Lopez Company
Lopez Company reported the following current-year data for its only product. The company uses a periodic inventory system and its ending
inventory consists of 150 units—50 from each of the last three
purchases.
| Jan. | 1 | Beginning inventory | 96 | units | @ $2.00 | = | $ | 192 |
| Mar. | 7 | Purchase | 220 | units | @ $2.25 | = | 495 | |
| July | 28 | Purchase | 544 | units | @ $2.50 | = | 1,360 | |
| Oct. | 3 | Purchase | 480 | units | @ $2.80 | = | 1,344 | |
| Dec. | 19 | Purchase | 160 | units | @ $2.90 | = | 464 | |
| Totals | 1,500 | units | $ | 3,855 | ||||
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|
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A)specific identification
B)weighted average
C)FIFO
D)LIFO
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Lopez Company reported the following current-year data for its only product. The company uses a p...
Lopez Company reported the following current-year data for its only product. The company uses a periodic inventory system and its ending inventory consists of 360 units-120 from each of the last three purchases Dan. 1 Beginning inventory Mar. 7 Purchase July 28 Purchase Oct. 3 Purchase Dec. 19 Purchase 220 units $2.80$616 480 units$3.251,560 1,120 units $3.303,696 1,000 units$3.603,600 400 units $4.10 1,640 Totals 3,220 units $ 11,112 Determine the cost assigned to ending inventory and to cost of goods...
Exercise 5-14A Periodic: Cost flow assumptions LO P3 Lopez Company reported the following current-year data for...
Exercise 5-14A Periodic: Cost flow assumptions LO P3 Lopez Company reported the following current-year data for its only product. The company uses a periodic inventory system, and its ending inventory consists of 480 units—160 from each of the last three purchases. Jan. 1 Beginning inventory 260 units @ $4.40 = $ 1,144 Mar. 7 Purchase 560 units @ $5.25 = 2,940 July 28 Purchase 1,200 units @ $4.90 = 5,880 Oct. 3 Purchase 1,080 units @ $5.20 = 5,616 Dec....
Lopez Company reported the following current-year data for its only product. The company uses a periodic...
Lopez Company reported the following current-year data for its only product. The company uses a periodic inventory system, and its ending inventory consists of 390 units—130 from each of the last three purchases. Jan. 1 Beginning inventory Mar. 7 Purchase July 28 Purchase Oct. 3 Purchase Dec. 19 Purchase Totals 230 units @ $3.20 500 units @ $3.75 1,140 units @ $3.70 1,020 units @ $4.60 440 units @ $4.10 3,330 units = $ 736 = 1,875 = 4,218 =...
Lopez Company reported the following current-year data for its only product. The company uses a periodic...
Lopez Company reported the following current-year data for its only product. The company uses a periodic inventory system, and its ending inventory consists of 390 units—130 from each of the last three purchases. Jan. 1 Beginning inventory 230 units @ $3.20 = $ 736 Mar. 7 Purchase 500 units @ $3.75 = 1,875 July 28 Purchase 1,140 units @ $3.70 = 4,218 Oct. 3 Purchase 1,020 units @ $4.60 = 4,692 Dec. 19 Purchase 440 units @ $4.10 = 1,804...
What us the LIFO? I am having difficulty remembering. Lopez Company reported the following current-year data...
What us the LIFO? I am having difficulty
remembering.
Lopez Company reported the following current-year data for its only product. The company uses a periodic inventory system, and its ending inventory consists of 600 units-200 from each of the last three purchases. = Jan 1 Beginning inventory Mar. 7 Purchase July 28 Purchase Oct. 3 Purchase Dec. 19 Purchase Totals 300 units @ $4.00 640 units @ $6.25 1,280 units @ $6.50 1,160 units @ $7.00 720 units @ $8.90...
Lopez Company reported the following current-year data for its only product. The company uses a periodic...
