ABC Company sold 10000 shares of stock for $50000 on Jan 1, 2017 On Feb 1,...
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ABC Company sold 10000 shares of stock for $50000 on Jan 1, 2017 |
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On Feb 1, 2017, 1000 units of inventory was purchased at $10 each |
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On June 1, 2017, 600units of inventory was purchased at $12 each |
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On Nov 1, 2017, 1000 units of inventory was purchased at $14 each |
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On Dec 1, 2017, 450 units of inventory were left |
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ABC Company sold the units at $45 each on average, with no accounts receivables or accounts payable on record |
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The tax rate is 22% for ABC Company |
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Compare the following using the FIFO and LIFO method: |
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COGS |
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Ending Inventory |
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Net Income (after tax) |
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Ending Cash |
Homework Answers
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ABC Company sold 10000 shares of stock for $50000 on Jan 1,
2017
On Feb 1,...
The following is the inventory record of widgets for the ABC Company Units Cost/Unit 1-Jan Beginning...
The following is the inventory record of widgets for the ABC Company Units Cost/Unit 1-Jan Beginning Inventory 1001 $10.00 15-Apr Purchase 2001 $11.00 24-Aug Purchase 300 $12.00 27-Nov Purchase 400 $13.00 At the end of the fiscal year, the physical inventory found 450 widgets on hand at 12/31. Total sales for the year were 500 widgets sold at a retail price of $20.00 per widget Required: (a) Calculate the endign inventory value under FIFO, LIFO and Weighted Average (b) Calculate...
1(c) Assume that beginning inventory for ABC is 2,300,000 kg. Ending inventory is 3,800,000 kg. The...
1(c)
Assume that beginning inventory for ABC is
2,300,000 kg. Ending inventory is
3,800,000 kg. The fruit prices and amount
purchased is provided in Table 1 below. Compute the
LIFO and FIFO COGS for ABC for the
period. If ABC wishes to report a larger profit, should
LIFO or FIFO be used?
Table 1: Fruit Prices and Amount Bought Date Price per ko ($) Kg Bought (thousands) Addition to Inventory (in thousands of $) Jan 1.2 Feb Mar 1.4 1.3...
Amended 1(c) Assume that beginning inventory for ABC is 2,300,000 kg for $1.20 per kg. Ending...
Amended 1(c)
Assume that beginning inventory for ABC is
2,300,000 kg for $1.20 per kg. Ending
inventory is 3,800,000 kg. The fruit
prices and amount purchased is provided in Table 1 below.
Compute the LIFO and FIFO COGS
for ABC for the period. If ABC wishes to report a larger
profit, should LIFO or FIFO be used?
Table 1: Fruit Prices and Amount Bought Date Price per ko ($) Kg Bought (thousands) Addition to Inventory (in thousands of $) Jan...
Part 1: Prepare ABC Co.'s joumal entries for each of the following transactions. Assume that a...
Part 1: Prepare ABC Co.'s joumal entries for each of the following transactions. Assume that a perpetual inventory method is used. Recording Purchases of Merchandise a. ABC Co. purchases $16,000 of inventory on account, terms 3/10 net 30 from Sampson Company. b. ABC Co. retums $1,800 of inventory to Sampson from the initial purchase C. ABC Co. pays the balance owed to Sampson Company, taking the discount. Recording Sales of Merchandise (new scenario) d. ABC Co. sells merchandise on account...
Hansen Company uses the per Units Jan 1 Jan 20 July 25 Oct 20 Beginning inventory...
Hansen Company uses the per Units Jan 1 Jan 20 July 25 Oct 20 Beginning inventory Purchase Purchase Purchase Totals enodic inventory system and had the following inventory information able Unit Cost Total cos 100 $3.00 $300 500 $4.00 $2000 100 $5.00 $500 300 $6.00 $1800 S1600 1000 A physical count of inventory revealed 350 a count of inventory revealed 350 units on hand at the end of the 26. If the company uses the FIFO method, COGS for the...
