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Aurora Co. has beginning inventory of 15,000 units at a cost of $34,000. Total sales of 225,000 units were $865,000. Th...
Questions: 1. Ending Inventory? 2. Total cost available for sale? 3. Total number of units available...
Questions:
1. Ending Inventory?
2. Total cost available for sale?
3. Total number of units available for sale?
4. Ending inventory if the company uses LIFO?
5. Gross profit if the company uses FIFO?
6. Cost of goods sold if the company uses average cost?
7. Ending inventory if the company uses average cost?
8. gross profit if the company uses average cost?
Aurora Co. has beginning inventory of 15,000 units at a cost of $34,000. Total sales of 225,000...
Courtney Company uses a periodic inventory system. The following data were available: beginning inventory, 1,500 units...
Courtney Company uses a periodic inventory system. The following data were available: beginning inventory, 1,500 units at $30; purchases, 4,500 units at $40; operating expenses (excluding income taxes), $99,000; ending inventory per physical count at December 31, 1,500 units; sales price per unit, $70; and average income tax rate, 30%. Required: 1. Prepare income statements under the FIFO, LIFO, and weighted average costing methods. (Do not round intermediate calculations. Round your final answers to the nearest dollar amount.) Units FIFO...
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...
Courtney Company uses a periodic inventory system. The following data were available: beginning inventory, 1,500 units...
Courtney Company uses a periodic inventory system. The following
data were available: beginning inventory, 1,500 units at $25;
purchases, 3,000 units at $28; operating expenses (excluding income
taxes), $94,000; ending inventory per physical count at December
31, 1,000 units; sales price per unit, $75; and average income tax
rate, 30%.
Prepare income statements under the FIFO, LIFO, and weighted
average costing methods.
PLEASE do not round intermediate calculations but can
you round the final answers to the nearest dollar
amount...
Lisa Company had 115 units in beginning inventory at a total cost of $14,375. The company purchased 230 unit...
Lisa Company had 115 units in beginning inventory at a total
cost of $14,375. The company purchased 230 units at a total cost of
$31,050. At the end of the year, Lisa had 92 units in ending
inventory.
(a)
Compute the cost of the ending inventory and the cost of goods sold
under FIFO, LIFO, and average-cost. (Round average-cost
per unit and final answers to 0 decimal places, e.g.
1,250.)
FIFO
LIFO
Average-cost
The cost of the ending inventory
$...
E6A-26 Comparing ending merchandise inventory, cost of goods sold, and gross profit using the periodic inventory...
E6A-26 Comparing ending merchandise inventory, cost of goods sold, and gross profit using the periodic inventory system-FIFO, LIFO, and weighted-average methods Assume that Jump Coffee Shop completed the following periodic inventory trans actions for a line of merchandise inventory: g Objective 7 Appendix 6A 2. COGS $513 53A G03 Jun. 1 Beginning merchandise inventory 17 units @ $ 15 each 12 Purchase 5 units @$19 each 20 Sale TO 14 units @$37 each 24 Purchase 11 units @ $ 23...
Units Unit Cost or Selling Price Date Description Oct. 1 Beginning inventory Oct. 9 Purchase Oct...
Units Unit Cost or Selling Price Date Description Oct. 1 Beginning inventory Oct. 9 Purchase Oct 11 Sale Oct. 17 Purchase Oct. 22 Sale Oct. 25 Purchase Oct. 29 Sale Calculate the weighted-average cost. (Round answer to 3 decimal places, e.g. 5.125.) Weighted average cost per unit $ 89.753 e Textbook and Media List of Accounts Calculate ending inventory, cost of goods sold, gross profit under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost. (Round answers to...
Inventory Costing Methods Tyler Company has the following information related to purchases and sales of one...
Inventory Costing Methods Tyler Company has the following information related to purchases and sales of one of its inventory items. Date Description Units Purchased at Cost Units Sold at Retail Sept. 1 Beginning inventory 400 units @ $14 Sept. 10 Purchase 600 units @ $15 Sept. 20 Sales 680 units @ $26 Sept. 25 Purchase 1000 units at $17 Assume the company uses a perpetual inventory system. Required: Calculate ending inventory and cost of goods sold using the FIFO, LIFO,...
Inventory Costing Methods Tyler Company has the following information related to purchases and sales of one of its inven...
