Homework Answers
| Unit | Unit Cost | Total cost | |
| Inventory | 10000 | 9.20 | 92000 |
| June 18 | 9000 | 8 | 72000 |
| Nov 8 | 6000 | 7.25 | 43500 |
| Total | 25000 | 207500 |
Weighted average cost per unit = 207500/25000 = 8.30
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10. Henri Company's inventory records show the following data: Units Unit Cost Inventory, January 1 10,000 $9.20 Pu...
-8. Henri Company's inventory records show the following data: Units Unit Cost Inventory, January 1 10,000...
-8. Henri Company's inventory records show the following data: Units Unit Cost Inventory, January 1 10,000 $9.20 Purchases: June 18 9,000 8.00 November 8 6,000 7.25 A physical inventory on December 31 shows 3,000 units on hand. Henri sells the units for $12 each. The company has an effective tax rate of 20%. Henri uses the periodic inventory method. What is the cost of goods available for sale? a. $170,700 b. $178,500 c. $207,500 d. $300,000
7. Henri Company's inventory records show the following data: Units Unit Cost Inventory, January 1 10,000...
7. Henri Company's inventory records show the following data: Units Unit Cost Inventory, January 1 10,000 $9.20 Purchases: June 18 9,000 8.00 November 8 6,000 7.25 A physical inventory on December 31 shows 3,000 units on hand. Henri sells the units for $12 each. The company has an effective tax rate of 20%. Henri uses the periodic inventory method. Under the FIFO method, the December 31 inventory is valued at a. $21,750. b. $24,450. c. $25,800. d. $27,600.
12. Henri Company's inventory records show the following dala Units Unit Cost Inventory, January 1 10,000...
12. Henri Company's inventory records show the following dala Units Unit Cost Inventory, January 1 10,000 $9.20 Purchases: June 18 9,000 8.00 November 8 6,000 7.25 A physical inventory on December 31 shows 3,000 units on hand. Henri sells the units for $12 each. The company has an effective tax rate of 20%. Henri uses the periodic inventory method. What is the difference in taxes if LIFO rather than FIFO is used?
Units Unit Cost Inventory, January 1 10,000 $9.20 Purchases: June 18 9,000 8.00 November 8 6,000...
Units Unit Cost Inventory, January 1 10,000 $9.20 Purchases: June 18 9,000 8.00 November 8 6,000 7.25 A physical inventory on December 31 shows 3,000 units on hand. Henri sells the units for $12 each. The company has an effective tax rate of 20%. Henri uses the periodic inventory method. Under the LIFO method, cost of goods sold is a. $29,000. b. $179,900. c. $179,300. d. $178,500
Units Unit Cost Inventory, January 1 10,000 $9.20 Purchases: June 18 9,000 8.00 November 8 6,000...
Units Unit Cost Inventory, January 1 10,000 $9.20 Purchases: June 18 9,000 8.00 November 8 6,000 7.25 A physical inventory on December 31 shows 3,000 units on hand. Henri sells the units for $12 each. The company has an effective tax rate of 20%. Henri uses the periodic inventory method. If the company uses FIFO, what is the gross profit for the period? a. $78,250 b. $84,100 c. $81,400 d. $84,700
Grouper Company's inventory records show the following data for the month of September: Units Unit Cost...
Grouper Company's inventory records show the following data for the month of September: Units Unit Cost $3.20 Inventory, September 1 Purchases: September 8 460 3.60 September 18 300 3.70 A physical inventory on September 30 shows 150 units on hand. Calculate the value of ending inventory and cost of goods sold if the company uses FIFO inventory costing and a periodic inventory system. Ending inventory $ Cost of goods sold $
Shellhammer Company's inventory records show the following data for the month of September: Units Unit Cost...
Shellhammer Company's inventory records show the following data
for the month of September:
Units
Unit Cost
Inventory,
September 1
100
$3.34
Purchases:
September 8
450
3.50
September 18
350
3.70
A physical inventory on September 30 shows 200 units on hand.
Calculate the value of ending inventory and cost of goods sold if
the company uses LIFO inventory costing and a periodic inventory
system.
Ending inventory
$
Cost of goods sold
$
Bramble Company's inventory records show the following data for the month of September: Units Unit Cost...
Bramble Company's inventory records show the following data for
the month of September:
Units
Unit Cost
Inventory,
September 1
100
$2.85
Purchases:
September 8
440
3.50
September 18
300
4.00
A physical inventory on September 30 shows 160 units on hand.
Calculate the value of ending inventory and cost of goods sold if
the company uses LIFO inventory costing and a periodic inventory
system.
Ending inventory
$enter a value of ending inventory in dollars
Cost of goods sold
$enter a...
Bridgeport Company's inventory records show the following data for the month of September: Units Unit Cost...
