Flash Company uses the FIFO cost method in a periodic inventory system. At December 31, 2021,...
Flash Company uses the FIFO cost method in a periodic inventory system. At December 31, 2021, the accounting records provided the following information: (1) Inventory, December 31, 2020: 2,300 units with a unit cost of $8 each. (2) Purchase, April 1, 2021: 5,000 units with a unit cost of $9 each. (3) Purchase, July 31, 2021: 3,000 units with a unit cost of $7 each. (4) Inventory, December 31, 2021: 4,000 units. What is the total cost of sales in 2021?
Homework Answers
Answer:
Cost of sale in 2021 = $54400.
Explanation:
Number of units sold = Beginning inventory + Purchase - Ending inventory
= 2300 units + 8000 units - 4000 units
= 6300 units.
Cost of sales as per FIFO periodic = 2300 units @$8 + 4000 units @$9
= $18400 + $36000
= $54400.
Add Answer to:
Flash Company uses the FIFO cost method in a periodic inventory system. At December 31, 2021,...
Clor Company uses a periodic inventory system. At December 31, 2017, the accounting records provided the...
Clor Company uses a periodic inventory system. At December 31, 2017, the accounting records provided the following information for Product 1: Units Unit Cost Inventory, December 31, 2016 3,000 $ 8 For the year 2017: Purchases, March 31 5,000 9 Purchases, August 1 2,000 7 Inventory, December 31, 2017 4,000 Required: Compute the cost of sales and the ending inventory under the FIFO and weighted-average costing methods.
please provide solutions! Nittany Company uses a periodic inventory system. At the end of the annual...
please provide solutions!
Nittany Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 1: Units Unit Cost $5 2,000 Inventory, December 31, prior year For the current year: Purchase, March 21 Purchase, August 1 Inventory, December 31, current year 6 5,000 3,000 4,000 8 Required: Compute ending inventory and cost of goods sold for the current year under FIFO, LIFO,...
Hamilton Company uses a periodic inventory system. At the end of the annual accounting period, December...
Hamilton Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 1: Units Unit Cost 2,000 $5 Inventory, December 31, prior year For the current year: Purchase, March 21 Purchase, August 1 Inventory, December 31, current year 6,000 4,000 3,000 Required: Compute ending inventory and cost of goods sold under FIFO, LIFO, and average cost inventory costing methods. FIFO L IFO...
Nittany Company uses a periodic Inventory system. At the end of the annual accounting period, December...
Nittany Company uses a periodic Inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following Information for product 1: Units Unit Cost 2, eee $5 Inventory, December 31, prior year For the current year: Purchase, March 21 Purchase, August 1 Inventory, December 31, current year 5,000 3. eee 4.999 Required: Compute ending Inventory and cost of goods sold for the current year under FIFO, LIFO, and average cost...
Emily Company uses a periodic inventory system. At the end of the annual accounting period, December...
Emily Company uses a periodic inventory system. At the end of the
annual accounting period, December 31 of the current year, the
accounting records provided the following information for product
2:
Required information [The following information applies to the questions displayed below.] Emily Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 2: Units 2,830 Unit Cost $13 Inventory, December...
Nittany Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the curre...
Nittany Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 1: Unit Cost Units 1,840 $5 Inventory, December 31, prior year For the current year: Purchase, March 21 Purchase, August 1 Inventory, December 31, current year 7 5, 120 2,830 4,050 ? Required: Compute ending inventory and cost of goods sold for the current year under FIFO, LIFO, and average...
Broadhead Company uses a periodic inventory system. At the end of the annual accounting period, December...
Broadhead Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 2: Units Unit Cost Inventory, December 31, prior year 2,990 $ 14 For the current year: Purchase, April 11 8,980 12 Purchase, June 1 7,990 17 Sales ($57 each) 10,820 Operating expenses (excluding income tax expense) $ 193,500 . Prepare a separate income statement through pretax income that details cost...
Penn Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current y...
Penn Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 1: Units 2.700 Unit Cost $8.50 Inventory, December 31, prior year For the current year: Purchase, March 21 Purchase, August 1 Inventory, December 31, current year 5,700 3,700 6,100 9.50 4.00 Required: Compute ending inventory and cost of goods sold for the current year under FIFO, LIFO, and average cost...
Hamilton Company uses a periodic inventory system. At the end of the annual accounting period, December...