Needs to be done on an excel with fifo, lifo, specific identification, weighted average, journal entries,...
Needs to be done on an excel with fifo, lifo, specific
identification, weighted average, journal entries, and cogs plus
ending inventory seperated and filled out.
3 Northgate Products Corp. sells gadgets and uses the perpetual inventory system. During the 4 month of January 2019, the number of gadgets purchased and sold was as follows: Purchased Sold Balance in inventory Date Units Unit cost Total $ Units Unit cost Total $ Total $ Units Unit cost 200 $2/ Jan. 1 3...
To more efficiently manage its inventory, Treynor Corporation maintains its internal inventory records using first-in, first-out...
To more efficiently manage its inventory, Treynor Corporation maintains its internal inventory records using first-in, first-out (FIFO) under a perpetual inventory system. The following information relates to its merchandise inventory during the year: Jan. 1 Inventory on hand—20,000 units; cost $13.10 each. Feb. 12 Purchased 70,000 units for $13.40 each. Apr. 30 Sold 50,000 units for $20.90 each. Jul. 22 Purchased 50,000 units for $13.70 each. Sep. 9 Sold 70,000 units for $20.90 each. Nov. 17 Purchased 40,000 units for...
To more efficiently manage its inventory, Treynor Corporation maintains its internal inventory records using first-in, first-out...
To more efficiently manage its inventory, Treynor Corporation maintains its internal inventory records using first-in, first-out (FIFO) under a perpetual inventory system. The following information relates to its merchandise inventory during the year: Jan. 1 Feb. 12 Jul. 22 Sep. 9 Nov. 17 Dec. 31 Inventory on hand-20,000 units; cost $12.20 each. Purchased 70,000 units for $12.50 each. Sold 50,000 units for $20.00 each. Purchased 50,000 units for $12.80 each. Sold 70,000 units for $20.00 each. Purchased 40,000 units for...
To more efficiently manage its inventory, Treynor Corporation maintains its internal inventory records using first-...
To more efficiently manage its inventory, Treynor Corporation maintains its internal inventory records using first-in, first-out (FIFO) under a perpetual inventory system. The following information relates to its merchandise inventory during the year: Jan. 1 Inventory on hand-20,000 units; cost $12.20 each. Feb. 12 Purchased 70,000 units for $12.50 each. Apr. 30 Sold 50,000 units for $20.00 each. Jul. 22 Purchased 50,000 units for $12.80 each. Sep. 9 Sold 70,000 units for $20.00 each. Nov. 17 Purchased 40,000 units for...
Brief Exercise 6-5 Calculate ending Inventory and cost of goods sold using FIFO (L06-3) During the...
Brief Exercise 6-5 Calculate ending Inventory and cost of goods sold using FIFO (L06-3) During the year, Wright Company sells 490 remote-control airplanes for $120 each. The company has the following inventory purchase transactions for the year Jan. 1 May. 5 Nov 3 Transaction Beginning inventory Purchase Purchase Number of U nits 4 0 270 220 Unit Cost $68 71 7 6 Total Cost $ 2,720 19,170 16, 720 $38, 610 Calculate ending inventory and cost of goods sold for...
The following is the inventory record of widgets for the ABC Company Units Cost/Unit 1-Jan Beginning Inventory 1001 $10.00 15-Apr Purchase 2001 $11.00 24-Aug Purchase 300 $12.00 27-Nov Purchase 400 $13.00 At the end of the fiscal year, the physical inventory found 450 widgets on hand at 12/31. Total sales for the year were 500 widgets sold at a retail price of $20.00 per widget Required: (a) Calculate the endign inventory value under FIFO, LIFO and Weighted Average (b) Calculate...
1(c)
Assume that beginning inventory for ABC is
2,300,000 kg. Ending inventory is
3,800,000 kg. The fruit prices and amount
purchased is provided in Table 1 below. Compute the
LIFO and FIFO COGS for ABC for the
period. If ABC wishes to report a larger profit, should
LIFO or FIFO be used?
