Homework Answers
| Product | unit | cost price | market price | inventory value |
| DVRs | 140 | 59 | 71 | 8,260 |
| DVD Player | 210 | 75 | 68 | 14,280 |
| Ipods | 175 | 80 | 78 | 13,750 |
| Ending inventory | 36,190 |
Add Answer to:
Exam #1, Chapters 2-6 Page 12 9. Foley Company applied FIFO to its inventory and got the following results for its...
Exercise 6-12 Charapata Company applied FIFO to its inventory and got the following results for its...
Exercise 6-12 Charapata Company applied FIFO to its inventory and got the following results for its ending inventory. Cameras 111 units at a cost per unit of $67 Blu-ray players 153 units at a cost per unit of $84 iPods 142 units at a cost per unit of $84 The net realizable value of units purchased at year-end was cameras $75, Blu-ray players $58, and iPods $71. Determine the amount of ending inventory at lower-of-cost-or-market. Ending inventory Click if you...
FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available...
FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 36 units at $47 Sale 14 units at $66 First purchase 23 units at $50 Sale 23 units at $68 Second purchase 17 units at $52 6 units at $68 The firm uses the perpetual inventory system, and there are 33 units of the item on hand at the end of the year a. What is the...
18 QS 6-7A Periodic: Inventory costing with FIFO LO P3 A company reports the following beginning...
18 QS 6-7A Periodic: Inventory costing with FIFO LO P3 A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 320 units Ending inventory at January 31 totals 140 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units Unit Cost 2 90 $2.70 70 2.90 100 Required: Assume the periodic Inventory system is used. Determine the the FIFO method to ending inventory when...
Max Company sells furniture. At year-end, Max uses the FIFO method to value its inventory and...
Max Company sells furniture. At year-end, Max uses the FIFO method to value its inventory and got the following results for its ending inventory. Number of Units Cost per unit Wall Units 800 $200 Chairs 200 $160 Tables 400 $150 The net realizable value of each of these products at year-end was Wall Units $190 per unit Chairs $150 per unit Tables $170 per unit. If Max prepares its financial statements using generally accepted accounting principles, what is the proper...
E6.6 Compute inventory and cost of goods sold using FIFO and LIFO. (LO 2) Ballas Co....
E6.6 Compute inventory and cost of goods sold using FIFO and LIFO. (LO 2) Ballas Co. uses a periodic inventory system. Its records show the following for the month of May, in which 68 units were sold Units Unit Cost May 1 15 Inventory Purchases Total Cost $240 275 420 24 Purchases Totals 90 $935 Instructions Compute the ending inventory at May 31 and cost of goods sold using the FIFO and LIFO methods. Prove the amount allocated to cost...
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...
9 Exercise 8-15 Comparison of FIFO and LIFO; periodic system (LO8-1, 8-4] Alta Ski Company's inventory...
9 Exercise 8-15 Comparison of FIFO and LIFO; periodic system (LO8-1, 8-4] Alta Ski Company's inventory records contained the following information regarding its latest ski model. The company uses a periodic inventory system. 1.53 points 650 units @ $75 each 1,400 units @ $90 each 1,200 units @ $95 each Beginning inventory, January 1, 2018 Purchases: January 15 January 21 Sales: January 5 January 22 January 29 Ending inventory, January 31, 2018 600 units @ $115 each 1,000 units @...
Alta Ski Company's inventory records contained the following information regarding its latest ski model. The company us...
Alta Ski Company's inventory records contained the following information regarding its latest ski model. The company uses a periodic inventory system. 1,350 units @ $100 each 2,800 units @ $115 each 2,600 units @ $120 each Beginning inventory, January 1, 2021 Purchases: January 15 January 21 Sales: January 5 January 22 January 29 Ending inventory, January 31, 2021 1,300 units @ $140 each 1,700 units @ $150 each 1,150 units @ $155 each 2,600 units Required: 1a. Which method, FIFO...
Cortez Company sells chairs that are used at computer stations. Its beginning inventory of chairs was...
Cortez Company sells chairs that are used at computer stations.
Its beginning inventory of chairs was 210 units at $45 per unit.
During the year, Cortez made two batch purchases of this chair. The
first was a 275-unit purchase at $50 per unit; the second was a
355-unit purchase at $52 per unit. During the period, it sold 535
chairs.
Cortez Company sells chairs that are used at computer stations. Its beginning inventory of chairs was 210 units at $45...
help Alta Ski Company's inventory records contained the following information regarding its latest ski model. The...
help
Alta Ski Company's inventory records contained the following information regarding its latest ski model. The company uses a periodic inventory system. 750 units $85 each 1,600 units @ $100 each 1,400 units $105 each Beginning inventory, January 1, 2018 Purchases! January 15 January 21 Sales January 5 January 22 January 29 Ending inventory, January 31, 2018 700 units $125 each 1.100 units @ $135 each 550 units @ $140 each 1,400 units Required: 1a. Which method, FIFO or LIFO,...
