Homework Answers
| FIFO | |||||||
| Ending Inventory | |||||||
| Qty | Price | Qty | Price | Value | |||
| 1-Jun | Beginning Inventory | 20 | 2 | 20 | 2 | 40 | |
| 8-Jun | Purchases | 15 | 3 | 20 | 2 | 40 | |
| 15 | 3 | 45 | |||||
| Total | 35 | 85 | |||||
| 14-Jun | Sale | 25 | 7 | 10 | 3 | 30 | |
| 20-Jun | Purchases | 20 | 4 | 10 | 3 | 30 | |
| 20 | 4 | 80 | |||||
| Total | 30 | 110 | |||||
| Ending Inventory | 110 | ||||||
Add Answer to:
ABC company has the following inventory information. What amount is the ending inventory if FIFO is...
ABC company has the following inventory information. What amount is the ending inventor cost of goods...
ABC company has the following inventory information. What amount is the ending inventor cost of goods sold if FIFO is used? Quantity Price 1-Jun Beginning Inventory 20 2 8-Jun Purchase 15 3 14-Jun Sale 25 7 20-Jun Purchase 20 4 Select one: O a. 55 O b. 170 O c. 70 O d. 110
ABC company has the following inventory information. What amount is the ending inventory if weighted average...
ABC company has the following inventory information. What amount is the ending inventory if weighted average method is used? Quantity Price 1-Jun Beginning Inventory 20 21 8-Jun Purchase 15 3 14-Jun Sale 25 7 20-Jun Purchase 20 4 Select one: O a. 170 O b. 90 O c. 55 O d. 110
ABC company has the following inventory information. What amount is the ending inventory if LIFO is...
ABC company has the following inventory information. What amount is the ending inventory if LIFO is used? Quantity Price 1-Jun Beginning Inventory 20 2 15 3 8-Jun Purchase 25 7 14-Jun Sale 20 4 20-Jun Purchase Select one: a. 50 b. 90 O c. 70 d. 55
ABC company has the following inventory information. What amount is the ending inventory if LIFO is...
ABC company has the following inventory information. What amount is the ending inventory if LIFO is used? Quantity Price 1-Jun Beginning Inventory 20 2 8-Jun Purchase 15 3 14-Jun Sale 25 7 20-Jun Purchase 20 4 Select one: O a. 50 O b. 90 O c. 70 O d. 55
ABC company has the following inventory information. The product sells $8 for each. How much is...
ABC company has the following inventory information. The product sells $8 for each. How much is the gross profit? (Hint: Gross profit= sales revenue- cost of goods sold) Quantity Price 1-Jun Beginning Inventory 20 2 8-Jun Purchase 15 3 14-Jun Sale 25 7 20-Jun Purchase 20 4 Select one: O a. 110 O b. 95 O c. 145 O d. 75
What is the ending inventory using FIFO
The following units of an inventory item were available for sale during the year. Use this information to answer the following questions.Beginning inventory10 units at $55First purchase25 units at $60Second purchase30 units at $65Third purchase15 units at $70The firm uses the periodic inventory system. During the year, 60 units of the item were sold.7. The ending inventory cost using FIFO is a. $1,250 b. $1,350 c. $1,375 d. $1,150
FIFO and LIFO on the following information to calculate the value of ending inventory and the...
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
5. Complete the FIFO Inventory Calculation Date Unit Cost Sales Price $8 Item Beginning Inventory Purchase...
5. Complete the FIFO Inventory Calculation Date Unit Cost Sales Price $8 Item Beginning Inventory Purchase Sale Purchase Sale 1 10 15 21 30 Quantity 50 units 60 units 70 units 110 units 120 units $11 $12 FIFO Calculation Purchases COGS Inventory on Hand Total Cost Date Quantity Unit Cost Total Cost Quantity | Unit Cost Quantity Unit Cost Total Cost 6. Using the information from #5 above, complete the Income Statement Income Statement Month Ended July 31, 2012 FIFO...
The records of Alberta Inc. included the following information: Cost of goods sold Beginning inventory Ending...
The records of Alberta Inc. included the following information: Cost of goods sold Beginning inventory Ending inventory $1,850,000 440,000 475,000 What is the inventory turnover ratio? (Round your answer to two decimal places.) Multiple Choice o 4.20 times o 2.00 times o 3.89 times o o 4.04 times 4.04 times AAA Co. uses a periodic inventory system and has the following information in regard to its inventory: Beginning inventory Purchase on January 25 Purchase on March 15 Purchase on October...
FIFO: Required information Exercise 6-5A Calculate inventory amounts when costs are declining (LO6-3) [The following information...
