Homework Answers
Average - cost method would result in Tamarisk paying lower taxes in the first year.
This is because Average cost method results in higher cost of goods sold. So there would be low net income which means low taxes.
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Compute the cost of the ending inventory and the cost of goods sold under FIFO and...
Tamarisk, Inc. uses the periodic inventory system and had 150 units in beginning inventory at a...
Tamarisk, Inc. uses the periodic inventory system and had 150 units in beginning inventory at a total cost of $18,000. The company purchased 2 10 units at a total cost of $31,500. At the end of the year, Tamarisk had 70 units in ending inventory. Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round average cost per unit and final answers to decimal places, s. 1,250) FIFO LIFO Average-cost The...
Berry Corporation had 50,000 units in beginning inventory at a total cost of $150,000. The company...
Berry Corporation had 50,000 units in beginning inventory at a total cost of $150,000. The company purchased 15,000 units for a total cost of $37,500. At the end of the month, the company had 17,000 units left in ending inventory. Instructions: a) Compute the cost of the ending inventory and the cost of goods old under 1) FIFO, 2) LIFO and 3) Average Cost. b) Which cost flow method would result in the highest net income? c) Which cost flow...
flow methods : FIFO, LIFO, Average Cost CALCULATOR FULL SCREEN PRINTER VERSION BACK NEXT Exercise 6-7...
flow methods : FIFO, LIFO, Average Cost
CALCULATOR FULL SCREEN PRINTER VERSION BACK NEXT Exercise 6-7 Lisa Company had 256 units in beginning inventory at a total cost of $26,112. The company purchased 512 units at a total cost of $66,560. At the end of the year, Lisa had 205 units in ending inventory. (a) Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round average-cost per unit and final answers...
Calculate the cost of ending inventory and the cost of goods sold under the (a) FIFO...
Calculate the cost of ending inventory and the cost of goods sold
under the (a) FIFO b) LIFO, and (c) weighted average cost methods.
(Do not round your intermediate calculations. Round "Weighted
Average Cost" to 2 decimal places.)
Spotter Corporation reporteu le IUIUWING TUI JUIC E Date Description Units Unit Cost June 1 Beginning 24 $11.20 11 Purchase 40 12.20 24 Purchase 36 14.20 30 Ending Total Cost $268.80 488.00 511.20 Required: 1. Calculate the cost of ending inventory and...
E7-6 (Algo) Calculating Ending Inventory and Cost of Goods Sold Under FIFO, LIFO, and Average Cost...
E7-6 (Algo) Calculating Ending Inventory and Cost of Goods Sold Under FIFO, LIFO, and Average Cost LO7-2 Hamilton Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 1: Units Unit Cost $5 1,830 Inventory, December 31, prior year For the current year: Purchase, March 21 Purchase, August 1 Inventory, December 31, current year 6,130 4,130 2,810 2 Required: Compute ending...
E7-5 (Algo) Calculating Ending Inventory and Cost of Goods Sold Under FIFO, LIFO, and Average Cost...
E7-5 (Algo) Calculating Ending Inventory and Cost of Goods Sold Under FIFO, LIFO, and Average Cost LO7-2 Nittany Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 1: Units Unit Cost $5 1,930 Inventory, December 31, prior year For the current year: Purchase, March 21 Purchase, August 1 Inventory, December 31, current year 7 5,080 2,830 4,040 Required: Compute ending...
Determine cost of goods sold and ending inventory using FIFO, LIFO, and average-cost with analysis. ...
Determine cost of goods sold and ending inventory using FIFO,
LIFO, and average-cost with analysis.
Financial Accounting, 8th Edition by Weygandt, Kieso, and
Kimmel
Primer on Using Microsoft Excel in Accounting by Rex A
Schildhouse
Problem: Doom's Day Distribution markets CDs of the performing
artist Marilynn. At...
E7-6 (Algo) Calculating Ending Inventory and Cost of Goods Sold Under FIFO, LIFO, and Average Cost...
E7-6 (Algo) Calculating Ending Inventory and Cost of Goods Sold Under FIFO, LIFO, and Average Cost LO7-2 Hamilton Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 1: Unit Units Cost Inventory, December 31, prior 1,980 $8 year For the current year: Purchase, March 21 Purchase, August 1 Inventory, December 31, current 6,090 4,150 7 2,840 year Required: Compute ending...
Lea E6-19 Comparing amounts for cost of goods sold, ending inventory, and gross profit-FIFO and LIFO...
