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the whole thing with work please! Aug 1 - Inventory on hand - 4,000 units; cost $8.50 each. Aug 8 - Purchase...
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...
Calculating Cost of Goods Available for Sale, Ending Inventory, Sales, Cost of Goods Sold, and Gross...
Calculating Cost of Goods Available for Sale, Ending
Inventory, Sales, Cost of Goods Sold, and Gross Profit under
Periodic FIFO, LIFO, and Weighted Average
Cost
FIFO (PERIODIC)
Unit Selling Price July 1 July 13 July 25 July 31 Beginning Inventory Purchase Sold Ending Inventory Units Unit Cost 40 $10 200 (100) 140 $14 Units Cost per Unit Total Beginning Inventory Purchases July 13 Goods Available for Sale Cost of Goods Sold Units from Beginning Inventory Units from July 13 Purchase...
Periodic inventory by three methods; cost of goods sold The units of an item available for...
Periodic inventory by three methods; cost of goods sold The units of an item available for sale during the year were as follows: Mar. 10 Jan. 1 Inventory 50 units at $116 Purchase 70 units at $128 Aug. 30 Purchase 10 units at $134 70 units at $136 There are 80 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the ending inventory cost and the cost of goods sold by...
Aug.1 Inventory on hand-3,700 units; cost $7.80 each. 8 Purchased 18,500 units for $7.20 each. 14...
Aug.1 Inventory on hand-3,700 units; cost $7.80 each. 8 Purchased 18,500 units for $7.20 each. 14 Sold 14,800 units for $13.70 each. 18 Purchased 11,100 units for $6.40 each. 25 Sold 13,800 units for $12.70 each. 28 Purchased 5,700 units for $5.80 each. 31 Inventory on hand-10,400 units. Using calculations based on a perpetual inventory system, determine the inventory balance Altira would report in its August 31, 2021, balance sheet and the cost of goods sold it would report in...
The following are the transactions for the month of July. Units Unit Cost Unit Selling Price July 1 Beginning Inv...
The following are the transactions for the month of July. Units Unit Cost Unit Selling Price July 1 Beginning Inventory 50 $ 10 July 13 Purchase 250 13 July 25 Sold (100 ) $ 15 July 31 Ending Inventory 200 Calculate cost of goods available for sale and ending inventory, then sales, cost of goods sold, and gross profit, under FIFO. Assume a periodic inventory system is used. FIFO (Periodic) Units Cost per Unit Total Beginning Inventory 50 $10.00 $500...
Ferris Company began January with 4,000 units of its principal product. The cost of each unit...
Ferris Company began January with 4,000 units of its principal
product. The cost of each unit is $7. Merchandise transactions for
the month of January are as follows:
Purchases
Date of Purchase
Units
Unit Cost*
Total Cost
Jan. 10
3,000
$
8
$
24,000
Jan. 18
4,000
9
36,000
Totals
7,000
60,000
* Includes purchase price and cost of freight.
Sales
Date of Sale
Units
Jan. 5
2,000
Jan. 12
1,000
Jan. 20
3,000
Total
6,000
5,000 units were on...
Calculating Cost of Goods Available for Sale, Ending Inventory, Sales, Cost of Goods Sold, and Gross...
Calculating Cost of Goods Available for Sale, Ending Inventory, Sales, Cost of Goods Sold, and Gross Profit under Periodic Weighted Average Answer Units Date Transaction 1-Jan Beginning Inventory 28-Mar Purchase 22-Aug Purchase 14-Oct Purchase Unit Cost $60 $66 $70 Total Cost $600 $1,320 $1,400 $1,900 $5,220 $76 The Company sold 45 Units for $100 each on October 28. (Dollars) Beginning Inventory Purchases Cost of Goods Available for Sale Gross Sales COGS Gross Profit Ending Inventory, Sales
5. Complete the FIFO Inventory Calculation Date Unit Cost Sales Price $8 Item Beginning Inventory Purchase...
5. Complete the FIFO Inventory Calculation Date Unit Cost Sales Price $8 Item Beginning Inventory Purchase Sale Purchase Sale 1 10 15 21 30 Quantity 50 units 60 units 70 units 110 units 120 units $11 $12 FIFO Calculation Purchases COGS Inventory on Hand Total Cost Date Quantity Unit Cost Total Cost Quantity | Unit Cost Quantity Unit Cost Total Cost 6. Using the information from #5 above, complete the Income Statement Income Statement Month Ended July 31, 2012 FIFO...
Beg Inventory 50 units at $5 each Purchase 10 units at $6 each Sale 30 units...
