Inventory Date Activity Units  
Inventory
Date Activity
Units Unit
Cost Balance
1-Mar Beginning Balance
250 $14
$3,500
3-Mar Sale
(200)
- - 0
10-Mar Purchase
200 15
3,000
12-Mar Sale
(100)
- - 0
15-Mar Purchase
300 16
4,800
21-Mar Purchase
250 20
5,000
23-Mar Sale
(100)
- - 0
27-Mar Purchase
150 22
3,300
Calculate Cost of Goods Sold and Ending Inventory using the
following methods:
FIFO Perpetual
LIFO Perpetual
Weighted Average
Perpetual
FIFO Periodic
LIFO Periodic
Weighted Average
Periodic
Homework Answers
INVENTORY ITEM 621AB UNITS DATE COST Beginning Inventory $6 $7 Jan 1 120 Purchase 200 Jan...
INVENTORY ITEM 621AB UNITS DATE COST Beginning Inventory $6 $7 Jan 1 120 Purchase 200 Jan 7 Sale Jan 10 250 Purchase $8 Jan 15 300 Jan 17 Purchase $9 200 Sale 325 Jan 20 Sale Jan 25 100 Jan 28 Purchase $10 175 Smith Corporation uses a perpetual inventory system. Determine the costs assigned to Cost of Goods Sold and Ending Inventory using both FIFO and LIFO methods. DATE ITEM RED16 UNITS COST Beginning Inventory $10 Jan 1 100...
Garrett Company has the following transactions during the months of April and May: Date Transaction Units...
Garrett Company has the
following transactions during the months of April and May:
Date Transaction Units Cost/Unit April 1 Balance 500 17 Purchase
200 $5.30 25 Sale 150 28 Purchase 100 5.70 May 5 Purchase 250 5.30
18 Sale 300 22 Sale 50 The cost of the inventory on April 1 is $5,
$4, and $2 per unit, respectively, under the FIFO, average, and
LIFO cost flow assumptions.
Required: 1. Compute the inventories at the end of each month
and...
Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases Date Activities...
Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases Date Activities Units Acquired at Cost Units sold at Retail Jan. 1 Beginning inventory 540 units @ $40 per unit Feb. 10 Purchase 320 units @ $36 per unit Mar. 13 Purchase 100 units @ $24 per unit Mar. 15 Sales 650 units @ $85 per unit Aug. 21 Purchase 120 units @ $45 per unit Sept. 5 Purchase 520 units @ $41 per unit Sept....
Additional tracking data for specific identification: (1) January 15 sale—200 units @ $14, (2) April 1...
Additional tracking data for specific
identification: (1) January 15 sale—200 units @ $14, (2)
April 1 sale—200 units @ $15, and (3) November 1 sale—200 units @
$14 and 100 units @ $20.
(1.) What is the Cost of Good Available for Sale ? How many
units available for sale? (1 point)
(2.) Using the Periodic System,
determine Cost of Goods Sold (COGS) and Ending Inventory using one
of the methods: Specific Identification, Weighted Average, FIFO or
LIFO. Show your...
Alternative Inventory Methods Garrett Company has the following transactions during the months of April and May:...
Alternative Inventory Methods Garrett Company has the following transactions during the months of April and May: Date Transaction Units Cost/Unit April 1 Balance 500 17 Purchase 200 $5.10 25 Sale 150 28 Purchase 100 $5.90 May 5 Purchase 250 $5.10 18 Sale 300 22 Sale 50 The cost of the inventory on April 1 is $5, $4, and $2 per unit, respectively, under the FIFO, average, and LIFO cost flow assumptions. Required: Compute the costs of goods sold for each...
Alternative Inventory Methods Garrett Company has the following transactions during the months of April and May:...
Alternative Inventory Methods Garrett Company has the following transactions during the months of April and May: Date Transaction Units Cost/Unit April 1 Balance 17 Purchase $5.10 25 Sale 500 200 150 100 250 300 28 Purchase 5.90 5.10 May 5 Purchase 18 Sale 22 Sale 50 The cost of the inventory on April 1 is $5, $4, and $2 per unit, respectively, under the FIFO, average, and LIFO cost flow assumptions. Required: 1. Compute the costs of goods sold for...
Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales...
Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions Date Activities Units Acquired at Cost Units Sold at Retail Jan. 1 Beginning inventory 600 units $40 per unit Feb. 10 Purchase 400 units@ $37 per unit Mar. 13 Purchase 190 units@ $15 per unit Mar. 15 Sales 805 units@ $70 per unit Aug. 21 Purchase 190 units @ $45 per unit Sept. 5 Purchase 550 units @ $43 per unit Sept. 10...
Why Moms A Option #1: Inventory Costing & Periodic and Perpetual Inventory Systems Jordan Company is...
Why Moms A Option #1: Inventory Costing & Periodic and Perpetual Inventory Systems Jordan Company is a manufacturing firm. Presented below is information concerning one of its products: 1/1 Beginning inventory 4,190 $20 2/12 Purchase 4,630 $25 3/2 Sale 3,640 $38 4/18 Purchase 5,950 $28 5/31 Sale 5,180 $40 Part A Use the ACT350_CTTemplate_Mod5_option1.xlsx file (in the module folder) to compute the cost of goods sold under the following situations: 1. Periodic system, FIFO cost flow 2. Perpetual system, FIFO...
