Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, the March 9 sale consisted of 100 units from beginning inventory and 230 units from the March 5 pur
Homework Answers
| Perpetual FIFO | |||||||||
| Goods Purchased | Cost of Goods Sold | Inventory Balance | |||||||
| Date | # of units | Cost per unit | # of units sold | Cost per unit | Cost of Goods Sold | # of units | Cost per unit | Inventory Balance | |
| Mar. 1 | 170 | 52.40 | 8908 | ||||||
| Mar. 5 | 260 | 57.40 | 170 | 52.40 | 8908 | ||||
| 260 | 57.40 | 14924 | |||||||
| 430 | 23832 | ||||||||
| Mar. 9 | 170 | 52.40 | 8908 | ||||||
| 160 | 57.40 | 9184 | 100 | 57.40 | 5740 | ||||
| 330 | 18092 | 100 | 5740 | ||||||
| Mar. 18 | 120 | 62.40 | 100 | 57.40 | 5740 | ||||
| 120 | 62.40 | 7488 | |||||||
| 220 | 13228 | ||||||||
| Mar. 25 | 220 | 64.40 | 100 | 57.40 | 5740 | ||||
| 120 | 62.40 | 7488 | |||||||
| 220 | 64.40 | 14168 | |||||||
| 440 | 27396 | ||||||||
| Mar. 29 | 100 | 57.40 | 5740 | ||||||
| 100 | 62.40 | 6240 | 20 | 62.40 | 1248 | ||||
| 220 | 64.40 | 14168 | |||||||
| 200 | 11980 | 240 | 15416 | ||||||
| Totals | 30072 | 15416 | |||||||
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Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, the March 9 sale consisted of 100 units from beginning inventory and 230 units from the March 5 pur
Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and...
Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date Activities Units Acquired at Cost Units Sold at Retail Mar. 1 Beginning inventory 210 units @ $53.20 per unit Mar. 5 Purchase 280 units @ $58.20 per unit Mar. 9 Sales 370 units @ $88.20 per unit Mar. 18 Purchase 140 units...
Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and...
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...
Calculate ending inventory and cost of goods sold using Specific Identification, FIFO, LIFO, and Weighted Average....
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, LIFO, WEIGHTED AVERAGE - Determine cost of beginning inventory and each purchase, each sale, ending...
FIFO, LIFO, WEIGHTED AVERAGE
- Determine cost of beginning inventory and each purchase, each
sale, ending inventory
Beginning inventory 100 units at 150
Purchases
January 3: 100 units at 50
February 10: 150 units at 45
June 3: 90 units at 60
August 2: 200 units at 40
October 10: 210 units at 40
Sales:
January 4: 40 units
March 11: 30 units
June 31: 50 units
September 10: 80 units
November 2: 50 units
After determining the cost of...
FIFO, LIFO, WEIGHTED AVERAGE - Determine cost of beginning inventory and each purchase, each sale, ending...
FIFO, LIFO, WEIGHTED AVERAGE
- Determine cost of beginning inventory and each purchase,
each sale, ending inventory
Beginning inventory 100 units at 150
Purchases
January 3: 100 units at 50
February 10: 150 units at 45
June 3: 90 units at 60
August 2: 200 units at 40
October 10: 210 units at 40
Sales:
January 4: 40 units
March 11: 30 units
June 31: 50 units
September 10: 80 units
November 2: 50 units
After determining the cost of...
There are four methods for inventory costing: LIFO, FIFO, weighted average and specific identification. What are...
There are four methods for inventory costing: LIFO, FIFO, weighted average and specific identification. What are the differences between each method? How does each method affect the balance sheet and the income statement? What do I mean when I say that inventory costing methods are not related to the physical flow of inventory? Please give an example.
Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during t...
Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 11 units at $32 $352 17 units at $33 561 Aug. 7 Purchase 13 units at $34 442 Dec. 11 Purchase 41 units $1,355 There are 19 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using (a) the first-in, first-out...
Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during th...
Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 19 units at $39 $741 July 7 Purchase 16 units at $42 672 Nov. 23 Purchase 6 units at $43 258 41 units $1,671 There are 12 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using (a) the first-in, first-out...
periodic inventory using FIFO, LIFO, and weighted average cost methods Periodic Inventory Using FIFO, LIFO, and...
periodic inventory using FIFO, LIFO, and weighted average cost
methods
Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: 12 units at $35 $420 Jan. 1 Inventory 540 Purchase 15 units at $36 Aug. 7 380 Purchase 10 units at $38 Dec. 11 $1,340 37 units There are 20 units of the item in the physical inventory at December 31. The periodic inventory system is...
6) Using the weighted-average method, compute the equivalent units of production if the beginning inventory consisted...
6) Using the weighted-average method, compute the equivalent units of production if the beginning inventory consisted of 20,000 units; 55,000 units were started in production, and 57,000 units were completed and transferred to finished goods inventory. For this process, materials are added at the beginning of the process, and the units are 35% complete with respect to conversion. (7 points) Solution Beginning inventory Units started in production Units to account for Equivalent Units: Total Material Equivalent Units: Conversion Completed and...
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...
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, LIFO, WEIGHTED AVERAGE
- Determine cost of beginning inventory and each purchase, each
sale, ending inventory
Beginning inventory 100 units at 150
Purchases
January 3: 100 units at 50
February 10: 150 units at 45
June 3: 90 units at 60
August 2: 200 units at 40
October 10: 210 units at 40
Sales:
January 4: 40 units
March 11: 30 units
June 31: 50 units
September 10: 80 units
November 2: 50 units
After determining the cost of...
FIFO, LIFO, WEIGHTED AVERAGE
- Determine cost of beginning inventory and each purchase,
each sale, ending inventory
Beginning inventory 100 units at 150
Purchases
January 3: 100 units at 50
February 10: 150 units at 45
June 3: 90 units at 60
August 2: 200 units at 40
October 10: 210 units at 40
Sales:
January 4: 40 units
March 11: 30 units
June 31: 50 units
September 10: 80 units
November 2: 50 units
After determining the cost of...
Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 11 units at $32 $352 17 units at $33 561 Aug. 7 Purchase 13 units at $34 442 Dec. 11 Purchase 41 units $1,355 There are 19 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using (a) the first-in, first-out...
periodic inventory using FIFO, LIFO, and weighted average cost
methods
Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: 12 units at $35 $420 Jan. 1 Inventory 540 Purchase 15 units at $36 Aug. 7 380 Purchase 10 units at $38 Dec. 11 $1,340 37 units There are 20 units of the item in the physical inventory at December 31. The periodic inventory system is...
6) Using the weighted-average method, compute the equivalent units of production if the beginning inventory consisted of 20,000 units; 55,000 units were started in production, and 57,000 units were completed and transferred to finished goods inventory. For this process, materials are added at the beginning of the process, and the units are 35% complete with respect to conversion. (7 points) Solution Beginning inventory Units started in production Units to account for Equivalent Units: Total Material Equivalent Units: Conversion Completed and...
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