Lopez Company reported the following current-year data for its only product. The company uses a periodic inventory system, and its ending inventory consists of 600 units—200 from each of the last three purchases. Jan. 1 Beginning inventory 300 units @ $4.00 = $ 1,200 Mar. 7 Purchase 640 units @ $6.25 = 4,000 July 28 Purchase 1,280 units @ $6.50 = 8,320 Oct. 3 Purchase 1,160 units @ $7.00 ...
Required information Use the following information for the Exercises below. [The following information applies to the...
Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below.) Hemming Co. reported the following current-year purchases and sales for its only product. Units Sold at Retail Units Acquired at Cost 295 units @ $13.80 = $ 4,071 240 units @ $43.80 480 units @ $18.80 - 9,024 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar. 15 Sales July 30 Purchase Oct. 5 Sales Oct. 26...
Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions...
Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date Activities Units Acquired at Cost Units Sold at Retail Mar. 1 Beginning inventory 220 units @ $53.40 per unit Mar. 5 Purchase 285 units @ $58.40 per unit Mar. 9 Sales 380 units @ $88.40 per unit Mar. 18 Purchase 145 units @ $63.40 per unit Mar. 25 Purchase 270 units @ $65.40 per unit Mar. 29 Sales 250 units @...
Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions...
Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date Activities Units Acquired at Cost Units Sold at Retail Mar. 1 Beginning inventory 220 units @ $53.40 per unit Mar. 5 Purchase 285 units @ $58.40 per unit Mar. 9 Sales 380 units @ $88.40 per unit Mar. 18 Purchase 145 units @ $63.40 per unit Mar. 25 Purchase 270 units @ $65.40 per unit Mar. 29 Sales 250 units @...
Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions...
Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date Activities Units Acquired at Cost Units Sold at Retail Mar. 1 Beginning inventory 220 units @ $53.40 per unit Mar. 5 Purchase 285 units @ $58.40 per unit Mar. 9 Sales 380 units @ $88.40 per unit Mar. 18 Purchase 145 units @ $63.40 per unit Mar. 25 Purchase 270 units @ $65.40 per unit Mar. 29 Sales 250 units @...
Lopez Company reported the following current-year data for its only product. The company uses a periodic inventory system and its ending inventory consists of 360 units-120 from each of the last three purchases Dan. 1 Beginning inventory Mar. 7 Purchase July 28 Purchase Oct. 3 Purchase Dec. 19 Purchase 220 units $2.80$616 480 units$3.251,560 1,120 units $3.303,696 1,000 units$3.603,600 400 units $4.10 1,640 Totals 3,220 units $ 11,112 Determine the cost assigned to ending inventory and to cost of goods...
Lopez Company reported the following current-year data for its only product. The company uses a periodic inventory system, and its ending inventory consists of 390 units—130 from each of the last three purchases. Jan. 1 Beginning inventory Mar. 7 Purchase July 28 Purchase Oct. 3 Purchase Dec. 19 Purchase Totals 230 units @ $3.20 500 units @ $3.75 1,140 units @ $3.70 1,020 units @ $4.60 440 units @ $4.10 3,330 units = $ 736 = 1,875 = 4,218 =...
What us the LIFO? I am having difficulty
remembering.
Lopez Company reported the following current-year data for its only product. The company uses a periodic inventory system, and its ending inventory consists of 600 units-200 from each of the last three purchases. = Jan 1 Beginning inventory Mar. 7 Purchase July 28 Purchase Oct. 3 Purchase Dec. 19 Purchase Totals 300 units @ $4.00 640 units @ $6.25 1,280 units @ $6.50 1,160 units @ $7.00 720 units @ $8.90...
Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below.) Hemming Co. reported the following current-year purchases and sales for its only product. Units Sold at Retail Units Acquired at Cost 295 units @ $13.80 = $ 4,071 240 units @ $43.80 480 units @ $18.80 - 9,024 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar. 15 Sales July 30 Purchase Oct. 5 Sales Oct. 26...
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