Homework Answers
6) D. The company sells Small Quantities of items with high Cost per unit
7)D.150
| Units | Price | Amount | |
| Purchase | 10 | $ 8.00 | $ 80.00 |
| Purchase | 20 | $ 11.00 | $ 220.00 |
| Weighted Average | 30 | $ 10.00 | $ 300.00 |
| Cost of Goods Sold | 15 | $ 10.00 | $ 150.00 |
8)C. Purchases Journal
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Accounting (ans fast plz) (6) The specific identification method of costing inventories may he used when...
CHAPTER 6 1. Which of the following is NOT an inventory costing method? A) specific identification...
CHAPTER 6 1. Which of the following is NOT an inventory costing method? A) specific identification B) lower of cost or market C) last-in, first-out D) first-in, first-out 2. Which of the following inventory costing methods is based on the actual cost of each particular unit of inventory? A) specific identification B) weighted average C) last-in, first-out D) first-in, first-out 3. Which of the following inventory costing methods uses the cost of the oldest purchases to compute the cost of...
LO2E6-2A. Inventory Costing Methods--Periodic Method The Lippert Company uses the periodic inven- tory system. The following...
LO2E6-2A. Inventory Costing Methods--Periodic Method The Lippert Company uses the periodic inven- tory system. The following July data are for an item in Lippert's inventory: July 1 Beginning inventory, 30 units @ $9 per unit. 10 Purchased 50 units @ $10 per unit. 15 Sold 60 units. 26 Purchased 25 units Sil per unit. Calculate the cost of goods sold for July and ending inventory at July 31 using (a) first-in, first-our, (b) last-in, first-out, and (c) the weighted average...
__________ ____________ __________ ______________ Inventory Costing Methods - Periodic Method The Kali Company uses...
__________
____________
__________
______________
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Q1: Q2: Need Accounting help Erkens Company uses a job costing system with normal costing and...
Q1:
Q2:
Need Accounting help
Erkens Company uses a job costing system with normal costing and applies factory overhead on the basis of machine hours. At the beginning of the year, management estimated that the company would incur 51,750,000 of factory overhead costs and use 70,000 machine hours. Erkens Company recorded the following events during the month of April: a. Purchased 202,000 pounds of materials on account; the cost was 54.50 per pound b. Issued 131,000 pounds of materials to...
Intrusions: • Compares and contrasts the accounting used in both methods and includes such comparison as...
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Problem 8-01 The following independent situations relate to inventory accounting. Answer the following questions about inventories....
Problem 8-01
The following independent situations relate to inventory
accounting.
Answer the following questions about inventories.
Kingbird Co. purchased goods with a list price of $177,300,
subject to trade discounts of 20% and 10%, with no cash discounts
allowable. How much should Kingbird Co. record as the cost of these
goods?
Cost of goods purchased
$enter the Cost of goods purchased in dollars
LINK TO TEXT
LINK TO TEXT
LINK TO TEXT
Oriole Company’s inventory of $1,113,100 at December 31,...
Question 7 3 pts Inventory costing procedures used by businesses are the same in all countries....
Question 7 3 pts Inventory costing procedures used by businesses are the same in all countries. True False Question 8 3 pts A weighted average approach to costing inventory most naturally fits operations that involve differentiated products of high unit value. True False Question 9 3 pts Merchandise inventory as the inventory of goods that a merchandising company buys from a manufacturing company and makes available for sale to its customers. True False Question 10 3 pts The raw materials...
When target costing is used, the target cost is determined by A. finding the difference between...
When target costing is used, the target cost is determined by A. finding the difference between the market price and the amount of profit needed to satisfy stakeholders. B. adding the cost of direct materials, direct labor, and activity costs of a product. C. subtracting all nonvalue-added costs from total manufacturing costs of a product. D. adding the manufacturing and nonmanufacturing costs of the product. 14. Which of the following sets just-in-time systems apart from traditional manufacturing systems? A. Cost...
A Company expects to maintain the same inventories at the end of the year as the...
A Company expects to maintain the same inventories at the end
of the year as the beginning of the year. The total of all
production costs for the year is therefore assumed to be equal to
the cost of goods sold. The various department heads were asked to
submit estimates of the costs for their departments during the
year. A summary report of these estimates is as follows:
Estimated FIXED COST
Estimated VARIABLE COST (PER UNIT
SOLD)
Production costs:
Direct...
ACCTG 331, Intermediate Accounting Simulations #3: Inventory Ch 8 and 9 25 points USE EXCEL SPREADSHEET...