Table 1: Fruit Prices and Amount Bought Date Price per ko ($) Kg Bought (thousands) Addition to Inventory (in thousands of $) Jan 1.2 Feb Mar 1.4 1.3...
Amended 1(c)
Assume that beginning inventory for ABC is
2,300,000 kg for $1.20 per kg. Ending
inventory is 3,800,000 kg. The fruit
prices and amount purchased is provided in Table 1 below.
Compute the LIFO and FIFO COGS
for ABC for the period. If ABC wishes to report a larger
profit, should LIFO or FIFO be used?
Table 1: Fruit Prices and Amount Bought Date Price per ko ($) Kg Bought (thousands) Addition to Inventory (in thousands of $) Jan...
Part 1: Prepare ABC Co.'s joumal entries for each of the following transactions. Assume that a perpetual inventory method is used. Recording Purchases of Merchandise a. ABC Co. purchases $16,000 of inventory on account, terms 3/10 net 30 from Sampson Company. b. ABC Co. retums $1,800 of inventory to Sampson from the initial purchase C. ABC Co. pays the balance owed to Sampson Company, taking the discount. Recording Sales of Merchandise (new scenario) d. ABC Co. sells merchandise on account...
Hansen Company uses the per Units Jan 1 Jan 20 July 25 Oct 20 Beginning inventory Purchase Purchase Purchase Totals enodic inventory system and had the following inventory information able Unit Cost Total cos 100 $3.00 $300 500 $4.00 $2000 100 $5.00 $500 300 $6.00 $1800 S1600 1000 A physical count of inventory revealed 350 a count of inventory revealed 350 units on hand at the end of the 26. If the company uses the FIFO method, COGS for the...
Needs to be done on an excel with fifo, lifo, specific
identification, weighted average, journal entries, and cogs plus
ending inventory seperated and filled out.
3 Northgate Products Corp. sells gadgets and uses the perpetual inventory system. During the 4 month of January 2019, the number of gadgets purchased and sold was as follows: Purchased Sold Balance in inventory Date Units Unit cost Total $ Units Unit cost Total $ Total $ Units Unit cost 200 $2/ Jan. 1 3...
To more efficiently manage its inventory, Treynor Corporation maintains its internal inventory records using first-in, first-out (FIFO) under a perpetual inventory system. The following information relates to its merchandise inventory during the year: Jan. 1 Feb. 12 Jul. 22 Sep. 9 Nov. 17 Dec. 31 Inventory on hand-20,000 units; cost $12.20 each. Purchased 70,000 units for $12.50 each. Sold 50,000 units for $20.00 each. Purchased 50,000 units for $12.80 each. Sold 70,000 units for $20.00 each. Purchased 40,000 units for...
To more efficiently manage its inventory, Treynor Corporation maintains its internal inventory records using first-in, first-out (FIFO) under a perpetual inventory system. The following information relates to its merchandise inventory during the year: Jan. 1 Inventory on hand-20,000 units; cost $12.20 each. Feb. 12 Purchased 70,000 units for $12.50 each. Apr. 30 Sold 50,000 units for $20.00 each. Jul. 22 Purchased 50,000 units for $12.80 each. Sep. 9 Sold 70,000 units for $20.00 each. Nov. 17 Purchased 40,000 units for...
Brief Exercise 6-5 Calculate ending Inventory and cost of goods sold using FIFO (L06-3) During the year, Wright Company sells 490 remote-control airplanes for $120 each. The company has the following inventory purchase transactions for the year Jan. 1 May. 5 Nov 3 Transaction Beginning inventory Purchase Purchase Number of U nits 4 0 270 220 Unit Cost $68 71 7 6 Total Cost $ 2,720 19,170 16, 720 $38, 610 Calculate ending inventory and cost of goods sold for...
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