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Gerald D. Englehart Company has the following inventory, purchases and sales data for the month of...
Gerald D. Englehart Company has the following inventory, purchases and sales data for the month of...
Gerald D. Englehart Company has the following inventory, purchases and sales data for the month of March. Inventory: March 1 300 units @ $ 5.00 Purchases: March 10 400 units @ $ 5.50 March 20 300 units @ $ 6.00 March 29 200 units @ $ 7.00 Sales: March 30 700 units The physical inventory count on March 31 shows 500 units on hand. The operating expenses totaled $855 and the tax rate is 25%, and the selling price per...
Larson Company’s record of transactions for the month of April was as follows. Purchases Sales April...
Larson Company’s record of transactions for the month of April
was as follows. Purchases Sales April 1
Show your calculations.
A. Calculate Ending Inventory and Cost of Goods Sold using the
periodic average cost method.
B. Calculate Ending Inventory and Cost of Goods Sold using the
periodic LIFO method.
C. Calculate Ending Inventory and Cost of Goods Sold using the
periodic FIFO method.
D. What is Gross Profit using the periodic FIFO method?
Purchases Sales April 1 (balance on hand)...
Problem 3: Beaver Inventory Problem Beaver Company has the following inventory transactions for the month of...
Problem 3: Beaver Inventory Problem Beaver Company has the following inventory transactions for the month of April: Purchases Sales April 1 (beginning balance) April Units 600 1,500 800 1,200 700 500 Cost $6.00 $6.08 $6.40 $6.50 $6.60 $6.79 3 9 11 23 27 Units 500 1,400 600 1,200 900 29 Required: 1. Assume Beaver Company uses periodic inventory records. Determine the value of ending inventory using: a. FIFO b. LIFO c. Average-cost 2. Assume Beaver Company uses perpetual inventory records....
The following represents the inventory of Rajan Company for the month of April: a. Assuming a...
The following represents the inventory of Rajan Company for the
month of April:
a. Assuming a periodic inventory system is used by Rajan
Company, what is ending inventory under
LIFO?
b. Assuming a periodic inventory system is used by Rajan Company,
what is cost of goods sold under
FIFO?
c. Assuming a periodic inventory system is used by Rajan Company,
what is ending inventory under
the Weighted-Average Cost method?
April 1Beginning Inventory April 2 Sales April 3 Purchases April 10...
Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactions...
Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactions for March Date Units Sold at Retail Units Acquired at Cost 135 units @ $70 per unit 435 units @ $75 per unit 455 units @ $105 per unit Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 190 units @ $80 per unit 270 units @ $82 per unit 230 units...
Alternative Inventory Methods Frate Company was formed on December 1, 2018, and uses the periodic inventory...
Alternative Inventory Methods Frate Company was formed on December 1, 2018, and uses the periodic inventory system. The following information is available from Frate's inventory records for Product Ply: Units Unit Cost January 1, 2019 (beginning inventory) 3,500 $6.00 Purchases: January 6, 2019 4,200 7.00 January 25, 2019 3,900 7.50 February 17, 2019 3,300 8.00 March 27, 2019 3,600 8.50 A physical inventory on March 31, 2019, shows 7,000 units on hand. Required: Prepare schedules to compute the ending inventory...
A company made the following merchandise purchases and sales during the month of May: May 1...
A company made the following merchandise purchases and sales during the month of May: May 1 Purchased 380 units @ $15 each May 5 Purchased 270 units @ $17 each May 10 Sold 400 units @ $50 each May 20 Purchased 300 units @ $22 each May 25 Sold 400 units @ $50 each There was no beginning inventory. If the company uses the periodic inventory method, what would be the Cost of the Ending Inventory and the Cost of...
2. During May, the following changes in inventory took place: SHOW ALL CALCULATIONS 1,100 units @...
2. During May, the following changes in inventory took place: SHOW ALL CALCULATIONS 1,100 units @ S25 S2 7,500 800 units@$3628,800 24 Purchases 700 units@$30 21,000 May 1 Balance 14 Purchases May 8 Sold 19 Sold 29 Sold 500 units@$50 300 units @ $49 600 units@ $54 A physical count indicates that 1,200 units are on hand on May 31. The company uses the PERPETUAL method. umin a. (1). LIFO (2). FIFO b. What is the moving average cost per...
The accounting records of Crane Company show the following data. Beginning inventory Purchases Sales 3,160 units...
