Homework Answers
Under LIFO, ending inventory consists of beginning inventory and earliest purchases.
240 units in ending inventory consists of beginning inventory.
Ending inventory = 240 units * $5 per unit
= $1,200
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Dobler Company uses a periodic inventory system. Details for the inventory account for the month of...
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Elly Company uses a periodic inventory system.Details for the inventory account for the month of January 2016 are as follows: Units Per unit price Total Balance 1/1/16 200 $500 $1000 Purchase 1/15/16 100 5.30 530 Purchase 1/28/16 100 5,50 550 An end of the month inventory showed that 150 units were on hand. If the company uses FIFO,what is the value of the ending inventory?
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Can someone help me answer these?
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2)
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6. Elly Company uses a periodic inventory system. Details for the inventory account for the month of January, 2016 are as follows: Units Per unit price Total Balance, 1/1/16 200 $5.00 $1,000 Purchase, 1/15/16 100 5.30 530 Purchase, 1/28/16 100 5.50 550 An end of the month (1/31/16) inventory showed that 150 units were on hand. If the company uses FIFO and sells the units for $9 each, what is the gross profit for the month? a. $1,000 b. $985...
20. Effe Company uses a periodic inventory system. Details for the inventory account for the month of January, 2014 are as follows: (SHOW CALCULATIONS for full credit Units Per unit price Tota! Balance, 1/1/14 200 $5.00 $1,000 Purchase, 1/15/14 100 5.30 530 Purchase, 1/28/14 100 5.50 550 An end of the month (1/31/14) inventory showed that 160 units were on hand. If the company uses FIFO, what is the value of the ending inventory? a $800 b. 5832 C. $848...
12. Effie Company uses a periodic inventory system. Details for the inventory account for the month of January, 2018 are as follows: Units Per unit price Total Balance, 1/1/18 200 $5.00 $1,000 Purchase, 1/15/18 100 5 .30 530 Purchase, 1/28/18 100 5.50 550 An end of the month (1/31/18) inventory showed that 200 units were on hand. If the company uses FIFO, what is the value of the ending inventory? a. $1000 b. $1040 c. $1060 d. $1080
Pharoah Company uses a periodic inventory system. Details for the inventory account for the month of January 2022 are as follows: Units Per unit price Total Balance, 1/1/2022 370 $6.00 $2220 Purchase, 1/15/2022 190 6.60 1254 Purchase, 1/28/2022 190 6.80 1292 An end of the month (1/31/2022) inventory showed that 300 units were on hand. If the company uses FIFO, what is the value of the ending inventory? $1800 O $2018 $2748 O $2040
PLease show work and explain how to do these
Tier Il Company uses a periodic inventory system. Details for the inventory account for the month of January 2007 are as follows: Per unit price Units Total Balance, 1/1/2007 Purchase, 1/15/2007 Purchase, 1/28/2007 200 $5.00 5.30 $1,000 530 100 100 5.50 550 An end of the month (1/31/2007) inventory showed that 120 units were on hand. 11 How many units did the company sell during January 2007? a. 80 b. 120...
Can someone help me answer these?
1)
2)
Novak Corp. uses a periodic inventory system. Details for the inventory account for the month of January 2017 are as follows: Balance, 1/1/2017 Purchase, 1/15/2017 Purchase, 1/28/2017 Units 370 180 180 Per unit price $6.0 7 Total $2220 1170 1206 An end of the month (1/31/2017) inventory showed that 290 units were on hand. If the company uses LIFO, what is the value of the ending inventory? The accountant at Metlock, Inc....
Oriole Company uses a periodic inventory system. Details for the inventory account for the month of January, 2018 are as follows: Balance, 1/1/18 Purchase, 1/15/18 Purchase, 1/28/18 Units Per unit price 220 $4 130 5.1 130 5.7 Total $880 663 741 An end of the month (1/31/18) inventory showed that 190 units were on hand. If the company uses FIFO and sells the units for $8 each, what is the gross profit for the month? $1427 $1083 $1520 $1145 Delmar...
Sandhill Co, uses a periodic inventory system. Its records show the following for the month of May, in which 79 units were sold. Unit Cost Date May 1 Explanation Inventory Units 30 $8 15 15 Purchase Total Cost $240 225 360 $825 24 Purchase 36 10 Total 91 Calculate the ending inventory at May 31 using the FIFO, LIFO and average cost methods. (Round answers to decimal places, s. 125.) FIFO LIFO AVERAGE-COST The ending inventory at May 31 $
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