Homework Answers
| Units | Unit price | Total | |
| November 1 | 117 | 30 | 3510 |
| November 5 | 117 | 30 | 3510 |
| November 8 | 67 | 30 | 2010 |
| November 19 | 100 | 20 | 2000 |
| Total | 401 | 11030 | |
| Average cost per unit | 27.50623 | =11030/401 | |
| Ending inventory units | 207 | =401-194 | |
| X Average cost per unit | 27.50623 | ||
| Ending inventory | 5694 | ||
| $5,694 is correct option |
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A company uses the periodic inventory system and had the following activity during the current...
A company uses the periodic inventory system and had the following activity during the current monthly...
A company uses the periodic inventory system and had the following activity during the current monthly period. November 1: Beginning inventory 111 units @ $30 November 5: Purchased 111 units @ $22 November 8: Purchased 61 units @ $30 November 16: Sold 170 units @ $100 November 19: Purchased 70 units @ $30 Using the weighted-average inventory method, the company's ending inventory would be: Multiple Choice $5,430 $5,030 $7,260 $3,930 $3,330
a company uses the periodic inventory system and had the following activity during the current monthly...
a company uses the periodic inventory system and had
the following activity during the current monthly period.
using the weighted average inventory method, the company's ending
inventory would be:
A company had the following purchases during its first year of operations 18 00:15.09 January: February: May: September: November: Purchases 10 units at $120 20 units at $130 15 units at $140 12 units at $150 10 units at $160 On December 31, there were 26 units remaining in ending inventory....
Chris Company uses the perpetual inventory system and had the following activity during the current monthly...
Chris Company uses the perpetual inventory system and had the following activity during the current monthly period. November 1: Beginning Inventory of 100 units @$20 November 5: Purchased 100 units @ $22 November 8: Purchased 50 units @$23 November 16: Sold 200 units @ $45 November 19: Purchased 50 units @ $25 Using the weighted-average inventory method, the company's ending inventory would be reported at: A) $2,200. B) $2,320. C) $2,250. D) $2,400. E) $2,270.
Fulbright Corp. uses the periodic inventory system. During its first year of operations, Fulbright made the...
Fulbright Corp. uses the periodic inventory system. During its first year of operations, Fulbright made the following purchases listed in chronological order of acquisition): • 52 units at $136 per unit • 130 units at $137 per unit • 182 units at $117 per unit Sales for the year totaled 330 units, leaving 34 units on hand at the end of the year. In comparing the ending inventory balances of FIFO and LIFO, the ending inventory value under FIFO less...
9. A company uses the weighted average method of inventory valuation under a periodic inventory system....
9. A company uses the weighted average method of inventory valuation under a periodic inventory system. The company began the year with a zero inventory balance. They had the following transactions during the year. (30 Points) Purchased 65 units at AED 7 per unit Purchased 130 units at AED 7 per unit Sold 110 units at AED 11 per unit Purchased 55 units at AED 8 per unit Sold 110 units at AED 13.25 per unit • At the end...
Fulbright Corp. uses the periodic inventory system. During its first year of operations, Fulbright made the following pu...
Fulbright Corp. uses the periodic inventory system. During its first year of operations, Fulbright made the following purchases (listed in chronological order of acquisition): 50 units at $130 per unit 120 units at $127 per unit 180 units at $107 per unit Sales for the year totaled 320 units, leaving 30 units on hand at the end of the year. In comparing the ending inventory balances of FIFO and LIFO, the ending inventory value under FIFO less the ending inventory...
Only answer. A company had inventory on November 1 of 5 units at a cost of...
Only answer.
A company had inventory on November 1 of 5 units at a cost of $30 each. On November 2, they purchased 20 units at $32 each. On November 6 they purchased 16 units at $35 each. On November 8, 18 units were sold for $65 each. Using the perpetual LIFO inventory method, what was the value of the inventory on November 8 after the sale? Multiple Choice Ο Ο $784 Ο Ο $756 Ο A company purchased a...
Inventory Costing Methods-Periodic Method Merritt Company uses the periodic inventory system. The following May data are...
Inventory Costing Methods-Periodic Method Merritt Company uses the periodic inventory system. The following May data are for an item in Merritt's inventory: May 1 Beginning inventory 450 units $34 per unit 12 Purchased 400 units 539 per unit 16 Sold 480 units 24 Purchased 460 units @ $40 per unit Calculate the cost of goods sold for May and ending inventory at May 31 using (a) first-in, first-out, (b) last-in, first-out, and (c) the weighted average cost methods. Do not...