Exercise 6-12 Charapata Company applied FIFO to its inventory and got the following results for its ending inventory. Cameras 111 units at a cost per unit of $67 Blu-ray players 153 units at a cost per unit of $84 iPods 142 units at a cost per unit of $84 The net realizable value of units purchased at year-end was cameras $75, Blu-ray players $58, and iPods $71. Determine the amount of ending inventory at lower-of-cost-or-market. Ending inventory Click if you...
FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 36 units at $47 Sale 14 units at $66 First purchase 23 units at $50 Sale 23 units at $68 Second purchase 17 units at $52 6 units at $68 The firm uses the perpetual inventory system, and there are 33 units of the item on hand at the end of the year a. What is the...
18 QS 6-7A Periodic: Inventory costing with FIFO LO P3 A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 320 units Ending inventory at January 31 totals 140 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units Unit Cost 2 90 $2.70 70 2.90 100 Required: Assume the periodic Inventory system is used. Determine the the FIFO method to ending inventory when...
Max Company sells furniture. At year-end, Max uses the FIFO method to value its inventory and got the following results for its ending inventory. Number of Units Cost per unit Wall Units 800 $200 Chairs 200 $160 Tables 400 $150 The net realizable value of each of these products at year-end was Wall Units $190 per unit Chairs $150 per unit Tables $170 per unit. If Max prepares its financial statements using generally accepted accounting principles, what is the proper...
E6.6 Compute inventory and cost of goods sold using FIFO and LIFO. (LO 2) Ballas Co. uses a periodic inventory system. Its records show the following for the month of May, in which 68 units were sold Units Unit Cost May 1 15 Inventory Purchases Total Cost $240 275 420 24 Purchases Totals 90 $935 Instructions Compute the ending inventory at May 31 and cost of goods sold using the FIFO and LIFO methods. Prove the amount allocated to cost...
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...
9 Exercise 8-15 Comparison of FIFO and LIFO; periodic system (LO8-1, 8-4] Alta Ski Company's inventory records contained the following information regarding its latest ski model. The company uses a periodic inventory system. 1.53 points 650 units @ $75 each 1,400 units @ $90 each 1,200 units @ $95 each Beginning inventory, January 1, 2018 Purchases: January 15 January 21 Sales: January 5 January 22 January 29 Ending inventory, January 31, 2018 600 units @ $115 each 1,000 units @...
Alta Ski Company's inventory records contained the following information regarding its latest ski model. The company uses a periodic inventory system. 1,350 units @ $100 each 2,800 units @ $115 each 2,600 units @ $120 each Beginning inventory, January 1, 2021 Purchases: January 15 January 21 Sales: January 5 January 22 January 29 Ending inventory, January 31, 2021 1,300 units @ $140 each 1,700 units @ $150 each 1,150 units @ $155 each 2,600 units Required: 1a. Which method, FIFO...
Cortez Company sells chairs that are used at computer stations.
Its beginning inventory of chairs was 210 units at $45 per unit.
During the year, Cortez made two batch purchases of this chair. The
first was a 275-unit purchase at $50 per unit; the second was a
355-unit purchase at $52 per unit. During the period, it sold 535
chairs.
Cortez Company sells chairs that are used at computer stations. Its beginning inventory of chairs was 210 units at $45...
help
Alta Ski Company's inventory records contained the following information regarding its latest ski model. The company uses a periodic inventory system. 750 units $85 each 1,600 units @ $100 each 1,400 units $105 each Beginning inventory, January 1, 2018 Purchases! January 15 January 21 Sales January 5 January 22 January 29 Ending inventory, January 31, 2018 700 units $125 each 1.100 units @ $135 each 550 units @ $140 each 1,400 units Required: 1a. Which method, FIFO or LIFO,...
Most questions answered within 3 hours.
-
A college student is employed as a door-to-door newspaper
salesman. Historical data suggests that the student...
asked 55 minutes ago -
MATLAB HW 11 problem using Switch Case and Input commands
Write a script file that calculates...
asked 40 minutes ago -
Considering gravitational time dilation, calculate the time that
passes in Earth’s surface while 1 hour passes...
asked 1 hour ago -
Minitab Problem: Take the Lake Hume June rainfall data and find
use the processes outlined in...
asked 2 hours ago -
X Company is trying to decide whether to continue using old
equipment to make Product A...
asked 2 hours ago -
IN PYTHON ONLY !! Program 2: Re-work
program #5 (WeeklyHours) from the previous assignment such that...
asked 2 hours ago -
The average length of time between arrivals at a turnpike
toll-booth is 26 seconds. What is...
asked 4 hours ago -
(a) A piston at 6.1 atm contains a gas that occupies a volume of
3.5 L....
asked 5 hours ago -
Please answer true or false. Words
cannot be changed or added in to make it true...
asked 5 hours ago -
An empty test tube weighs 15.923 grams. Then,
MgCl2•6H2O is added into the test tube. After...
asked 5 hours ago -
Assume memory access is 10 units of time and disk access is
10000 units of time....
asked 6 hours ago -
1. Are all good samples random?
2. Magazines often report surveys giving statistics such as “63%...
asked 6 hours ago