Inventory Costing Methods Tyler Company has the following information related to purchases and sales of one of its inventory items. Date Description Units Purchased at Cost Units Sold at Retail Sept. 1 Beginning inventory 400 units @ $11 Sept. 10 Purchase 600 units @ $13 Sept. 20 Sales 630 units @ $22 Sept. 25 Purchase 1000 units at $14 Assume the company uses a perpetual inventory system. Required: Calculate ending inventory and cost of goods sold using the FIFO, LIFO,...
Sales during the year were 700 units. Beginning inventory was 400 units at a cost of...
Sales during the year were 700 units. Beginning inventory was 400 units at a cost of $10 per unit. Purchase 1 was 500 units at $12 per unit. Purchase 2 was 300 units at $14 per unit. Required: a. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using FIFO method. (Enter all values as a positive value.) Periodic FIFO Cost of Goods Sold Cost of Goods Available for Sale Cost of Goods #...
Questions:
1. Ending Inventory?
2. Total cost available for sale?
3. Total number of units available for sale?
4. Ending inventory if the company uses LIFO?
5. Gross profit if the company uses FIFO?
6. Cost of goods sold if the company uses average cost?
7. Ending inventory if the company uses average cost?
8. gross profit if the company uses average cost?
Aurora Co. has beginning inventory of 15,000 units at a cost of $34,000. Total sales of 225,000...
Courtney Company uses a periodic inventory system. The following data were available: beginning inventory, 1,500 units at $30; purchases, 4,500 units at $40; operating expenses (excluding income taxes), $99,000; ending inventory per physical count at December 31, 1,500 units; sales price per unit, $70; and average income tax rate, 30%. Required: 1. Prepare income statements under the FIFO, LIFO, and weighted average costing methods. (Do not round intermediate calculations. Round your final answers to the nearest dollar amount.) Units FIFO...
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...
Courtney Company uses a periodic inventory system. The following
data were available: beginning inventory, 1,500 units at $25;
purchases, 3,000 units at $28; operating expenses (excluding income
taxes), $94,000; ending inventory per physical count at December
31, 1,000 units; sales price per unit, $75; and average income tax
rate, 30%.
Prepare income statements under the FIFO, LIFO, and weighted
average costing methods.
PLEASE do not round intermediate calculations but can
you round the final answers to the nearest dollar
amount...
Lisa Company had 115 units in beginning inventory at a total
cost of $14,375. The company purchased 230 units at a total cost of
$31,050. At the end of the year, Lisa had 92 units in ending
inventory.
(a)
Compute the cost of the ending inventory and the cost of goods sold
under FIFO, LIFO, and average-cost. (Round average-cost
per unit and final answers to 0 decimal places, e.g.
1,250.)
FIFO
LIFO
Average-cost
The cost of the ending inventory
$...
E6A-26 Comparing ending merchandise inventory, cost of goods sold, and gross profit using the periodic inventory system-FIFO, LIFO, and weighted-average methods Assume that Jump Coffee Shop completed the following periodic inventory trans actions for a line of merchandise inventory: g Objective 7 Appendix 6A 2. COGS $513 53A G03 Jun. 1 Beginning merchandise inventory 17 units @ $ 15 each 12 Purchase 5 units @$19 each 20 Sale TO 14 units @$37 each 24 Purchase 11 units @ $ 23...
Units Unit Cost or Selling Price Date Description Oct. 1 Beginning inventory Oct. 9 Purchase Oct 11 Sale Oct. 17 Purchase Oct. 22 Sale Oct. 25 Purchase Oct. 29 Sale Calculate the weighted-average cost. (Round answer to 3 decimal places, e.g. 5.125.) Weighted average cost per unit $ 89.753 e Textbook and Media List of Accounts Calculate ending inventory, cost of goods sold, gross profit under each of the following methods. (1) LIFO. (2) FIFO. (3) Average-cost. (Round answers to...
Inventory Costing Methods Tyler Company has the following information related to purchases and sales of one of its inventory items. Date Description Units Purchased at Cost Units Sold at Retail Sept. 1 Beginning inventory 400 units @ $14 Sept. 10 Purchase 600 units @ $15 Sept. 20 Sales 680 units @ $26 Sept. 25 Purchase 1000 units at $17 Assume the company uses a perpetual inventory system. Required: Calculate ending inventory and cost of goods sold using the FIFO, LIFO,...
Sales during the year were 700 units. Beginning inventory was 400 units at a cost of $10 per unit. Purchase 1 was 500 units at $12 per unit. Purchase 2 was 300 units at $14 per unit. Required: a. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using FIFO method. (Enter all values as a positive value.) Periodic FIFO Cost of Goods Sold Cost of Goods Available for Sale Cost of Goods #...
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