FIFO:
Required information Exercise 6-5A Calculate inventory amounts when costs are declining (LO6-3) [The following information applies to the questions displayed below.] During the year, Trombley Incorporated has the following inventory transactions. Number of Units Unit Cost $ 31 29 Date Transaction Jan. 1 Beginning inventory Mar. 4 Purchase Jun. 9 Purchase Nov. 11 Purchase 39 Total Cost $ 899 1,020 1,131 1,053 $4,103 For the entire year, the company sells 110 units of inventory for $39 each. Exercise 6-5A...
ABC company has the following inventory information. What amount is the ending inventor cost of goods sold if FIFO is used? Quantity Price 1-Jun Beginning Inventory 20 2 8-Jun Purchase 15 3 14-Jun Sale 25 7 20-Jun Purchase 20 4 Select one: O a. 55 O b. 170 O c. 70 O d. 110
ABC company has the following inventory information. What amount is the ending inventory if weighted average method is used? Quantity Price 1-Jun Beginning Inventory 20 21 8-Jun Purchase 15 3 14-Jun Sale 25 7 20-Jun Purchase 20 4 Select one: O a. 170 O b. 90 O c. 55 O d. 110
ABC company has the following inventory information. What amount is the ending inventory if LIFO is used? Quantity Price 1-Jun Beginning Inventory 20 2 15 3 8-Jun Purchase 25 7 14-Jun Sale 20 4 20-Jun Purchase Select one: a. 50 b. 90 O c. 70 d. 55
ABC company has the following inventory information. What amount is the ending inventory if LIFO is used? Quantity Price 1-Jun Beginning Inventory 20 2 8-Jun Purchase 15 3 14-Jun Sale 25 7 20-Jun Purchase 20 4 Select one: O a. 50 O b. 90 O c. 70 O d. 55
ABC company has the following inventory information. The product sells $8 for each. How much is the gross profit? (Hint: Gross profit= sales revenue- cost of goods sold) Quantity Price 1-Jun Beginning Inventory 20 2 8-Jun Purchase 15 3 14-Jun Sale 25 7 20-Jun Purchase 20 4 Select one: O a. 110 O b. 95 O c. 145 O d. 75
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
5. Complete the FIFO Inventory Calculation Date Unit Cost Sales Price $8 Item Beginning Inventory Purchase Sale Purchase Sale 1 10 15 21 30 Quantity 50 units 60 units 70 units 110 units 120 units $11 $12 FIFO Calculation Purchases COGS Inventory on Hand Total Cost Date Quantity Unit Cost Total Cost Quantity | Unit Cost Quantity Unit Cost Total Cost 6. Using the information from #5 above, complete the Income Statement Income Statement Month Ended July 31, 2012 FIFO...
The records of Alberta Inc. included the following information: Cost of goods sold Beginning inventory Ending inventory $1,850,000 440,000 475,000 What is the inventory turnover ratio? (Round your answer to two decimal places.) Multiple Choice o 4.20 times o 2.00 times o 3.89 times o o 4.04 times 4.04 times AAA Co. uses a periodic inventory system and has the following information in regard to its inventory: Beginning inventory Purchase on January 25 Purchase on March 15 Purchase on October...
FIFO:
Required information Exercise 6-5A Calculate inventory amounts when costs are declining (LO6-3) [The following information applies to the questions displayed below.] During the year, Trombley Incorporated has the following inventory transactions. Number of Units Unit Cost $ 31 29 Date Transaction Jan. 1 Beginning inventory Mar. 4 Purchase Jun. 9 Purchase Nov. 11 Purchase 39 Total Cost $ 899 1,020 1,131 1,053 $4,103 For the entire year, the company sells 110 units of inventory for $39 each. Exercise 6-5A...
Most questions answered within 3 hours.
-
What is responsible for Jupiter's enormous magnetic field?
asked 4 minutes ago -
At the end of the year, a company offered to buy 5,000 units of
a product...
asked 5 minutes ago -
Implement C++ program for each of the following.
Let D = [-48, -14, -8, 0, 1,...
asked 25 minutes ago -
Consider a labor market in which LD = 400 – 4W and LS = 250 +...
asked 39 minutes ago -
Let’s say you are teaching a typically-developing young child
how to eat with a spoon. Describe...
asked 23 minutes ago -
Ask Your Teacher A toy gun uses a spring to project a 5.6-g soft
rubber sphere...
asked 35 minutes ago -
*****DO NOT ANSWER THIS QUESTION IF YOU DON'T
KNOW*******
Question - PERSONAL DEVELOPMENT ESSAY and Detailed...
asked 42 minutes ago -
A certain rifle bullet has a mass of 5.25 g. Calculate the de
Broglie wavelength of...
asked 1 hour ago -
Research new software products that assist in project
communication management. Write a paper summarizing your findings,...
asked 1 hour ago -
the figure below to the left shows a beaker completely filled
with water. then a block...
asked 1 hour ago -
what is the duistribution channels of HUL in india and how they
distribute?
how is this...
asked 1 hour ago -
Batteries play an important role in our everyday lives. From
making many devices mobile, to allowing...
asked 1 hour ago