The accounting records of Crane Company show the following data. Beginning inventory Purchases Sales 3,160 units at $7 8,240 units at $9 8,460 units at $12 Determine cost of goods sold during the period under a periodic inventory system using the FIFO method, the LIFO method, and the average-cost method. (For calculation purposes, round average cost to 3 decimal places, e.g. 5.275. Round answers to O decimal places, e.g. 125.) FIFO LIFO Average-cost Cost of goods sold $ ta
In its first month of operations, Ivanhoe Company made three purchases of merchandise in the following...
In its first month of operations, Ivanhoe Company made three
purchases of merchandise in the following sequence: (1) 300 units
at $7, (2) 360 units at $8, and (3) 220 units at $9. Assuming there
are 410 units on hand, compute the cost of the ending inventory
under the FIFO method and LIFO method. Ivanhoe uses a periodic
inventory system.
What is FIFO and LIFO Ending Inventory?
Question 5 0/1 View Policies Show Attempt History Current Attempt in Progress X...
Gerald D. Englehart Company has the following inventory, purchases and sales data for the month of March. Inventory: March 1 300 units @ $ 5.00 Purchases: March 10 400 units @ $ 5.50 March 20 300 units @ $ 6.00 March 29 200 units @ $ 7.00 Sales: March 30 700 units The physical inventory count on March 31 shows 500 units on hand. The operating expenses totaled $855 and the tax rate is 25%, and the selling price per...
Larson Company’s record of transactions for the month of April
was as follows. Purchases Sales April 1
Show your calculations.
A. Calculate Ending Inventory and Cost of Goods Sold using the
periodic average cost method.
B. Calculate Ending Inventory and Cost of Goods Sold using the
periodic LIFO method.
C. Calculate Ending Inventory and Cost of Goods Sold using the
periodic FIFO method.
D. What is Gross Profit using the periodic FIFO method?
Purchases Sales April 1 (balance on hand)...
Problem 3: Beaver Inventory Problem Beaver Company has the following inventory transactions for the month of April: Purchases Sales April 1 (beginning balance) April Units 600 1,500 800 1,200 700 500 Cost $6.00 $6.08 $6.40 $6.50 $6.60 $6.79 3 9 11 23 27 Units 500 1,400 600 1,200 900 29 Required: 1. Assume Beaver Company uses periodic inventory records. Determine the value of ending inventory using: a. FIFO b. LIFO c. Average-cost 2. Assume Beaver Company uses perpetual inventory records....
The following represents the inventory of Rajan Company for the
month of April:
a. Assuming a periodic inventory system is used by Rajan
Company, what is ending inventory under
LIFO?
b. Assuming a periodic inventory system is used by Rajan Company,
what is cost of goods sold under
FIFO?
c. Assuming a periodic inventory system is used by Rajan Company,
what is ending inventory under
the Weighted-Average Cost method?
April 1Beginning Inventory April 2 Sales April 3 Purchases April 10...
Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactions for March Date Units Sold at Retail Units Acquired at Cost 135 units @ $70 per unit 435 units @ $75 per unit 455 units @ $105 per unit Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 190 units @ $80 per unit 270 units @ $82 per unit 230 units...
2. During May, the following changes in inventory took place: SHOW ALL CALCULATIONS 1,100 units @ S25 S2 7,500 800 units@$3628,800 24 Purchases 700 units@$30 21,000 May 1 Balance 14 Purchases May 8 Sold 19 Sold 29 Sold 500 units@$50 300 units @ $49 600 units@ $54 A physical count indicates that 1,200 units are on hand on May 31. The company uses the PERPETUAL method. umin a. (1). LIFO (2). FIFO b. What is the moving average cost per...
The accounting records of Crane Company show the following data. Beginning inventory Purchases Sales 3,160 units at $7 8,240 units at $9 8,460 units at $12 Determine cost of goods sold during the period under a periodic inventory system using the FIFO method, the LIFO method, and the average-cost method. (For calculation purposes, round average cost to 3 decimal places, e.g. 5.275. Round answers to O decimal places, e.g. 125.) FIFO LIFO Average-cost Cost of goods sold $ ta
In its first month of operations, Ivanhoe Company made three
purchases of merchandise in the following sequence: (1) 300 units
at $7, (2) 360 units at $8, and (3) 220 units at $9. Assuming there
are 410 units on hand, compute the cost of the ending inventory
under the FIFO method and LIFO method. Ivanhoe uses a periodic
inventory system.
What is FIFO and LIFO Ending Inventory?
Question 5 0/1 View Policies Show Attempt History Current Attempt in Progress X...
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