Montoure Company uses a perpetual Inventory system. It entered into the following calendar year purchases and...
Montoure Company uses a perpetual Inventory system. It entered into the following calendar year purchases and sales transactions. Units Sold at Retail Units Acquired at Cost 600 units $45 per unit 400 units $42 per unit 200 units $27 per unit Date Activities Jan. 1 Beginning inventory Feb. 10 Purchase Mar. 13 Purchase Mar. 15 Sales Aug. 21 Purchase Sept. 5 Purchase Sept. 10 Sales Totals 800 units $75 per unit 100 units $50 per unit 500 units @ $46...
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 Units Sold at Retail Units Acquired at Cost 100 units @ $50.00 per unit 400 units @ $55.00 per unit 420 units @ $85.00 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 120 units @ $60.00 per unit 200 units @ $62.00 per unit 160 units...
INVENTORY ITEM 621AB UNITS DATE COST Beginning Inventory $6 $7 Jan 1 120 Purchase 200 Jan 7 Sale Jan 10 250 Purchase $8 Jan 15 300 Jan 17 Purchase $9 200 Sale 325 Jan 20 Sale Jan 25 100 Jan 28 Purchase $10 175 Smith Corporation uses a perpetual inventory system. Determine the costs assigned to Cost of Goods Sold and Ending Inventory using both FIFO and LIFO methods. DATE ITEM RED16 UNITS COST Beginning Inventory $10 Jan 1 100...
Garrett Company has the
following transactions during the months of April and May:
Date Transaction Units Cost/Unit April 1 Balance 500 17 Purchase
200 $5.30 25 Sale 150 28 Purchase 100 5.70 May 5 Purchase 250 5.30
18 Sale 300 22 Sale 50 The cost of the inventory on April 1 is $5,
$4, and $2 per unit, respectively, under the FIFO, average, and
LIFO cost flow assumptions.
Required: 1. Compute the inventories at the end of each month
and...
Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases Date Activities Units Acquired at Cost Units sold at Retail Jan. 1 Beginning inventory 540 units @ $40 per unit Feb. 10 Purchase 320 units @ $36 per unit Mar. 13 Purchase 100 units @ $24 per unit Mar. 15 Sales 650 units @ $85 per unit Aug. 21 Purchase 120 units @ $45 per unit Sept. 5 Purchase 520 units @ $41 per unit Sept....
Additional tracking data for specific
identification: (1) January 15 sale—200 units @ $14, (2)
April 1 sale—200 units @ $15, and (3) November 1 sale—200 units @
$14 and 100 units @ $20.
(1.) What is the Cost of Good Available for Sale ? How many
units available for sale? (1 point)
(2.) Using the Periodic System,
determine Cost of Goods Sold (COGS) and Ending Inventory using one
of the methods: Specific Identification, Weighted Average, FIFO or
LIFO. Show your...
Alternative Inventory Methods Garrett Company has the following transactions during the months of April and May: Date Transaction Units Cost/Unit April 1 Balance 17 Purchase $5.10 25 Sale 500 200 150 100 250 300 28 Purchase 5.90 5.10 May 5 Purchase 18 Sale 22 Sale 50 The cost of the inventory on April 1 is $5, $4, and $2 per unit, respectively, under the FIFO, average, and LIFO cost flow assumptions. Required: 1. Compute the costs of goods sold for...
Montoure Company uses a perpetual inventory system. It entered into the following calendar-year purchases and sales transactions Date Activities Units Acquired at Cost Units Sold at Retail Jan. 1 Beginning inventory 600 units $40 per unit Feb. 10 Purchase 400 units@ $37 per unit Mar. 13 Purchase 190 units@ $15 per unit Mar. 15 Sales 805 units@ $70 per unit Aug. 21 Purchase 190 units @ $45 per unit Sept. 5 Purchase 550 units @ $43 per unit Sept. 10...
Why Moms A Option #1: Inventory Costing & Periodic and Perpetual Inventory Systems Jordan Company is a manufacturing firm. Presented below is information concerning one of its products: 1/1 Beginning inventory 4,190 $20 2/12 Purchase 4,630 $25 3/2 Sale 3,640 $38 4/18 Purchase 5,950 $28 5/31 Sale 5,180 $40 Part A Use the ACT350_CTTemplate_Mod5_option1.xlsx file (in the module folder) to compute the cost of goods sold under the following situations: 1. Periodic system, FIFO cost flow 2. Perpetual system, FIFO...
Montoure Company uses a perpetual Inventory system. It entered into the following calendar year purchases and sales transactions. Units Sold at Retail Units Acquired at Cost 600 units $45 per unit 400 units $42 per unit 200 units $27 per unit Date Activities Jan. 1 Beginning inventory Feb. 10 Purchase Mar. 13 Purchase Mar. 15 Sales Aug. 21 Purchase Sept. 5 Purchase Sept. 10 Sales Totals 800 units $75 per unit 100 units $50 per unit 500 units @ $46...
Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March Units Sold at Retail Units Acquired at Cost 100 units @ $50.00 per unit 400 units @ $55.00 per unit 420 units @ $85.00 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 120 units @ $60.00 per unit 200 units @ $62.00 per unit 160 units...
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