Homework Answers
Inventory and Cost of good sold as per LIFO method
| Date | Particular | Units | Unit cost ($) | Total Cost ($) |
| 1 April | Opening Inventory | 220 | 11 | 2420 |
| 15 April | Purchase | 450 | 13 | 5850 |
| 23 April | Purchase | 330 | 14 | 4620 |
| 30 April | Sales | 400 |
330 * 14 70 * 13 |
4620 910 |
| 30 April | Ending Inventory |
380 220 |
13 11 |
4940 2420 |
Ending Inventory = $ 7360
Cost of good sold = Opening + purchase - closing
= 2420 + (5850 + 4620) - 7360
= $ 5530
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Cheyenne Company uses a periodic inventory system. For April, when the company sold 400 units, the...
Cheyenne Company uses a periodic inventory system. For April, when the company sold 400 units, the...
Cheyenne Company uses a periodic inventory system. For April, when the company sold 400 units, the following information is available Apri 1 inventory April 15 purchase April 23 purchase Units Unit Cost Total Cost $11 13 14 220 450 330 1,000 串2,420 5,850 4,620 $12,890 Compute the April 30 inventory and the April cost of goods sold using the LIFO method Ending inventory Cost of goods sold
Wildhorse Company uses a periodic inventory system. For April, when the company sold 400 units, the...
Wildhorse Company uses a periodic inventory system. For April,
when the company sold 400 units, the following information is
available.
Units
Unit Cost
Total Cost
April 1 inventory
220
$11
$ 2,420
April 15 purchase
450
13
5,850
April 23 purchase
330
14
4,620
1,000
$12,890
Compute the April 30 inventory and the April cost of goods sold
using the FIFO method.
Ending inventory
$
Cost of goods sold
$
Brief Exercise 8-5 Blossom Company uses a periodic inventory system. For April, when the company sold...
Brief Exercise 8-5
Blossom Company uses a periodic inventory system. For April,
when the company sold 400 units, the following information is
available.
Units
Unit Cost
Total Cost
April 1 inventory
220
$11
$ 2,420
April 15 purchase
450
13
5,850
April 23 purchase
330
14
4,620
1,000
$12,890
Compute the April 30 inventory and the April cost of goods sold
using the FIFO method.
Ending inventory
$
Cost of goods sold
$
Question 5 Martinez Company uses a periodic inventory system. For April, when the company sold 400...
Question 5 Martinez Company uses a periodic inventory system. For April, when the company sold 400 units, the following information is available. Units Unit Cost Total Cost April 1 inventory 220 $11 $ 2,420 April 15 purchase 450 13 5,850 April 23 purchase 330 14 4,620 1,000 $12,890 Collapse question part (a) Calculate weighted average cost per unit. (Round answer to 2 decimal places, e.g. 2.76.) Weighted average cost per unit $
Wildhorse Company uses a periodic inventory system. For April, when the company sold 570 units, the...
Wildhorse Company uses a periodic inventory system. For April, when the company sold 570 units, the following information is available. Units Unit Cost Total Cost April 1 inventory 250 $28 34 $7,000 11,900 April 15 purchase 350 April 23 purchase 400 36 14,400 $33,300 1,000 Compute the April 30 inventory and the April cost of goods sold using the LIFO method. Ending inventory Cost of goods sold $ $
Coronado Company uses a periodic inventory system. For April, when the company sold 450 units, the...
Coronado Company uses a periodic inventory system. For April, when the company sold 450 units, the following information is available. Units Unit Cost Total Cost $7,260 April 1 inventory April 15 purchase April 23 purchase 330 380 290 $22 26 29 9.880 8.410 $25,550 1.000 Compute the April 30 inventory and the April cost of goods sold using the LIFO method, Ending inventory Cost of goods sold $ $ e Textbook and Media Attempts: 1 of 3 used Save for...
Pearl Company uses a periodic inventory system. For April, when the company sold 650 units, the...
Pearl Company uses a periodic inventory system. For April, when the company sold 650 units, the following information is available Units Unit Cost Total Cost April 1 Inventory $34 $ 10,540 April 15 purchase 41 17,220 April 23 purchase 270 11,880 1,000 $39,640 Compute the April 30 inventory and the April cost of goods sold using the LIFO method. Ending Inventory Cost of goods sold
Bonita Company uses a periodic inventory system. For April, when the company sold 550 units, the...