ACCTG 331, Intermediate Accounting Simulations #3: Inventory Ch 8 and 9 25 points USE EXCEL SPREADSHEET FOR ALL OF YOUR WORK #1-Perpetual Inventory Method-Journal Entries-12 points Required: Prepare journal entries for each of the following transactions under the Perpetual Inventory method-include recording date and all required revenue, expense and balance sheet accounts. The Widget Company sells only one product (widgets) and uses FIFO. December 31, 2019 inventory is as follows: Date purchased December 5, 2019 December 20, 2019 December 28,...
CHAPTER 6 1. Which of the following is NOT an inventory costing method? A) specific identification B) lower of cost or market C) last-in, first-out D) first-in, first-out 2. Which of the following inventory costing methods is based on the actual cost of each particular unit of inventory? A) specific identification B) weighted average C) last-in, first-out D) first-in, first-out 3. Which of the following inventory costing methods uses the cost of the oldest purchases to compute the cost of...
LO2E6-2A. Inventory Costing Methods--Periodic Method The Lippert Company uses the periodic inven- tory system. The following July data are for an item in Lippert's inventory: July 1 Beginning inventory, 30 units @ $9 per unit. 10 Purchased 50 units @ $10 per unit. 15 Sold 60 units. 26 Purchased 25 units Sil per unit. Calculate the cost of goods sold for July and ending inventory at July 31 using (a) first-in, first-our, (b) last-in, first-out, and (c) the weighted average...
__________
____________
__________
______________
Inventory Costing Methods - Periodic Method The Kali Company uses the periodic inventory system for its merchandise inventory. The June 1 inventory for one of the items in the merchandise inventory consisted of 60 units with a unit cost of $45. Transactions for this item during June were as follows: June 5 Purchased 40 units @ $50 per unit 13 Sold 50 units @ $95 per unit 25 Purchased 40 units @ $53 per unit 29...
Q1:
Q2:
Need Accounting help
Erkens Company uses a job costing system with normal costing and applies factory overhead on the basis of machine hours. At the beginning of the year, management estimated that the company would incur 51,750,000 of factory overhead costs and use 70,000 machine hours. Erkens Company recorded the following events during the month of April: a. Purchased 202,000 pounds of materials on account; the cost was 54.50 per pound b. Issued 131,000 pounds of materials to...
Problem 8-01
The following independent situations relate to inventory
accounting.
Answer the following questions about inventories.
Kingbird Co. purchased goods with a list price of $177,300,
subject to trade discounts of 20% and 10%, with no cash discounts
allowable. How much should Kingbird Co. record as the cost of these
goods?
Cost of goods purchased
$enter the Cost of goods purchased in dollars
LINK TO TEXT
LINK TO TEXT
LINK TO TEXT
Oriole Company’s inventory of $1,113,100 at December 31,...
Question 7 3 pts Inventory costing procedures used by businesses are the same in all countries. True False Question 8 3 pts A weighted average approach to costing inventory most naturally fits operations that involve differentiated products of high unit value. True False Question 9 3 pts Merchandise inventory as the inventory of goods that a merchandising company buys from a manufacturing company and makes available for sale to its customers. True False Question 10 3 pts The raw materials...
When target costing is used, the target cost is determined by A. finding the difference between the market price and the amount of profit needed to satisfy stakeholders. B. adding the cost of direct materials, direct labor, and activity costs of a product. C. subtracting all nonvalue-added costs from total manufacturing costs of a product. D. adding the manufacturing and nonmanufacturing costs of the product. 14. Which of the following sets just-in-time systems apart from traditional manufacturing systems? A. Cost...
A Company expects to maintain the same inventories at the end
of the year as the beginning of the year. The total of all
production costs for the year is therefore assumed to be equal to
the cost of goods sold. The various department heads were asked to
submit estimates of the costs for their departments during the
year. A summary report of these estimates is as follows:
Estimated FIXED COST
Estimated VARIABLE COST (PER UNIT
SOLD)
Production costs:
Direct...
ACCTG 331, Intermediate Accounting Simulations #3: Inventory Ch 8 and 9 25 points USE EXCEL SPREADSHEET FOR ALL OF YOUR WORK #1-Perpetual Inventory Method-Journal Entries-12 points Required: Prepare journal entries for each of the following transactions under the Perpetual Inventory method-include recording date and all required revenue, expense and balance sheet accounts. The Widget Company sells only one product (widgets) and uses FIFO. December 31, 2019 inventory is as follows: Date purchased December 5, 2019 December 20, 2019 December 28,...
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