Hamilton Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 1: Units Unit Cost Inventory, December 31, prior year 1,930 $ 6 For the current year: Purchase, March 21 6,010 5 Purchase, August 1 4,120 3 Inventory, December 31, current year 2,900 Required: Compute ending inventory and cost of goods sold under FIFO, LIFO, and average cost inventory costing metho
Hamilton Company uses a periodic inventory Hamilton Company uses a periodic Inventory system. At the end...
Hamilton Company uses a periodic inventory
Hamilton Company uses a periodic Inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the flowing information for product Units 1320 Cost 55 Inventory, December 31.pro year For the current year Purchase March 21 Purchase August 1 ventory December 31. Current year 5.120 4 100 Required: Compute ending inventory and cost of goods sold under FIFO UFO, and average contentory costing (Round "Average...
please provide solutions!
Nittany Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 1: Units Unit Cost $5 2,000 Inventory, December 31, prior year For the current year: Purchase, March 21 Purchase, August 1 Inventory, December 31, current year 6 5,000 3,000 4,000 8 Required: Compute ending inventory and cost of goods sold for the current year under FIFO, LIFO,...
Hamilton Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 1: Units Unit Cost 2,000 $5 Inventory, December 31, prior year For the current year: Purchase, March 21 Purchase, August 1 Inventory, December 31, current year 6,000 4,000 3,000 Required: Compute ending inventory and cost of goods sold under FIFO, LIFO, and average cost inventory costing methods. FIFO L IFO...
Nittany Company uses a periodic Inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following Information for product 1: Units Unit Cost 2, eee $5 Inventory, December 31, prior year For the current year: Purchase, March 21 Purchase, August 1 Inventory, December 31, current year 5,000 3. eee 4.999 Required: Compute ending Inventory and cost of goods sold for the current year under FIFO, LIFO, and average cost...
Emily Company uses a periodic inventory system. At the end of the
annual accounting period, December 31 of the current year, the
accounting records provided the following information for product
2:
Required information [The following information applies to the questions displayed below.] Emily Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 2: Units 2,830 Unit Cost $13 Inventory, December...
Nittany Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 1: Unit Cost Units 1,840 $5 Inventory, December 31, prior year For the current year: Purchase, March 21 Purchase, August 1 Inventory, December 31, current year 7 5, 120 2,830 4,050 ? Required: Compute ending inventory and cost of goods sold for the current year under FIFO, LIFO, and average...
Penn Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 1: Units 2.700 Unit Cost $8.50 Inventory, December 31, prior year For the current year: Purchase, March 21 Purchase, August 1 Inventory, December 31, current year 5,700 3,700 6,100 9.50 4.00 Required: Compute ending inventory and cost of goods sold for the current year under FIFO, LIFO, and average cost...
Hamilton Company uses a periodic inventory
Hamilton Company uses a periodic Inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the flowing information for product Units 1320 Cost 55 Inventory, December 31.pro year For the current year Purchase March 21 Purchase August 1 ventory December 31. Current year 5.120 4 100 Required: Compute ending inventory and cost of goods sold under FIFO UFO, and average contentory costing (Round "Average...
Most questions answered within 3 hours.
-
Define the following Marketing Psychology Principles of Human
Behavior: Priming, Reciprocity, Social Proof, Decoy Effect,
Scarcity,...
asked 8 minutes ago -
What does the graph of Range vs angle look like? Also what is
the slope of...
asked 11 minutes ago -
a
sample size of _ is needed So there a 99% confidence interval will
have a...
asked 17 minutes ago -
Strategy is an important part of project management and business
decisions. Define strategy and describe in...
asked 20 minutes ago -
Task 5.2 Numerical Analysis Using Nested Loops (13 pts)
Consider the following program:
void setup()
{...
asked 34 minutes ago -
If a lossless transformer has 1000 turns for a primary winding
and 100 turns for the...
asked 42 minutes ago -
Write the net ionic equation for the precipitation reaction that
occurs when aqueous solutions of potassium...
asked 51 minutes ago -
it
should be written in c++
Your program should take numbers from the user until the...
asked 57 minutes ago -
Buses are powered by chemical reactions. Define matter and the
four states of matter. What is...
asked 1 hour ago -
Use conservation of energy to find the velocity of a free point
charge q1 at 22cm...
asked 1 hour ago -
First, describe policies promoted by governments of the
political right to address economic globalization. Second, describe...
asked 1 hour ago -
M2-9 Completing T-Accounts LO2-4
Following are the transactions of Dennen, Inc., for the month of
January....
asked 1 hour ago