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Wolick Company had a beginning inventory on January 1 of 300 units of Product SXL at a cost of $21 per unit. During the year, the following purchases were made:
Mar. 15400 units at $24Sept. 4300 units at $33July 20220 units at $28Dec. 2100 units at $30
Bramble Ltd. had a beginning inventory on January 1 of 250 units of product SXL at a cost of $161 per unit. During the year, purchases were as follows: Mar. 15 July 20 Sept. 4 Dec. 2 Units Unit Cost Total Cost 700 $151 $105,700 500 146 73,000 450 135 60,750 100 12,500 Bramble uses a periodic inventory system. At the end of the year, a physical inventory count determined that there were 200 units on hand. ✓ Your answer...
Kingbird, Inc. had a beginning inventory on January 1 of 330 units of Product 4-18-15 at a cost of $22 per unit. During the year, the following purchases were made. Mar. 15 880 units at $25 Sept. 4 770 units at $28 July 20 550 units at $26 Dec. 2 220 units at $31 2,200 units were sold. Kingbird, Inc. uses a periodic inventory system. ▼ (a) Your answer is correct. Determine the cost of goods available for sale. The...
P6-13A Kane Ltd. had a beginning inventory on January 1 of 250 units of product SXL at a cost of $160 per unit. During the year, purchases were as follows: Units Unit Cost Total Cost Mar. 15 700 $150 $105,000 July 20 500 145 72,500 Sept. 4 450 135 60,750 Dec. 2 100 125 12,500 Kane uses a periodic inventory system. At the end of the year, a physical inventory count determined that there were 200 units on hand. Instructions...
BE6–18 At the beginning of the year, Seller Company had 700 units with a cost of $3 per unit in its beginning inventory. The following inventory transactions occurred during the month of January:Calculate inventory ratios.(SO 6) APCompare inventory ratios.(SO 6) CApply periodic cost FIFO and average. (SO 7) APRecord transactions using periodic FIFO and average. (SO 2, 7) APApply gross profit method.(SO 8) APApply retail inventory method. (SO 8) APIdentify items in inventory.(SO 1) KDetermine correct inventory amount. (SO 1)...
3) Pencil Company had the following information for the year: Units Cost per Unit Inventory, January 1 0 s2 Inventory Purchases March September November 9 $3 2 $3.50 Inventory, December 31 3 a) How many units did Pencil sell during the year? b) Calculate the dollar value of Pencil's December 31 inventory, as well as Pencil's COGS, using the FIFO method. c) Calculate the dollar value of Pencil's December 31 inventory, as well as Pencil's COGS, using the LIFO method....
Sheffield Company had a beginning inventory on January 1 of 190 units of Product 4-18-15 at a cost of $20 per unit. During the year, the following purchases were made. Mar. 15 450 units at $23 Sept. 4 350 units at $25 July 20 230 units at $24 Dec. 2 100 units at $26 1,100 units were sold. Sheffield Company uses a periodic inventory system. (b1) Calculate average cost per unit. (Round answer to 3 decimal places, e.g. 1.250.) Average...
Sales during the year were 860 units. Beginning inventory was 290 units at a cost of $4 per unit. Purchase 1 was 430 units at $5 per unit. Purchase 2 was 670 units at $6 per unit. Required: a. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using FIFO method. b. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using LIFO method
Sales during the year were 700 units. Beginning inventory was 400 units at a cost of $10 per unit. Purchase 1 was 500 units at $12 per unit. Purchase 2 was 300 units at $14 per unit. Required: a. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using FIFO method. (Enter all values as a positive value.) Periodic FIFO Cost of Goods Sold Cost of Goods Available for Sale Cost of Goods #...