21 purchase, and 205
from the September 5 purchase. (Round your average cost per unit to
2 decimal places.)
Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases...
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 Date Units Unit Cost Inventory, January 1 950 $10.50 Purchase, January 10 400 12.00 Purchase, January 20 200 13.25 Purchase, January 28 600 14.00 Sale, January 5 500 Sale, January 13 200 Sale, January 31 Inventory, January 31 1,130 320 COGS Ending Inventory 1. Moving average method. $...
1. Calculate cost of ending inventory and cost of goods sold using periodic FIFO, LIFO, and Weighted Average Cost methods X FILE 5.a. HOME % Calibri INSERT PAGE LAYOUT Inventory costing methods - Excel FORMULAS DATA REVIEW ? x VIEW - 6 Sign In Paste B IU - -A- Alignment Number Conditional Format as Cell Formatting Table Styles Styles Cells Editing Clipboard D66 1 Better Bottles, Inc., uses a periodic inventory system and has the following information available: of Units...
Computing Cost of Goods Sold and Ending Inventory Under FIFO, LIFO, and Average Cost Assume that Gode Company reports the following initial balance and subsequent purchase of inventory: Beginning inventory, 2017 1,000 units @ $100 each $100,000 Inventory purchased in 2017 2.000 units $150 each 300,000 Cost of goods available for sale in 2017 3.000 units $400,000 Assume that 1,600 units are sold during 2017. Compute the cost of goods sold for 2017 and the balance reported as ending inventory...
Problem Describe three inventory cost flow assumptions and how they impact the financial statements. 1. 2. Beginning inventory, purchases and sales data for T-shirts are as follows: 24 units@ 26 units 36 units 18 units 20 units Apr 3 11 Inventory Purchase $10 $12 14 Sale 21 Purchase Sale $15 25 Patual Assuming the business maintains a pastic inventory system, calculate the cost of merchandise s ending inventory under the following assumptions: a. FIFO b. LIFO c. Average cost (round...