Beg Inventory 50 units at $5 each Purchase 10 units at $6 each Sale 30 units at $15 each Purchase 10 units at $7 each Sale 25 unites at $15 each 1. Find Cost of Goods Sold and Ending Inventory using the Weighted Average - Periodic 2. Find Cost of Goods Sold and Ending Inventory using the FIFO method 3. Find Cost of Goods Sold and Ending Inventory using the LIFO - Perpetual 4. Given the following information; prepare the...
Required information [The following information applies to the questions displayed below) The following are the transactions...
Required information [The following information applies to the questions displayed below) The following are the transactions for the month of July. Units Unit Cost Unit Selling Price July 1 July 13 July 25 July 31 Beginning Inventory Purchase Sold Ending Inventory 25e (100) Calculate cost of goods available for sale and ending inventory, then sales, cost of goods sold, and gross profit. under FIFO. Assume a periodic inventory system is used. (Round "Cost per Unit" to 2 decimal places and...
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...
Calculating Cost of Goods Available for Sale, Ending
Inventory, Sales, Cost of Goods Sold, and Gross Profit under
Periodic FIFO, LIFO, and Weighted Average
Cost
FIFO (PERIODIC)
Unit Selling Price July 1 July 13 July 25 July 31 Beginning Inventory Purchase Sold Ending Inventory Units Unit Cost 40 $10 200 (100) 140 $14 Units Cost per Unit Total Beginning Inventory Purchases July 13 Goods Available for Sale Cost of Goods Sold Units from Beginning Inventory Units from July 13 Purchase...
Periodic inventory by three methods; cost of goods sold The units of an item available for sale during the year were as follows: Mar. 10 Jan. 1 Inventory 50 units at $116 Purchase 70 units at $128 Aug. 30 Purchase 10 units at $134 70 units at $136 There are 80 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the ending inventory cost and the cost of goods sold by...
Aug.1 Inventory on hand-3,700 units; cost $7.80 each. 8 Purchased 18,500 units for $7.20 each. 14 Sold 14,800 units for $13.70 each. 18 Purchased 11,100 units for $6.40 each. 25 Sold 13,800 units for $12.70 each. 28 Purchased 5,700 units for $5.80 each. 31 Inventory on hand-10,400 units. Using calculations based on a perpetual inventory system, determine the inventory balance Altira would report in its August 31, 2021, balance sheet and the cost of goods sold it would report in...
Ferris Company began January with 4,000 units of its principal
product. The cost of each unit is $7. Merchandise transactions for
the month of January are as follows:
Purchases
Date of Purchase
Units
Unit Cost*
Total Cost
Jan. 10
3,000
$
8
$
24,000
Jan. 18
4,000
9
36,000
Totals
7,000
60,000
* Includes purchase price and cost of freight.
Sales
Date of Sale
Units
Jan. 5
2,000
Jan. 12
1,000
Jan. 20
3,000
Total
6,000
5,000 units were on...
Calculating Cost of Goods Available for Sale, Ending Inventory, Sales, Cost of Goods Sold, and Gross Profit under Periodic Weighted Average Answer Units Date Transaction 1-Jan Beginning Inventory 28-Mar Purchase 22-Aug Purchase 14-Oct Purchase Unit Cost $60 $66 $70 Total Cost $600 $1,320 $1,400 $1,900 $5,220 $76 The Company sold 45 Units for $100 each on October 28. (Dollars) Beginning Inventory Purchases Cost of Goods Available for Sale Gross Sales COGS Gross Profit Ending Inventory, Sales
5. Complete the FIFO Inventory Calculation Date Unit Cost Sales Price $8 Item Beginning Inventory Purchase Sale Purchase Sale 1 10 15 21 30 Quantity 50 units 60 units 70 units 110 units 120 units $11 $12 FIFO Calculation Purchases COGS Inventory on Hand Total Cost Date Quantity Unit Cost Total Cost Quantity | Unit Cost Quantity Unit Cost Total Cost 6. Using the information from #5 above, complete the Income Statement Income Statement Month Ended July 31, 2012 FIFO...
Required information [The following information applies to the questions displayed below) The following are the transactions for the month of July. Units Unit Cost Unit Selling Price July 1 July 13 July 25 July 31 Beginning Inventory Purchase Sold Ending Inventory 25e (100) Calculate cost of goods available for sale and ending inventory, then sales, cost of goods sold, and gross profit. under FIFO. Assume a periodic inventory system is used. (Round "Cost per Unit" to 2 decimal places and...
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