Bridgeport Company's inventory records show the following data for the month of September: Units Unit Cost Inventory, September 1 90 $2.85 Purchases: September 8 460 $3.50 September 18 300 $3.90 A physical inventory on September 30 shows 160 units on hand. Calculate the value of ending inventory and cost of goods sold if the company uses LIFO inventory costing and a periodic inventory system. Ending inventory: $ enter a value of ending inventory in dollars Cost of goods sold: $...
Blue Spruce Company's inventory records show the following data for the month of September: Units Unit...
Blue Spruce Company's inventory records show the following data
for the month of September:
Units
Unit Cost
Inventory,
September 1
95
$2.80
Purchases:
September 8
445
3.40
September 18
300
3.90
A physical inventory on September 30 shows 150 units on hand.
Calculate the value of ending inventory and cost of goods sold if
the company uses FIFO inventory costing and a periodic inventory
system.
Ending inventory
$enter a value of ending inventory in dollars
Cost of goods sold
$enter...
-8. Henri Company's inventory records show the following data: Units Unit Cost Inventory, January 1 10,000 $9.20 Purchases: June 18 9,000 8.00 November 8 6,000 7.25 A physical inventory on December 31 shows 3,000 units on hand. Henri sells the units for $12 each. The company has an effective tax rate of 20%. Henri uses the periodic inventory method. What is the cost of goods available for sale? a. $170,700 b. $178,500 c. $207,500 d. $300,000
7. Henri Company's inventory records show the following data: Units Unit Cost Inventory, January 1 10,000 $9.20 Purchases: June 18 9,000 8.00 November 8 6,000 7.25 A physical inventory on December 31 shows 3,000 units on hand. Henri sells the units for $12 each. The company has an effective tax rate of 20%. Henri uses the periodic inventory method. Under the FIFO method, the December 31 inventory is valued at a. $21,750. b. $24,450. c. $25,800. d. $27,600.
12. Henri Company's inventory records show the following dala Units Unit Cost Inventory, January 1 10,000 $9.20 Purchases: June 18 9,000 8.00 November 8 6,000 7.25 A physical inventory on December 31 shows 3,000 units on hand. Henri sells the units for $12 each. The company has an effective tax rate of 20%. Henri uses the periodic inventory method. What is the difference in taxes if LIFO rather than FIFO is used?
Units Unit Cost Inventory, January 1 10,000 $9.20 Purchases: June 18 9,000 8.00 November 8 6,000 7.25 A physical inventory on December 31 shows 3,000 units on hand. Henri sells the units for $12 each. The company has an effective tax rate of 20%. Henri uses the periodic inventory method. Under the LIFO method, cost of goods sold is a. $29,000. b. $179,900. c. $179,300. d. $178,500
Units Unit Cost Inventory, January 1 10,000 $9.20 Purchases: June 18 9,000 8.00 November 8 6,000 7.25 A physical inventory on December 31 shows 3,000 units on hand. Henri sells the units for $12 each. The company has an effective tax rate of 20%. Henri uses the periodic inventory method. If the company uses FIFO, what is the gross profit for the period? a. $78,250 b. $84,100 c. $81,400 d. $84,700
Grouper Company's inventory records show the following data for the month of September: Units Unit Cost $3.20 Inventory, September 1 Purchases: September 8 460 3.60 September 18 300 3.70 A physical inventory on September 30 shows 150 units on hand. Calculate the value of ending inventory and cost of goods sold if the company uses FIFO inventory costing and a periodic inventory system. Ending inventory $ Cost of goods sold $
Shellhammer Company's inventory records show the following data
for the month of September:
Units
Unit Cost
Inventory,
September 1
100
$3.34
Purchases:
September 8
450
3.50
September 18
350
3.70
A physical inventory on September 30 shows 200 units on hand.
Calculate the value of ending inventory and cost of goods sold if
the company uses LIFO inventory costing and a periodic inventory
system.
Ending inventory
$
Cost of goods sold
$
Bramble Company's inventory records show the following data for
the month of September:
Units
Unit Cost
Inventory,
September 1
100
$2.85
Purchases:
September 8
440
3.50
September 18
300
4.00
A physical inventory on September 30 shows 160 units on hand.
Calculate the value of ending inventory and cost of goods sold if
the company uses LIFO inventory costing and a periodic inventory
system.
Ending inventory
$enter a value of ending inventory in dollars
Cost of goods sold
$enter a...
Blue Spruce Company's inventory records show the following data
for the month of September:
Units
Unit Cost
Inventory,
September 1
95
$2.80
Purchases:
September 8
445
3.40
September 18
300
3.90
A physical inventory on September 30 shows 150 units on hand.
Calculate the value of ending inventory and cost of goods sold if
the company uses FIFO inventory costing and a periodic inventory
system.
Ending inventory
$enter a value of ending inventory in dollars
Cost of goods sold
$enter...
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