Lea E6-19 Comparing amounts for cost of goods sold, ending inventory, and gross profit-FIFO and LIFO Assume that Toys Galore store bought and sold a line of dolls during December as follows: Dec. 1 Beginning merchandise inventory 8 Sale 14 Purchase 21 Sale 13 units @ $ 9 each 8 units @ $ 22 each 16 units @ $ 14 each 14 units @ $ 22 each Requirements 1. Compute the cost of goods sold, cost of ending merchandise inventory,...
M7-10 Calculating Cost of Goods Available for Sale, Cost of Goods Sold, and Ending Inventory under FIFO, LIFO, and Weig...
M7-10 Calculating Cost of Goods Available for Sale, Cost of Goods Sold, and Ending Inventory under FIFO, LIFO, and Weighted Average Cost (Periodic Inventory) (LO 7-3] 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. Unit Cost $20 July 1 July 5 July 13 July...
Tamarisk, Inc. uses the periodic inventory system and had 150 units in beginning inventory at a total cost of $18,000. The company purchased 2 10 units at a total cost of $31,500. At the end of the year, Tamarisk had 70 units in ending inventory. Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round average cost per unit and final answers to decimal places, s. 1,250) FIFO LIFO Average-cost The...
Berry Corporation had 50,000 units in beginning inventory at a total cost of $150,000. The company purchased 15,000 units for a total cost of $37,500. At the end of the month, the company had 17,000 units left in ending inventory. Instructions: a) Compute the cost of the ending inventory and the cost of goods old under 1) FIFO, 2) LIFO and 3) Average Cost. b) Which cost flow method would result in the highest net income? c) Which cost flow...
flow methods : FIFO, LIFO, Average Cost
CALCULATOR FULL SCREEN PRINTER VERSION BACK NEXT Exercise 6-7 Lisa Company had 256 units in beginning inventory at a total cost of $26,112. The company purchased 512 units at a total cost of $66,560. At the end of the year, Lisa had 205 units in ending inventory. (a) Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round average-cost per unit and final answers...
Calculate the cost of ending inventory and the cost of goods sold
under the (a) FIFO b) LIFO, and (c) weighted average cost methods.
(Do not round your intermediate calculations. Round "Weighted
Average Cost" to 2 decimal places.)
Spotter Corporation reporteu le IUIUWING TUI JUIC E Date Description Units Unit Cost June 1 Beginning 24 $11.20 11 Purchase 40 12.20 24 Purchase 36 14.20 30 Ending Total Cost $268.80 488.00 511.20 Required: 1. Calculate the cost of ending inventory and...
E7-6 (Algo) Calculating Ending Inventory and Cost of Goods Sold Under FIFO, LIFO, and Average Cost LO7-2 Hamilton Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 1: Units Unit Cost $5 1,830 Inventory, December 31, prior year For the current year: Purchase, March 21 Purchase, August 1 Inventory, December 31, current year 6,130 4,130 2,810 2 Required: Compute ending...
E7-5 (Algo) Calculating Ending Inventory and Cost of Goods Sold Under FIFO, LIFO, and Average Cost LO7-2 Nittany Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 1: Units Unit Cost $5 1,930 Inventory, December 31, prior year For the current year: Purchase, March 21 Purchase, August 1 Inventory, December 31, current year 7 5,080 2,830 4,040 Required: Compute ending...
Determine cost of goods sold and ending inventory using FIFO,
LIFO, and average-cost with analysis.
Financial Accounting, 8th Edition by Weygandt, Kieso, and
Kimmel
Primer on Using Microsoft Excel in Accounting by Rex A
Schildhouse
Problem: Doom's Day Distribution markets CDs of the performing
artist Marilynn. At...
E7-6 (Algo) Calculating Ending Inventory and Cost of Goods Sold Under FIFO, LIFO, and Average Cost LO7-2 Hamilton Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 1: Unit Units Cost Inventory, December 31, prior 1,980 $8 year For the current year: Purchase, March 21 Purchase, August 1 Inventory, December 31, current 6,090 4,150 7 2,840 year Required: Compute ending...
Lea E6-19 Comparing amounts for cost of goods sold, ending inventory, and gross profit-FIFO and LIFO Assume that Toys Galore store bought and sold a line of dolls during December as follows: Dec. 1 Beginning merchandise inventory 8 Sale 14 Purchase 21 Sale 13 units @ $ 9 each 8 units @ $ 22 each 16 units @ $ 14 each 14 units @ $ 22 each Requirements 1. Compute the cost of goods sold, cost of ending merchandise inventory,...
M7-10 Calculating Cost of Goods Available for Sale, Cost of Goods Sold, and Ending Inventory under FIFO, LIFO, and Weighted Average Cost (Periodic Inventory) (LO 7-3] 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. Unit Cost $20 July 1 July 5 July 13 July...
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