Nordic Industries uses a periodic inventory system. During its first month of operations, Nordic Industries purchased...
Nordic Industries uses a periodic inventory system. During its first month of operations, Nordic Industries purchased inventory as follows: Unit Cost $15 January 3 January 12 January 20 January 25 Units 150 200 250 20 20 Total Cost $ 2,250 4,000 5,000 9,000 s20.250 300 30 900 There were 100 units in ending inventory on January 31. Under the LIFO cost method, what is the cost of goods sold for January? Multiple Choice O $17.250 O O $18,000 $19,500 $6,000...
Save & Ex Consider the following information for Maynor Company, which uses a periodic inventory system...
Save & Ex Consider the following information for Maynor Company, which uses a periodic inventory system Transaction Beginning Inventory Purchase Purchase January 1 Units Unit Cost $ 67 73 Total Cost March 28 17 $1,139 1,971 2,618 3,237 August 22 October 14 27 34 77 Purchase 39 Goods Available for Sale 83 117 $8,965 The company sold 39 units on May 1 and 34 units on October 28 Required: Calculate the company's ending inventory and cost of goods sold using...
a company uses the periodic inventory system and had
the following activity during the current monthly period.
using the weighted average inventory method, the company's ending
inventory would be:
A company had the following purchases during its first year of operations 18 00:15.09 January: February: May: September: November: Purchases 10 units at $120 20 units at $130 15 units at $140 12 units at $150 10 units at $160 On December 31, there were 26 units remaining in ending inventory....
Fulbright Corp. uses the periodic inventory system. During its first year of operations, Fulbright made the following purchases listed in chronological order of acquisition): • 52 units at $136 per unit • 130 units at $137 per unit • 182 units at $117 per unit Sales for the year totaled 330 units, leaving 34 units on hand at the end of the year. In comparing the ending inventory balances of FIFO and LIFO, the ending inventory value under FIFO less...
9. A company uses the weighted average method of inventory valuation under a periodic inventory system. The company began the year with a zero inventory balance. They had the following transactions during the year. (30 Points) Purchased 65 units at AED 7 per unit Purchased 130 units at AED 7 per unit Sold 110 units at AED 11 per unit Purchased 55 units at AED 8 per unit Sold 110 units at AED 13.25 per unit • At the end...
Only answer.
A company had inventory on November 1 of 5 units at a cost of $30 each. On November 2, they purchased 20 units at $32 each. On November 6 they purchased 16 units at $35 each. On November 8, 18 units were sold for $65 each. Using the perpetual LIFO inventory method, what was the value of the inventory on November 8 after the sale? Multiple Choice Ο Ο $784 Ο Ο $756 Ο A company purchased a...
Inventory Costing Methods-Periodic Method Merritt Company uses the periodic inventory system. The following May data are for an item in Merritt's inventory: May 1 Beginning inventory 450 units $34 per unit 12 Purchased 400 units 539 per unit 16 Sold 480 units 24 Purchased 460 units @ $40 per unit Calculate the cost of goods sold for May and ending inventory at May 31 using (a) first-in, first-out, (b) last-in, first-out, and (c) the weighted average cost methods. Do not...
Nordic Industries uses a periodic inventory system. During its first month of operations, Nordic Industries purchased inventory as follows: Unit Cost $15 January 3 January 12 January 20 January 25 Units 150 200 250 20 20 Total Cost $ 2,250 4,000 5,000 9,000 s20.250 300 30 900 There were 100 units in ending inventory on January 31. Under the LIFO cost method, what is the cost of goods sold for January? Multiple Choice O $17.250 O O $18,000 $19,500 $6,000...
Save & Ex Consider the following information for Maynor Company, which uses a periodic inventory system Transaction Beginning Inventory Purchase Purchase January 1 Units Unit Cost $ 67 73 Total Cost March 28 17 $1,139 1,971 2,618 3,237 August 22 October 14 27 34 77 Purchase 39 Goods Available for Sale 83 117 $8,965 The company sold 39 units on May 1 and 34 units on October 28 Required: Calculate the company's ending inventory and cost of goods sold using...
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