Bonita Company uses a periodic inventory system. For April, when the company sold 550 units, the following information is available. Unit Cost $19 April 1 inventory April 15 purchase April 23 purchase Units 300 410 290 1,000 Total Cost $ 5,700 9,430 7,250 $22,380 25 Compute the April 30 inventory and the April cost of goods sold using the LIFO method. Ending inventory Cost of goods sold
*Brief Exercise 8-6 Nash Company uses a periodic inventory system. For April, when the company sold 600 units, the f...
*Brief Exercise 8-6 Nash Company uses a periodic inventory system. For April, when the company sold 600 units, the following information is available. Units Unit Cost Total Cost April 1 inventory $ 8,680 280 $31 April 15 purchase 450 37 16,650 270 April 23 purchase 10,800 40 1,000 $36,130 Compute the April 30 inventory and the April cost of goods sold using the LIFO method. Ending inventory Cost of goods sold
Sheridan Company uses a periodic inventory system. For April, when the company sold 450 units, the...
Sheridan Company uses a periodic inventory system. For April, when the company sold 450 units, the following information is available. Units Unit Cost Total Cost April 1 inventory 280 $17 $ 4,760 April 15 purchase 420 20 8,400 April 23 purchase 300 22 6,600 1,000 $19,760 Compute the April 30 inventory and the April cost of goods sold using the FIFO method. Ending inventory $enter a dollar amount Cost of goods sold $enter a dollar amount
Cheyenne Company uses a periodic inventory system. For April, when the company sold 400 units, the following information is available Apri 1 inventory April 15 purchase April 23 purchase Units Unit Cost Total Cost $11 13 14 220 450 330 1,000 串2,420 5,850 4,620 $12,890 Compute the April 30 inventory and the April cost of goods sold using the LIFO method Ending inventory Cost of goods sold
Wildhorse Company uses a periodic inventory system. For April,
when the company sold 400 units, the following information is
available.
Units
Unit Cost
Total Cost
April 1 inventory
220
$11
$ 2,420
April 15 purchase
450
13
5,850
April 23 purchase
330
14
4,620
1,000
$12,890
Compute the April 30 inventory and the April cost of goods sold
using the FIFO method.
Ending inventory
$
Cost of goods sold
$
Brief Exercise 8-5
Blossom Company uses a periodic inventory system. For April,
when the company sold 400 units, the following information is
available.
Units
Unit Cost
Total Cost
April 1 inventory
220
$11
$ 2,420
April 15 purchase
450
13
5,850
April 23 purchase
330
14
4,620
1,000
$12,890
Compute the April 30 inventory and the April cost of goods sold
using the FIFO method.
Ending inventory
$
Cost of goods sold
$
Wildhorse Company uses a periodic inventory system. For April, when the company sold 570 units, the following information is available. Units Unit Cost Total Cost April 1 inventory 250 $28 34 $7,000 11,900 April 15 purchase 350 April 23 purchase 400 36 14,400 $33,300 1,000 Compute the April 30 inventory and the April cost of goods sold using the LIFO method. Ending inventory Cost of goods sold $ $
Coronado Company uses a periodic inventory system. For April, when the company sold 450 units, the following information is available. Units Unit Cost Total Cost $7,260 April 1 inventory April 15 purchase April 23 purchase 330 380 290 $22 26 29 9.880 8.410 $25,550 1.000 Compute the April 30 inventory and the April cost of goods sold using the LIFO method, Ending inventory Cost of goods sold $ $ e Textbook and Media Attempts: 1 of 3 used Save for...
Pearl Company uses a periodic inventory system. For April, when the company sold 650 units, the following information is available Units Unit Cost Total Cost April 1 Inventory $34 $ 10,540 April 15 purchase 41 17,220 April 23 purchase 270 11,880 1,000 $39,640 Compute the April 30 inventory and the April cost of goods sold using the LIFO method. Ending Inventory Cost of goods sold
Bonita Company uses a periodic inventory system. For April, when the company sold 550 units, the following information is available. Unit Cost $19 April 1 inventory April 15 purchase April 23 purchase Units 300 410 290 1,000 Total Cost $ 5,700 9,430 7,250 $22,380 25 Compute the April 30 inventory and the April cost of goods sold using the LIFO method. Ending inventory Cost of goods sold
*Brief Exercise 8-6 Nash Company uses a periodic inventory system. For April, when the company sold 600 units, the following information is available. Units Unit Cost Total Cost April 1 inventory $ 8,680 280 $31 April 15 purchase 450 37 16,650 270 April 23 purchase 10,800 40 1,000 $36,130 Compute the April 30 inventory and the April cost of goods sold using the LIFO method. Ending inventory Cost of goods sold
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