None 614 Number of units availabe for saleSTTotal cost of available unitsNumber of units soldETNDateUnitsPriceTotal costAug 1 Beg Bal50$56.10Aug 3 Purchase125$56.155Aug 4 Sale75$65.00X6Aug 8 Sale50$65.00X7Aug 12 Purchase150$56.208Aug 15 Sale85$145.00X9Aug 20 Purchase75$124.7510Aug 22 Sale40$150.00X11 Aug 25 Purchase100$125.0012Aug 28 Sale100$150.00X

Number of units available for sale :Beginning balance + Units purchased during the year= 50 +…

Answered: 6 14 Number of units availabe for sale…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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('$) ('$) Unit Total Balance Date Explanation Units Cost Cost in Units Jun-01 Beginning inventory 50 1.0 50 50 Jun-06 Purchase 50 1.2 60 100 Jun-10 Sales 60 40 Jun-13 Purchase 150 1.4 210 190 Jun-20 Purchase 100 1.6 160 290 Jun-25 Purchase 150 1.8 270 440 Jun-30 Sales 150 290 Round your answer to the nearest dollar. (eg $54.4 ....input as 54 , $54.5 input as 55 ) (do not input comma "," , dollar sign "$" for numerical figures) FIFO Periodic System COGS $ Ending Inventory $ Average Cost Periodic System COGS $ Ending Inventory $ FIFO Perpetual System COGS $ Ending Inventory $ Average Cost Perpetual System COGS $ Ending Inventory $ ('$) ('$) Unit Total BalanceDate Explanation Units Cost Cost in UnitsJun-01 Beginning inventory 50 1.0 50 50Jun-06 Purchase 50 1.2 60 100Jun-10 Sales 60 40Jun-13 Purchase 150 1.4 210 190Jun-20 Purchase 100 1.6 160…
Dashboard CengageNOWv2 | Onlin X+ 2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker%3D&takeAssignmentSessionLocator=D&inprogress3false Calculator R. & K. Company's beginning inventory and purchases during the fiscal year ended December 31, 20--, were as follows: Units Unit Price Total Cost Jan. 1 Beginning inventory 20 $12 $240 Apr. 2 1st Purchase 30 $13 390 Aug. 6 2nd pPurchase 25 $14 350 Nov. 9 3rd pPurchase 25 $18 450 $1,430 There are 20 units of inventory on hand at December 31, 20--. 1. Calculate the tota! amount to be assigned to the ending inventory under each of the following methods: a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) 2. Assume the market price per unit (cost to replace) of the R. &. K. Company's inventory on December 31, was $16. Calculate the total amount to be assigned to the ending inventory on December 31, under each of the following methods: a. FIFO lower-of-cost-or-market b. Weighted-average lower-of-cost-or-market All work…
Unit Cost Date Quantity Item 24 $ 53 Nov. 1 Balance 6 Sale 20 30 70 8 Purchase 17 Sale 30 LIP 30 Sale Pua
< Cost Flow Methods The following three identical units of Item JC07 are purchased during April: Units Cost April 2 April 15 April 20 Total Item Beta Purchase Purchase Purchase a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost 1 1 1 3 $94 97 Gross Profit 100 $291 Average cost per unit ($291 + 3 units) Assume that one unit is sold on April 27 for $120. Determine the gross profit for April and ending inventory on April 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost method. $97 Ending Inventory $
PROBLEM 11: The following information has been extracted from the records of CCCCompanyabout one of its products: Number Unit Date Transaction of Units Cost 1/1 Beginning balance 1,600 P 14.00 1/6 Purchased 600 14.10 2/5 Sold at P24.00 per unit 2,000 3/19 Purchased 2,200 14.70 3/24 Purchase returns 160 14.70 4/10 Sold at P24.20 per unit 1,400 6/22 Purchased 16,800 15.00 7/31 Sold at P26.50 per unit 3,600 8/4 Sales returns at P26.50 per unit 40 9/4 Sold at P27 per unit 7,000 11/15 Purchased 1,000 16.00 12/28 Sold at P30 per unit 6,200 Compute for the closing inventory and cost of sales under the FIFO periodic methodandthe FIFO perpetual method. Compute for the closing inventory and cost of sales under the weighted averageperiodic method and the moving average method. Compute for the closing inventory and cost of sales under the LIFO periodic methodandthe LIFO perpetual method.
