Homework Answers
| Total inventory units | 700 | =150+200+200+150 |
| Ending inventory units | 200 | =700-500 |
| Ending inventory: | ||
| June 28 | 525 | |
| June 15 | 170 | =680/200*50 |
| Total Ending inventory | 695 | |
| Option A $695 is correct |
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A company just starting its business made the following four inventory purchases in June: Date Jun...
Using the indirect method, which of the following would be added to net income? O depreciation...
Using the indirect method, which of the following would be added to net income? O depreciation expense O increase in prepaid expenses decrease in accounts payable O increase in accounts receivable A company just starting its business made the following four inventory purchases in June Date Jun 1 Jun 10 Jun 15 Jun 28 Number of Units 150 200 200 150 Total Cost $480 660 680 525 On June 25, the company made its first sale when a local customer...
A company just starting business made the following four inventory purchases in June June 1 150...
A company just starting business made the following four inventory purchases in June June 1 150 units at $2.60 $ 390 June 10 200 units at $3.00 600 June 15 200 units at $3.20 640 June 28 150 units at $3.50 525 $2.155 A physical count of merchandise inventory on June 30 reveals that there are 200 units on hand. Instructions: Answer the following independent questions and show computations supporting your answers 1. Assume that the company uses the LIFO...
A company just starting business made the following four inventory purchases in June June 1 150...
A company just starting business made the following four inventory purchases in June June 1 150 units $390 June 10 200 units $598 June 15 200 units $630 June 28 150 units $510 Total $ 2,128 A physical count of merchandise inventory on June 30 reveals that there are 200 units on hand. Using the LIFO inventory method, the value of the ending inventory on June 30 is? Using the FIFO inventory method, the value of the ending inventory...
A company just starting business made the following four inventory purchases in June: June 1 150...
A company just starting business made the following four inventory purchases in June: June 1 150 units $ 490 June 10 200 units 785 June 15 200 units 830 June 28 150 units 810 $2.915 A physical count of merchandise inventory on June 30 reveals that there are 220 units on hand. Using the Periodic Inventory System. a. Using the LIFO inventory method, the value of the ending inventory on June 30 is? b. Using the Average Cost Inventory Method...
Problem 2. A Company just starting business made the following four inventory purchases in June: Units...
Problem 2. A Company just starting business made the following four inventory purchases in June: Units Total Cost Unit Cost June 1 150 units $750 $5.00 June 10 200 units 1,200 6.00 June 15 100 units 630 6.30 June 28 100 units 690 6.90 $3,270 On June 16th the Company sold 200 units at a price of $10 each. Use the above information for parts a, b, and c. a> (14 points) Use the LIFO , Last In First Out,...
A company just starting business made the following four inventory purchases in June cases in June:...
A company just starting business made the following four inventory purchases in June cases in June: $ 390 June June June June 1 10 15 28 150 units 200 units 200 units 150 units 598 630 510 $2.128 that there are 200 units on hand. The inventory A physical count of merchandise inventory method which results in the highest gross profit for June is the FIFO method b. the LIFO method. c. the weighted average unit cost method. d. not...
9) A company just starting business made the following four inventory purchases in June: June 1...
9) A company just starting business made the following four inventory purchases in June: June 1 June 10 June 15 June 28 150 units 200 units 200 units 150 units $ 390 585 630 510 $2,115 A physical count of merchandise inventory on June 30 reveals that there are 250 units on hand. Using the average-cost method, the amount allocated to the ending inventory on June 30 is a. $683. b. $755. C. $825. d. $1,360.
A company just starting business made the following four inventory purchases in June: Date Number of...
A company just starting business made the following four inventory purchases in June: Date Number of units purchased Total cost June 1 100 units $ 410 June 10 200 units 575 June 15 200 units 700 June 28 180 units 530 $2215 A physical count of merchandise inventory on June 30 reveals that there are 220 units on hand. Using the LIFO inventory method, the value of the ending inventory on June 30 is $755. $1265. $950. $845.
A Company just starting a business made the following four inventory purchases in June: June 1...
A Company just starting a business made the following four inventory purchases in June: June 1 120 Units Purchased Cost $390, June 10 230 Units Purchased Cost $575, June 15 230 Units Purchased Cost $620, June 28 120 Units Purchased Cost $520, A physical count of merchandise inventory on June 30 reveals that there are 260 units on hand. The inventory method which results in the highest gross profit for June is : - the lifo method - the weighted...
A company just starting business made the following four inventory purchases in June: Number of units...
A company just starting business made the following four inventory purchases in June: Number of units purchased Date Total cost June 1 150 units 370 June 10 160 units 600 June 15 160 units 700 June 28 140 units 770 $2440 A physical count of merchandise inventory on June 30 reveals that there are 280 units on hand. Using the average-cost method, the amount allocated to the ending inventory on June 30 is $858 $1724 $1120 $1339 OOOO At May...
Using the indirect method, which of the following would be added to net income? O depreciation expense O increase in prepaid expenses decrease in accounts payable O increase in accounts receivable A company just starting its business made the following four inventory purchases in June Date Jun 1 Jun 10 Jun 15 Jun 28 Number of Units 150 200 200 150 Total Cost $480 660 680 525 On June 25, the company made its first sale when a local customer...
A company just starting business made the following four inventory purchases in June June 1 150 units at $2.60 $ 390 June 10 200 units at $3.00 600 June 15 200 units at $3.20 640 June 28 150 units at $3.50 525 $2.155 A physical count of merchandise inventory on June 30 reveals that there are 200 units on hand. Instructions: Answer the following independent questions and show computations supporting your answers 1. Assume that the company uses the LIFO...
A company just starting business made the following four inventory purchases in June: June 1 150 units $ 490 June 10 200 units 785 June 15 200 units 830 June 28 150 units 810 $2.915 A physical count of merchandise inventory on June 30 reveals that there are 220 units on hand. Using the Periodic Inventory System. a. Using the LIFO inventory method, the value of the ending inventory on June 30 is? b. Using the Average Cost Inventory Method...
Problem 2. A Company just starting business made the following four inventory purchases in June: Units Total Cost Unit Cost June 1 150 units $750 $5.00 June 10 200 units 1,200 6.00 June 15 100 units 630 6.30 June 28 100 units 690 6.90 $3,270 On June 16th the Company sold 200 units at a price of $10 each. Use the above information for parts a, b, and c. a> (14 points) Use the LIFO , Last In First Out,...
A company just starting business made the following four inventory purchases in June cases in June: $ 390 June June June June 1 10 15 28 150 units 200 units 200 units 150 units 598 630 510 $2.128 that there are 200 units on hand. The inventory A physical count of merchandise inventory method which results in the highest gross profit for June is the FIFO method b. the LIFO method. c. the weighted average unit cost method. d. not...
9) A company just starting business made the following four inventory purchases in June: June 1 June 10 June 15 June 28 150 units 200 units 200 units 150 units $ 390 585 630 510 $2,115 A physical count of merchandise inventory on June 30 reveals that there are 250 units on hand. Using the average-cost method, the amount allocated to the ending inventory on June 30 is a. $683. b. $755. C. $825. d. $1,360.
A company just starting business made the following four inventory purchases in June: Number of units purchased Date Total cost June 1 150 units 370 June 10 160 units 600 June 15 160 units 700 June 28 140 units 770 $2440 A physical count of merchandise inventory on June 30 reveals that there are 280 units on hand. Using the average-cost method, the amount allocated to the ending inventory on June 30 is $858 $1724 $1120 $1339 OOOO At May...
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