Lopez Company reported the following current-year data for its
only product. The company uses a periodic inventory system, and its
ending inventory consists of 600 units—200 from each of the last
three purchases.
Jan. 1 Beginning inventory
300 units @ $4.00 =
$ 1,200
Mar. 7 Purchase 640
units @ $6.25 =
4,000
July 28 Purchase
1,280 units @ $6.50
= 8,320
Oct. 3 Purchase
1,160 units @ $7.00
= 8,120
Dec. 19 Purchase
720 units @ $8.90 =
6,408
Totals
4,100 units
$ 28,048
(a-d) Determine the cost assigned to ending inventory andI to cost
of goods sold for the following. (Do not round intermediate
calculations and round your answers to 2 decimal
places.)
I need to find the values for X below:
Ending Inventory | Cost of Goods Sold | |
a. Specific Identification | $4480 | X |
b. Weighted Average | X | X |
c. FIFO | $5340 | X |
d. LIFO | X | $24,973 |
Lopez Company reported the following current-year data for its only product. The company uses a periodic...
What us the LIFO? I am having difficulty
remembering.
Lopez Company reported the following current-year data for its only product. The company uses a periodic inventory system, and its ending inventory consists of 600 units-200 from each of the last three purchases. = Jan 1 Beginning inventory Mar. 7 Purchase July 28 Purchase Oct. 3 Purchase Dec. 19 Purchase Totals 300 units @ $4.00 640 units @ $6.25 1,280 units @ $6.50 1,160 units @ $7.00 720 units @ $8.90...
Lopez Company reported the following current-year data for its only product. The company uses a periodic inventory system, and its ending inventory consists of 390 units—130 from each of the last three purchases. Jan. 1 Beginning inventory Mar. 7 Purchase July 28 Purchase Oct. 3 Purchase Dec. 19 Purchase Totals 230 units @ $3.20 500 units @ $3.75 1,140 units @ $3.70 1,020 units @ $4.60 440 units @ $4.10 3,330 units = $ 736 = 1,875 = 4,218 =...
Lopez Company reported the following current-year data for its only product. The company uses a periodic inventory system and its ending inventory consists of 360 units-120 from each of the last three purchases Dan. 1 Beginning inventory Mar. 7 Purchase July 28 Purchase Oct. 3 Purchase Dec. 19 Purchase 220 units $2.80$616 480 units$3.251,560 1,120 units $3.303,696 1,000 units$3.603,600 400 units $4.10 1,640 Totals 3,220 units $ 11,112 Determine the cost assigned to ending inventory and to cost of goods...
Lopez Company reported the following current-year data for its only product. The company uses a periodic inventory system, and its ending inventory consists of 390 units—130 from each of the last three purchases. Jan. 1 Beginning inventory 230 units @ $3.20 = $ 736 Mar. 7 Purchase 500 units @ $3.75 = 1,875 July 28 Purchase 1,140 units @ $3.70 = 4,218 Oct. 3 Purchase 1,020 units @ $4.60 = 4,692 Dec. 19 Purchase 440 units @ $4.10 = 1,804...
Exercise 5-14A Periodic: Cost flow assumptions LO P3 Lopez Company reported the following current-year data for its only product. The company uses a periodic inventory system, and its ending inventory consists of 480 units—160 from each of the last three purchases. Jan. 1 Beginning inventory 260 units @ $4.40 = $ 1,144 Mar. 7 Purchase 560 units @ $5.25 = 2,940 July 28 Purchase 1,200 units @ $4.90 = 5,880 Oct. 3 Purchase 1,080 units @ $5.20 = 5,616 Dec....
Hora's Gifts reported the following current-month data for its only product. The company uses a periodic inventory system, and its ending inventory consists of 88 units-64 units from the January 6 purchase and 24 units from the January 25 purchase. Jan. 1 Beginning inventory Jan. 6 Purchase Jan. 17 Purchase Jan. 25 Purchase Totals 205 units @ $4.60 380 units @ $4.29 618 units @ $3.70 36 units@ $3.40 1,231 units - $ 943.00 - 1,596.00 - 2,257.00 122.40 $4,918.40...
Flora's Gifts reported the following current-month data for its only product. The company uses a periodic inventory system, and its ending inventory consists of 86 units—63 units from the January 6 purchase and 23 units from the January 25 purchase. Jan. 1 Beginning inventory 200 units @ $4.30 = $ 860.00 Jan. 6 Purchase 373 units @ $4.10 = 1,529.30 Jan. 17 Purchase 605 units @ $3.60 = 2,178.00 Jan. 25 Purchase 35 units @ $3.30 = 115.50 Totals 1,213...
Flora's Gifts reported the
following current-month data for its only product. The company uses
a periodic inventory system, and its ending inventory consists of
74 units—57 units from the January 6 purchase, and 17 units from
the January 25 purchase. Jan. 1 Beginning inventory 170 units @
$3.60 = $ 612.00 Jan. 6 Purchase 350 units @ $3.60 = 1,260.00 Jan.
17 Purchase 575 units @ $3.20 = 1,840.00 Jan. 25 Purchase 30 units
@ $2.70 = 81.00 Totals 1,125...
Laker Company reported the following January purchases and sales data for its only product. Date Activities Units Acquired at Cost Units sold at Retail Jan. 1 Beginning inventory 150 units @ $ 7.50 = $ 1,125 Jan. 10 Sales 110 units @ $ 16.50 Jan. 20 Purchase 80 units @ $ 6.50 = 520 Jan. 25 Sales 90 units @ $ 16.50 Jan. 30 Purchase 200 units @ $ 6.00 = 1,200 Totals 430 units $ 2,845 200 units The...
Laker Company reported the following January purchases and sales data for its only product. Date Activities Units Acquired at Cost Units sold at Retail Jan. 1 Beginning inventory 215 units @ $ 14.00 = $ 3,010 Jan. 10 Sales 165 units @ $ 23.00 Jan. 20 Purchase 160 units @ $ 13.00 = 2,080 Jan. 25 Sales 190 units @ $ 23.00 Jan. 30 Purchase 355 units @ $ 12.00 = 4,260 Totals 730 units $ 9,350 355 units...