stions | bartleby G How many units must be in... My Home CengageNOWv2| Onlin eBook How many units must have been completed and transferred if beginning inventory was 79,000 units, ending inventory was 76,000 units, and 295,000 units were started? Units completed and transferred
X CengageNOWv2 | Online teachin X N2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocato... Q Not syncing 田 eBook E Print Item Swing Company's beginning inventory and purchases during the fiscal year ended September 30, 20-2, were as follows: Units Unit Price Total Cost October 1, 20-1 Beginning inventory 1st purchase 2nd purchase 400 $19 $7,600 October 18 490 19.5 9,555 November 25 190 20.5 3,895 January 12, 20-2 Brd purchase 310 21 6,510 March 17 4th purchase Sth purchase 6th purchase 7th purchase 890 22.5 20,025 June 2 770 23 17,710 August 21 200 24 4,800 September 27 710 25 17,750 3,960 $87,845 Use the following information for the specific identification method. There are 1,300 units of inventory on hand on September 30, 20-2. Of these 1,300 units: 100 are from October 18, 20-1 1st purchase 200 are from January 12, 20-2 Brd purchase 100 are from March 17 4th purchase 400 are from June 2 5th purchase 200 are from August 21 6th purchase 300…
What is the unit cost of inventory transferred out from Department B? P10.20 P12.70 P 6.10 P11.10 What is the unit cost of inventory transferred out from Department C? P18.41 P18.31 P18.82 P18.38
Problem 11-17 (IAA) Jayson Company used the perpetual system. Units Unit cost Total cost Jan. 1 Beginning balance 6 Purchase 8,000 3,000 10,000 11,000 800 70.00 70.50 560,000 211,500 Feb. 5 Sale Mar. 5 Purchase Mar. 8 Purchase return Apr. 10 Sale Apr. 30 Sale return 73.50 73.50 808,500 58,800 7,000 300 If the FIFO cost flow method is used, what amount should be reported as cost of the inventory on April 30? a. 330,750 b. 315,000 c. 433,876 d. 329,360
Units Unit cost/Selling price P4.00 Aug. 1. Beginning Purchase Purchase 20,000 10,000 20,000 15,000 15,000 40,000 3,000 7 4.20 10 4.30 12 Sale 7,80 Purchase Sale Sales return 16 4.60 20 8.10 28 ? The sale return relates to the August 20 sale. 4. If the FIFO cost flow method is used, the sales return would be costed back into inventory at what total amount?
The following information is given for Gator Company, who uses the FIFO method. Item Quantity Cost NetRealizableValue ReplacementCost NRVMinusNormalProfit 1 1 $17.70 $24.60 $18.00 $17.10 2 1 10.80 8.28 9.30 5.58 3 1 72.00 64.80 67.20 57.60 4 1 4.80 3.12 2.88 2.64 5 1 12.00 12.30 12.60 11.10 6 1 48.00 45.60 38.40 40.80 Required: a. Determine the lower of cost or net realizable value for each inventory item for Gator Company. Item 1 2 3 4 5 6 b. Determine the lower of cost or net realizable value for Gator Company's inventory if the lower of cost or net realizable value rule is applied to the total inventory.$_______
The following information is given for Gator Company, who uses the FIFO method. Item Quantity Cost NetRealizableValue ReplacementCost NRVMinusNormalProfit 1 1 $17.70 $24.60 $18.00 $17.10 2 1 10.80 8.28 9.30 5.58 3 1 72.00 64.80 67.20 57.60 4 1 4.80 3.12 2.88 2.64 5 1 12.00 12.30 12.60 11.10 6 1 48.00 45.60 38.40 40.80 Required: a. Determine the lower of cost or net realizable value for each inventory item for Gator Company. Item 1 $fill in the blank 1 2 $fill in the blank 2 3 $fill in the blank 3 4 $fill in the blank 4 5 $fill in the blank 5 6 $fill in the blank 6 b. Determine the lower of cost or net realizable value for Gator Company's inventory if the lower of cost or net realizable value rule is applied to the total inventory. $fill in the blank 7

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